am working with them now and had the first policy (with Spinnaker) cancelled for nonpayment/late payment so we rewrote another policy (with Millenial) and having the same payment problem again but at least they are communicating that cancellation is coming. they want me to pay by credit card over the phone so the payment wont be late and cancelled again. but when i go to mycoverageinfo.com to check on status it shows its been paid.

Basic inquiries about rent payments, tenant status, and property finances were either deflected or completely ignored.Breach of Contract & Unethical Practices – Even after I informed her I was selling the property, she tried to list it for rent without my consent—seemingly to secure a tenant placement fee for herself.

It can take 2-3 months before payments get approved. 

But, the self-sufficiency test for FHA loans can be really difficult in SF, meaning that the market rent from units you will not occupy must be sufficient to pay for the mortgage payment. 

What kind of account or vehicle would you suggest to start saving down payment money for my first rental property?

@Duarte MarquesPossibly but highly not recommendedFor those with no real estate experience or experience in taking on debt, it’s not easyTo do it also with little to no down payment or reserves in most occasions will end in disasterReminds me of when in high school a friend used to let his dog drive his car.

If you want to buy your first property ASAP, house hacking (duplex, triplex, or renting extra rooms) is one of the best ways to start with a low down payment while learning property management.

.- There is no discount or created equity over and above the amount that is used as the down payment for the home.- The management company charges a management fee of 10% - 15% which can be a little higher than average property management companies, but that cost may be offset by higher quality of services.- The management company also charges for other services such as fee for coordinating maintenance and repairs, and turnover and releasing.

Know that every long term lender will require a survey and if something comes up on it when you are trying to sell or refi, you could get stuck in hard money without an easy or quick way to get out.Is there a pre-payment penalty?

I’m a fan of harvesting the equity to buy more and more cash flowing properties with zero out of pocket cash for down payments.