All Forum Posts by: Ty Coutts

Hey Youri,

Hit me up and we can discuss! I'm sure I can help you find something that works for your unique situation!

Hey Conner,

We do DSCR all the time here at Aslan. Feel free to reach out to me directly if you're still looking!

Hey Olivia,

I am a loan officer and RE investor myself. Great to hear that you're starting your journey!

Hey Renee,

Pros include guaranteed rent payments from the government, a large pool of potential tenants, and potentially lower vacancy rates. Additionally, participating in Section 8 can contribute to your community by providing affordable housing to those in need. Cons might include increased inspections and regulations, potential for property damage, and the possibility of dealing with tenants who have more complex needs.

When contacting your local housing authority, ask about the inspection process, the timeline for getting your property approved, rent determination and payment schedules, and tenant requirements. Also, inquire about any support services available to landlords.

If Section 8 were profitable, offering it as an option could be beneficial. It provides steady rental income and helps diversify your tenant base. However, consider whether you are willing to manage the additional regulatory requirements and the specific needs of Section 8 tenants before deciding. Hope this helps! Feel free to reach out if you have any questions, would like to discuss, or would like to get this process started!

Hi Michelle,

Keeping tenants' security deposits in a separate savings account at an online bank is a common practice and is generally recommended. Some landlords also use escrow accounts for added security and transparency, especially if required by state laws. Additionally, interest-bearing accounts may be mandated in certain jurisdictions, so it's important to check local regulations to ensure you're handling deposits correctly. Hope this helps. Feel free to reach out if you have any other questions or would like to discuss!

Hi Victoria,

To sell your property and notify your month-to-month tenants, you should provide them with a written notice to vacate. Typically, you must give them at least a 30-day notice, depending on state laws. Ensure the notice includes the date by which they must vacate the property. There is no standard form, but the notice should clearly state your intent to terminate their tenancy and the move-out date. Verify your local landlord-tenant laws for specific requirements, as some areas might have different rules regarding notice periods. Hope this helps!

Hi Hyokyung,

Investing in the Orlando market can be a good move, especially given your frequent visits and the strong demand for vacation rentals due to attractions like Disney and SeaWorld. The Orlando area remains a popular destination year-round, making it suitable for both long-term rentals and Airbnb. Many investors find the market lucrative, with high occupancy rates and potential for appreciation. As for timing, real estate market conditions can vary, so it's essential to analyze current trends and forecasts for the year. If property values are stable or expected to rise, it could be a good time to buy. Additionally, securing a property now ensures you can enjoy it for upcoming vacations and benefit from potential rental income. However, it is hurricane season and Florida is particularly susceptible to this, so you may have to pay higher insurance premiums. Analyze how this will affect your investment, and if the risks outweigh the benefits, it may be better to wait until after hurricane season. Hope this helps. Feel free to reach out to me directly if you have any other questions or would just like to discuss. 

Hi Sam,

Given your goal of increasing the rental rate to $1,400-$1,500 per month, I would suggest investing in new cabinets and toilets. Replacing the 45-year-old cabinets with new ones will significantly enhance the kitchen's appeal, making the property more attractive to potential tenants. As you're already replacing the old tile floors with LVP, installing new toilets like the American Standard Cadet 3 during this process is practical and will provide a more modern and efficient bathroom setup. These updates can justify the higher rent and potentially reduce maintenance issues in the future. Feel free to reach out directly if you need anything else. Hope this helps!

Hi Joshua,

I recommend leveraging financing options for your investment property purchase. Using a second mortgage or a Home Equity Line of Credit (HELOC) on your single-family home can provide the needed funds for the down payment while preserving your liquid assets. This strategy can enhance your investment portfolio without depleting your savings. Secure pre-approval for the second mortgage or HELOC before committing to the builder to ensure a smooth transaction. Financing can also offer potential tax benefits and help maintain liquidity for future investment opportunities. Feel free to reach out if you have any other questions, want to discuss, or would like to get your financing started!

Hey Tianna,

Given your self-employment status and goal to purchase another property soon, several financing options could work for you. First, consider a Home Equity Line of Credit (HELOC) on your condo, which can provide a flexible, revolving line of credit based on the equity you have built. This approach allows you to access funds as needed, potentially covering the purchase of a slightly distressed property within your price range. Another option is a Debt Service Coverage Ratio (DSCR) loan, which bases approval on the property's cash flow rather than your income, making it ideal for self-employed investors. Hard money lenders are also a possibility, but they often require higher loan amounts and can have steep interest rates. Exploring a combination of these strategies, such as using a HELOC for a down payment and securing a DSCR loan for the remainder, could help you achieve your goal of purchasing additional properties this year.