All Forum Posts by: Todor Ialamov

@Blake Ramsey, It is like having a baby, Blake. You could prepare yourself, but would always be very nervous and not feel 100% ready. Once you have the first one, it gets much, much easier.

@Blake Ramsey

I would see a benefit in this only if you are doing it to save money and then invest.

You don’t get any of the actual benefits of owning RE - depreciation, creating equity, etc.

@Blake Ramsey

You can only read books as much. Pick your market, set your numbers, trust your instincts and go to work.

Your first deal will teach you way more than all books and podcasts combined.

Good luck!

@Jeff He

I would take pre paid rent on a discounted rate only if I have a good track history with the tenant.

But remember, the money is not really yours until the rent is due.

@Joe Villeneuve My first property was a house hack I bought back in 2006. At the top of the market back then. Now that I have tons of experience and a significant portfolio behind my back, would I buy a deal like this if it came along? Most likely not. If I go back, when I did not have much savings (just as Lauren right now), would I have bought it again? 100%!

@Joe Villeneuve For a strictly investment property I would agree with you. For a house hack as Lauren states in her post, with less than %5 down payment, if the numbers still make sense, I would overpay so I can  get off paying rent, take advantage of still low interest rates and learn about being a landlord. Just my opinion.

@Lauren Sanders

It is pretty tough out there right now. You are definitely not the only person going through this pain.

Keep on grinding and you will find a great property.

Stay true to the numbers. If you come across a property that you could afford overpaying, go for it. Just like fine wine, good properties mature with time and numbers get better. What might not look like the best deal right now, could certainly look like one a year or two from now.

Don’t get discouraged.

Good luck!

@Tyler Demeter

This does not look like a golden egg. Talk to a few different hard money lenders in your area to compare these terms. Bet you could find much better terms.

Good luck!

@Will LHeureux

Depends how much under market you are currently charging them. If it is significant, I would slowly start increasing. If $100-150, I would keep it put. The rental demand is extremely high, but great, paying on time tenants are still hard to find. The turnover is one of your highest costs of doing business, so do your math wisely. There is also the unknown of what kind of trouble your next tenant might bring.

@Ryan Pearson

May be they don’t want to promise something they can’t keep. If the tenant refuses to leave and they start an eviction, it would most likely take more than 30 days. You would have an option to get out of the contract and they might end up with no deal and an angry tenant.