All Forum Posts by: Travis Dawson

Everyone can benefit from business classes, specifically classes in finance.

You should look into if double majoring will increase the amount of time it takes you to graduate and how much extra that will cost you in loans and evaluate from there.

@Steve DellaPelle when a correction happens those markets will dip, but probably not to the same extent that a midsize or small city will. But its logical to assume after a dip prices will rise again and likely go even higher.

As long as those places are desirable real estate prices will increase due to great demand on finite space.

If you keep the building locked 24/7 your retail store/stores will likely leave.

A locked building isn't exactly inviting, and you would be killing any sales they get from people walking through on a whim.

I'd advise finding another solution, I don't think you will find anyone who has had success locking the doors on a retail establishment.

You can't change things on the lease whenever it suits you. You can't raise rent whenever you want. Unless the lease has a provision that says otherwise, you can only raise the rent at the end of the lease or if the tenant agrees with it (and why would they?).

Same with the dogs, unless you can point to something in the lease that says you can charge something, you can't do this.

Really the only recourse you have is to hound on the "dwelling can only be occupied by tenant" and maybe convince them to agree to a new lease addendum where you allow the son to stay and they pay a bit more.

Keep in mind, you need to weigh the extra income against having disgruntled tenants - which is often pretty ******. 

Rates and insurance type will depend on characteristics of the house and whether you are occupying it or not.

Best advice I can give is don't skimp on the liability insurance. 

Yes. Your time and resources are better spent on gathering assets. Once you have a large amount of assets to protect, then get an LLC.

@Jeff Barkshire

Can't say I have any experience directly with what you are doing, but I grew up in a small farm town and it wasn't out of the question for someone to rent out pastures on their land.

What I am saying is, If your original idea doesn't work, maybe you can rent out the house, and the pastures/barn separately.

just a thought.

@Jon Wilson If the current tenants are signed to a lease you can find a bank that will use 75% of that income in their calculations.

I'm not sure that is going to be enough though. And with those numbers, even if you could get the loan could you afford it if it was vacant?

Also, something to keep in mind. I had to have 6 months worth of the mortgage in my bank account after closing to get approval. You will likely need the same.

1. If you are going conventional you can't take a loan for the down payment and get the rest from the bank. That's against the rules. The HML (which I assume you are talking about would need to buy the whole property.

2. The last R is for repeat. You take all the money you draw out of a house and put it into the next deal. 

3. Depends on your goals and willingness to risk. Personally I'd recommend staying close to home for your first few days.

4. See number 1, if you are getting a conventional loan a down-payment from a source other than yourself or close family member is against the rules. 

What does the contract state about breaking the lease?

What about the terms are unfair?

Are you close enough you can visit them in person?