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Bobby, good for you! As a former banker I recommend having as many houses as possible and renting them for supplemental income, plus as you gain equity you can leverage them to buy more. One day, you won’t have to work. PM me is you have any questions! Looking forward to seeing your new garage and digs! 😊
Then Mikes credit is tied up. Bobby needs to learn how to do things on his own and not relying on help from others. Plus it’s illegal what you suggested and the bank might do their own investigation on the people leasing. I recently sold my 13 rental properties and owned them for - my wife and I did for 18 years so we have seen or been in some of the worst case scenario’s possible.
Bobby, I'm glad everything worked out for you guys. I'm glad you were able to keep your old house as a rental, and were able to get into the new house. Congrats! By the way I'm from Washington state. Love yours and Mike's videos as well.
You need an excellent lease written. Credit Check, Background Checks, Employment Confirmation, 5 personal References Charge them $50 for the credit check. If they are really are interested, they will pay for it.
I have a friend with several rentals that mostly rents to section 8 (I think that’s right) and as far as I know, most of his tenants are good people, because they don’t want to lose that benefit, and I think he gets a guaranteed check from the government. I don’t know all the facts or details, but I might be something to look into.
Renting is risky I have 33 properties just cover your bases make sure you you have your paper work in order Ts crossed I dotted Every state is different so not sure on your state laws though
As a home owner. I've definitely thought about buying rentals. In the end always decided against it. I figured its 50/50 on getting a good or bad tenants. It's enough to take care of one home. One set of appliances taxes ect. I wouldnt want to own anything in town either. Idk i think we might be too different goal wise
I am so glad that I was born smart enough to become extremely wealthy at a very young age and was able to pay cash for what ever estates I have ever wanted .don't be scared just keep moving it forward one step at a time .I live on water front in FLORIDA and yes boats are money pits but it is so great to just walk out back and drop a boat in the water and just cruise , so its well worth the cost .
I prefer taking the big lump sum. I put it in an investment and make more money on it through the year if they sign a second year, my tenants at least paid in full for the second year also
i inherited my first house and had a nicer house fall into my lap for 1/3rd the price. so my plan was sell my old house to pay for a the house i had and by the time i had the house remodeled 2 months later i changed my mind and decided to rent it and all we had to do was get insurance. i unfortunately rented to a friend of mine for too little and it wasn't covering the cost of the new house by about $175 a month and didn't cover the taxes. i was going to continue to rent it any way because eventually it would have just been profit. i ended up getting an insane deal that fell in my lap as some one wanted to rent to own the house so they gave me 55% up front and an r35 gtr. the plan was to give the car back to him after the rent to own was done being paid off 5 years later if he wanted it back. but after 2 years the person ended up breaking the lease agreement and never asked for it back.
If you’re trying to build long term wealth and security, don’t sell your first house. No matter what. Most likely your interest rate is super low on the first one. On top of that you’ll always have equity in it the first house you can access. My first house was in Piketown and when we bought one in Grantville, we kept the one in Piketown and rented it out to friends. 3.5 years later they’ve paid down our mortgage and we’re positive cash flow by $580 each month. On top of that the value of the home has gone from 260k to 400+. Now we’re saving for our 2nd rental. I think you’re wrong on not taking the lump sum. You could throw that in a high yield savings account and make more money. If you don’t take it they will just spend it somewhere else. Good luck.
Just ask a friend to sign the lease. Have him give you money and then give him the money back after you close. Then take your time finding a good tenant. Everyone does it even if they tell you not to.
Just sell the House take money ! Trust me I have 5 properties right started condo which got for dirt cheap . Rent biggest headache check your laws Buy Gold and silver or guns. !
Unless you have a really low interest rate and a very small amount of equity in current home, just sell that thing. It won't appreciate like you think and will be a huge HA. Deploy the capital elsewhere. If you are doing it just to have the title of landlord, a lot easier money can be made investing in the stock market with that capital. Just saying.
My sister rented a couple properties, I ended being a property manager for her after she moved out of state for a couple years. Never again she swore, and I agree, it was nothing but one hassle or lying tenant after another. I would just sell honestly
Allentown, PA. And rental properties are a vehicle for making long-term wealth. Everyone who has rental properties have stories to tell about bad tenants but still will make money in the long run. Good luck!
Congrats....I am very happy for you. However I would have taken that rent money for a year up front any day. Getting money out of people when they had it is almost impossible.
I'm in California, I'm in the process of buying a home and I almost lost it because the underwriter was taking his time we had to apply for an extension and argue so we didn't have to pay extra fees.
Good luck renting the house . Word of advice , dont believe or trust and possible tenant . People will do or say whatever they need to for a rental . Check people out thoroughly .
