All Forum Posts by: Walker Seid

absolutely. That's what the reserve account is for. Thank you everyone for the sound advice. That's what makes this site so great! 

I agree with you guys completely. Thanks for the advice. This is a rental in Idaho. I am going to pass on them for sure. 

Got this email today. What do you guys think? 

We are getting ready to close on a short sale of our house. Four months ago we started renting a house for $1,100 from a private landlord that scammed us out of so much money and harassed us to the point we are leaving. My husband is worried about doing another private rent because of how awful this has been. I have proof that we have always paid the rent on time. Our credit is bad but we do have someone willing to cosign that has good credit if that is an option?

you might just get a good landlord insurance policy on the house and be fine

Boise Idaho is reasonably priced and is growing like crazy.you could buy 6 or 7 new houses for a million dollars. Low property taxes and cheap insurance. 

That's Crazy!

I have my realtor (my mom) look at the property. I get pictures and a good idea of the condition of the property. If the numbers work I make an offer contingent on the home inspection. If everything is good I buy it and market it for rent. I don't see the house myself until closing. I wouldn't recommend this unless you have trusted people where you are looking to buy. Even though I buy out of state is in my home town. I go there multiple times a year and have a list of people I can call if I have an issue. It makes me able to self manage. I only buy single family right now. I probably would change my strategy of I was buying multi family.

my credit score has dropped 30 points because I bought 3 houses in the last 8 months and the bank will still give me money. Not because of my credit score but because I can put 25%down and my debt to income radio isn't maxed out. It's all about debt to income radio and if you have money. You will also need to prove you have cash reserved for 5 months of payments. 

Best thing I ever did was become debt free. Good for you!

Look up local meet ups. They are all over the place in Houston. I get emails for them all the time even though I don't have time to go to any of them. You will be able to learn a lot and meet other investors varying from beginners to veterans.