This is a great first step into your financial future.

Based on some of the previous similar threads, it seems that having a good cross-border team is a crucial step in this game.

We are within our rights as tenants to request that you initiate a fix to the problem within the next 24 hours due to the condition of the house presenting both health and safety hazards.

Suggest you go to their site, there is approx 7 videos for you to watch to see if you want to go to the next step. 

Hi Drake,You are in the right space to get started, so congrats on taking the first step.

My initial reaction is that it costs $150,000 to add an extra door in a premium location, but I am interested to hear thoughts. 

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall loss.

Hope your next steps are much more smooth and you can take those lessons and turn them in to gold. 

Are there any guidelines or best practices (ie: rewiring such a property would be more valuable than updating insulation).Is it something you need to ask the insurance company about to get, or is all this determined in the initial interview with the potential insurer?

In December, I took my first big step by getting my Florida real estate license, and now, I’m ready to start building my rental portfolio and working toward financial freedom to buy out time for the most important things in life.