All Forum Posts by: Tammy Vitale

I've bought 3 properties in Florida remotely.  As long as you have someone on the ground who can look at it and manage it, you're probably good to go.  It has worked well for me.  My son manages my houses.  He is VERY good at it and a great partner.  And he can do maintenance.  

Check the rules re short sales.  In a few states that I know you cannot rent back a short sale house to the previous owners.  You have to sign papers to that effect.

Yes to all of the above.  I keep mine in its own bank account.  Far as I know that is all that is required.  It is 3% simple per year.  And yes, out of our pockets.

just so you don't feel alone, I'm working through the same thing.  I have properties in 2 states, and tenants with a dog.  There are all kinds of little things that different companies are picky about.  Good luck!

I have to ask:  why in the world would you want to stay in that mess?  For the amount you are paying surely you can find something reasonable and stable.

whatever you and your brother agree to, put it in writing.  I invest with my son as a manager.  I put it in writing.  It has been a good thing to have.  and after 3 years we still work well together and are on good speaking terms.  ;) 

Things to think about:  what is the sqft cost for your house - is it smaller or the same size with the same amenities as the rest of the houses in the area.  Same for rental comps.  You r.e. agent should be able to get you good comps for both.  Just saying a house is inexpensive for the area doesn't really tell us anything.

Don't count on anything until you check it out.

Where are you going to live when you rent it out?  Can you carry two places if you have vacancies?  Will you have money put away for system malfunctions?  

There are more questions (you can find on this site easily by roaming around in the forums) but these are a good place to start.  Run all your numbers before you decide.

I started at 65, and have 6 properties now (if you don't count the forested lot next to my primary that I don't want to build on).  55 is young - wish I had started then!  You Go Woman!

Actually I think the first step is figuring out who you want to rent to.  That will influence what type of house you want to buy and how much you are willing to spend.  Then decide if you want to rehab or buy turn key. THEN buy your house.

I rent to guys in rehab.  By the room.  I want a house with 4 - 5 rooms and at least 2 baths (3 is better or a place to put a 3rd).  We give each guy their own room (this differentiates us as most go at least 2 to a room).  We furnish.  We pay utililaties.  We require sober living.

A guy I saw speak the other day rents to Section 8.  Note:  if you wait 6 years on a list to get a house you're not going to trash it.  However, Section 8 requires inspections, they are picky picky picky about little things, BUT you get regular monthly payments.  If I did this I would look at 3/2 single family homes in median areas.

Another guy rents to government workers (I'm close to DC).  Not so much size as location.

See what I mean?

Good luck!

depends on your goals.  That house has been very good for me.

I am not a loan officer but I understand you can now finance up to 10 sfh - up to 4 units is still considered a sfh.  I haven't done a commercial loan but I understand from a friend I talked to about them that interest rates tend to be higher on commercial loans.  Your 30% down should cover conventional or commercial at this point in time.  I pay 25% on my investments (but I only have 5 plus my own house)