All Forum Posts by: Wendy S.

@Kristen Ray, I have used Cozy and have tenant set up auto pay. However, it requires payment process to start several days earlier as it can take 5 to 7 business days which is compounded if there are any holidays and and of course weekends. Another option I use is Zelle, similar to Cashapp but used with bank to bank. You only need to provide your name, email/or telephone number, so at no time are you providing your bank account information. Happy hunting.

@Melvin Noriega. I am also relatively new (but older) though I have purchased 1 property last year and looking to purchase another or two 2019. My question though is I notice you and others tend to suggest FHA loan for starting out, as opposed to a conventional 3% down loan with PMI that can be removed at a later date. Is this specific to duplex/triplex/fourplex? I am asking as I purchased a SFH with a conventional 30 yr mtge with 3% down and have chosen to house hack by renting per room. I believe there are programs and grants available for first time home buyers as well. Will anyone please shed some more light. Thanks.

Thanks Jaysen, the property almost across from my house is a 4/2.5 that added 3 additional rooms which they also used to rent by the room. No1 had a problem and it sold 2 months ago for $130,000. 

My problem is qualifying for any kind of mortgage or refinancing because of my employment status. Had a 6 month break in employment by choice and just getting in business for myself, so my part-time income and rental income are insufficient at this time. 

So rather than have that money sit idle I am looking at options with what I already have. 

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Hi guys, So I purchased a retail split level. Spent abt $33,000 to make it a decent 4/3 which I househack with 2 roommates which essentially covers my mortgage and utilities. Now, I'm considering putting in another $33K to convert double garage into 2 bed 1 bath with common living area. Reason being, I have a part time income, and am told I won't qualify for another mortgage. Remodel would cash flow an additional $1,000 monthly ($500 already deducted for maintenance, vacancy etc). Plan then would be to refinance and tap into equity maybe a yr later when I can qualify. So I am likening it to buying a $30K house and cash flowing $1,000 or is there a better use for my money? Yes I am aware that I would be putting an additional $60K plus in 1 house that would appreciate for purchase price and maybe what I put in. I don't qualify to rent another property either which I could househack as income is below the 3 or 4 times requirements. Open to suggestions on what else to do until I am 'qualifiable'. Thx

Hi BPers', I would like your feedback whether to convert my garage into 2 bedrooms with small living area, shower and convert my basement bedroom into 2? Bought my first house with a 3% conventional loan at appraised value (seller wasn't budging) less $2,000. Tried to renovate with a friend but after it fell through hired out (lots of lessons learned there too) spending about $35,000 to get a decent 4/3 split level which I felt comfortable living in.. House hacking 3 months after completion which essentially covers mortgage and utilities.. I am now thinking should I convert my double car garage which I am not using into 2 additional bedrooms ( app 11 x 11) complete with a standing shower stall and small living room (10 x 11) and also convert my basement bedroom (12 x 25) into 2 bedrooms at preliminary estimate of $32,000? I restarted working about 5 months now with a single private employer, same time I started renting my 2 rooms. So I am told I do not qualify for a mortgage and even tried to rent another house with possibility of rent to own as soon as I qualify, hopefully within a year but again I am told I do not qualify. So I decided to get creative with what I have especially as I plan to hold for the long haul. My problem is I do not earn 3/4 times rental income landlords are asking and I have no intention of becoming an employee again, except for the part-time work I now do that with my rent covers all my monthly expenses. I have a passion I am seeking business licencing for, but wanted to use what I have to create some passive income which I can have for future real estate pursuits. Sorry for the long post but I felt it was better to give background as well as where I am presently to help with any feedback I may receive. Thanks for reading and I look forward to your responses.

@Jerud Sturm, it was a good meeting no sales pitch /pressure. Good information and the opportunity to physically meet a good group of people in the industry with a diverse skill set willing to share and learn. Keep it up!

Thanks. Exactly what I did. Seemed too  late to pay to check out by, 11am, abt the time I would be really needing to sleep, plus I need every penny for rent. 

Also need to figure out the best way to get back my $10,000 which I gave said friend to invest. 

Help, Need a Furnished Room to rent!!! Hi guys, I am not sure if I am posting in the right area and for this I apologize. I relocated recently on the advise of a friend who agreed to mentor me in REI, but things went downhill when I decided to take a job to help with the day to day bills. I came home earlier and he had my stuff all packed and said I had to leave. I don't know anyone else in the Decatur area and at this hour yes 5:04am I don't know where to turn. I have looked at Craiglist but scared to just rent from anybody based on what I have heard. Was trying to reach out @Michaela G but still learning my way around the site. Please anybody I would be really grateful.

Thanks Mark and Scott. I am feeling positive already.