All Forum Posts by: Account Closed

The biggest hurdle for 30+ turn key properties is the $$$ to get in to all those properties. The reason there are a million shows about flipping houses is that the idea appeals to people who don't have a ton of money. They think they can buy that diamond in the rough for a fraction of the cost (all they have) and with a little magic, flip the house and play up a few leagues. 

I don't think it's extremely rare for real estate investors to have multiple turn keys, but to have 30+ is.  To buy thirty properties at 150k and put 20% down, you're gonna need a million bucks. 

@Elizabeth Colegrove normally I agree with most of your posts but I think you are off on this one. You're not giving them a credit for something petty; having to gather all of your clothes to sit at a laundry service for a few hours and spend money is a huge inconvience. The entire time the tenant is at the laundry what are they thinking?  They are getting angry that they are spending their time and money for something they already pay for (in the rent).  By giving a small but fair credit you cancel out that anger. Makes for a better tenant and a better relationship, and I disagree that it opens the door for the tenant to expect a credit for any little item. 

I think you should give them notice anytime someone comes on the property unless it's a recurring service such as yard maintenance. Just common courtesy. I guess the question is, how would you feel if you looked out your kitchen window and there was a stranger messing with the screen?  Not a good situation. 

Hi Hunter,

A few (10) years ago I faced the same problem. I had a checking account so I started with a signature loan through that institution for $500 over six months. I put that into savings, and then paid the loan back out of savings with an automatic payment. Once that was paid off, I waited a few months and took out a 4k loan over a year I think. Signature loan as well. Just doing those two small loans established credit for me and got the ball rolling. I was approved for my first home loan TODAY, and my credit scores played a large roll in that approval. Best of luck!

I agree with Charlie on this one. Sounds like you are doing great with 4 properties and having previously maxed your Roth. I would continue to invest in the Roth and not dedicate all of your funds to real estate though.  

It would be nice to see something for the small time investor with only one or two properties. It seems like most of the software is tailored to large operations and the price tag matches that idea. With one property I'm not going to pay $40 every month for a program. 

Congratulations!

I will say that the smoke smell can be very difficult (expensive) to truly get rid of.  I was really interested in purchasing a house but the smoke smell was the first thing I noticed when I walked in the door.  The bad part was that they had just had the carpets cleaned and painted the walls, so that means the smell was in there pretty bad.  I put an offer on the house with the contingency that they get rid of the smoke smell.  They denied the contingency because they felt it was "too vague".  I gave them another offer where I listed the things I wanted them to do (clean the ducts, etc) and that I would visit the property again after those actions were complete.  They lost interest in the offer, I truly think it's because they knew the couldn't get the smell out without dumping a ton of money into it.  

Nope!  Recently tried to do this with my father as a co-signer.  Talked to the mortgage company and they checked it out, told me nope.  I didn't like that answer so I tried another mortgage company.  They also said nope.  And as far as I know it's not state dependent.

 Thanks Elizabeth!  Hopefully the success bug latches on!  My goal is five properties, but I'm not trying to rush it.  I live close to this property which is hopefully a plus, but I will be moving a little further away in the not too distant future.  Sounds like you guys are doing awesome if you're managing across country!  That would really be out of my comfort zone right now but maybe I'll be there in the future.  Thanks for the helpful words.