All Forum Posts by: Travis L.

@Brian Gerace there is nothing wrong with paying down debt on a rental property. Lower debt means more security and safety. If your not trying to rapidly expand at this time then debt pay down is a good idea. Its all about what your goal is and what would be best for your family

@Sean Grady sean you can most definitely buy the house without a agents help. In fact your offer will be stronger without a agent compared to others. All you need is a signed purchase agreements. Find a copy at your local title company or lawyers office. They will give you a good one. Make sure you have your contingencies in place to protect yourself (financing, inspection, etc). Take that contract to the title company and they will handle the rest. Simple as that

Hello,

I wanted to reach out to the BP community and ask experienced investors how they make multiple offers on investment properties at once. I always hear people say “Get out there and make offers” which i am totally onboard with but i am confused on how to go about it.

1. How is the earnest money deposit handled on each offer? Surely you cant deposit 3% on each offer? Ive heard of others just submitting a picture of a check with their offer, is that acceptable or would the agent just say the offer is null unless funds are in escrow?

2. How would you word your contingency that states you are making multiple offers on other houses? Do you even need to put that contingency in or would that be bad strategy?

3. What are some tips to get the listing agent to submit your offer when they know your making multiple in the area.

I am a definite newbie in this arena and any tips would be helpful. The offering side of real estate is a whole different ball game once you identify a potential deal. Any strategy advice from experienced investors would mean alot!

Thanks everyone for the helpful insights.  I will probably just keep the cash and add to it to buy another property.  Guess I just need to save more or find another angle.  

@Joe Villeneuve im saying should i pay down my note on the house enough to establish a HELOC that i can draw from. Essentially getting my money back instead of throwing down 20% on another conventional loan

@Theresa Harris i have a primary residence already i wish i did that before hand.

Hello BP gang,

I have a question for experienced investors on what to do in this situation.  I currently have about 30K cash to invest in my next rental property.  I bought my first SFH rental in feb of this year 2020 with 20% down and conventional financing.  I currently have a tenant in place and am cash flowing after all conservative expenses about $300 per month.  That rental I feel is going well and I am ready for the next.  The problem is I dont really want to throw 20% cash down again for another property, due to this virus thing.  I would like to hold onto my cash as a safety net atleast some of it.  So my question is should I put that cash toward furthering my equity in my first rental property? Allowing me to potentially set up a HELOC on the house so i can draw from it for down payments on my next house?  Or should I just put that cash toward another property when I can afford it. 

@Tim Jacob can you deduct the lead painting testing fee for new tenant turn over from the tenant if he or she is evicted or breaks lease?

@Tim Jacob thanks for the insight. I will be sure to have that done

Hello All,

I was wondering if any fellow landlords had a landlord friendly lease agreement they can share with me that is Baltimore City specific. I had a realtor send me one but as i read it it seems very tenant friendly. I dont want to get

Into hot water because my lease wasn’t specific! Thanks