I rented a townhouse to a family. The parents moved out & left their grown children there. Meanwhile the kids destroyed it, 10k +. The parents were on the lease. I had to still go to court but I was paid. The parents had no intention covering the destruction by there kids. So glad was able to get that.
This was a phenomenal episode with David. He left it all on the table for the BP community. I’m hitting the replay button on this one so much to learn and digest. Thanks Ashley and Tony for having David on the show.
My wife and I tried to use Furnished Finder and AirBnB and VRBO (in Montgomery, AL), but found we could not justify the Furnished Finder leads (too cheap) as opposed to the others (better + Air Cover Insurance). Have decided, finally to convert our 2 bedroom Townhome into 6-month rentals (signing first lease now).
Great podcast! What kind of insurance job and company are you working for? I’ve been searching for a job that will give me more free time to focus on real estate investing.
I need some clarity. If you purchase with conventional 5%down then a year later do it again without selling g the first place how is the lender approving the DTI? After 1 or 2 of these the Debt to income ratio would be wiped out wouldn't it? I must be missing something.
It all depends on the market that you’re purchasing in. If you’re in the Midwest and you have a decent W2 like me, you can stretch yourself pretty far before hitting the top of your DTI. If you’re in a more expense market, it would obviously be much more difficult😊
You would rent out the 1st home with that agreement/s you would transfer the debt to the house and not to you, meaning you ask your lender guy “can you remove this from my DTI, since the renters/buyers are taking over the debt?” Within 2 months they remove 75% and after i think its around 90% But this is not legal advice, but a hella good head start
Great breakdown. Always nice to see young people investing in their future. I started buying rentals at a young age too and it has been the best thing I have ever done.
Whether you get into long - or short-term real estate rental investing can be challenging with the current banking issues. Lending is tightening, and rates remain high. Saving for down payments has been more difficult with past, present, and potential future job losses. How would real estate investing play out as bank failures occur and we change to digital currency? Recession/Depression times?
Our stories are so similar and inspiring, I’m a nurse from San Francisco and me and my wife are on our 3rd 1st time home buy. Our 3rd is a 4 plex and we kept the last home
