The Veteran's Assistance loan or the VA Loan as it is generally called, is an amazing loan. We bought our first and fourth house using the VA loan (using the same loan). Over the years I have seen a lot of myths perpetuated and questions asked regarding this loan. As a self-proclaimed empire builder, who is also a mortgage nerd who struggles to understand this awesome but complicated loan, I put together this guide. I hope this helps you not … [Read more...]
How to Handle the Repair-Needy Tenant
Have you ever had a repair-needy tenant where it feels like every other day they want you to do a repair? And it's always silly repairs like the cold sink water is not being cold when it is 117 degree outside or that the AC isn't keeping the house at 65 degrees when it is 117 outside. Or my favorite, complaining that there is a one palmetto bug (flying cock roach) in the house (they confess the windows were left open) and wanting you to call out … [Read more...]
How to Know When to DIY and When to Call an Expert
I saw a post on a forum the other day with a unique question. It said: "I am looking for a fixer-upper condo. What repairs are DIY and when do you need to use a contractor?" I thought that it was such an interesting and loaded question. As an avid DIY'er I have done tons of projects and have lots of experience. The sweat equity has been nice too. Below are some of the projects we have completed over the past four years... Installed … [Read more...]
How to Create a Rock Solid Lease in One Evening!
Author's Note: This is not legal advice and I am nothing other than a landlord who owns six houses and self manages a total of ten. This is how I put together my lease and I hope it makes things a little easier for you. This post contains affiliate links. As an experienced (aka jaded) landlord, I have learned the key to treating my rentals as a business is having a fantastic lease. For me, the key to having a fantastic lease is having a tight … [Read more...]
How to Read a Background Check and Credit Report
My biggest piece of advice as a landlord, one that I follow religiously as a experienced aka jaded landlord, when screening tenants, is that no one is perfect and we all have baggage. There is a reason why your tenant is renting and not buying. The key is to figure out that reason, what baggage it brings and decide if it is or is not acceptable to you as a landlord. Personally, I am am fine with bankruptcy and short sales up to a point. The … [Read more...]
How to Give Tenants Permission to Improve Your House
As a landlord, I believe in treating others how I wish to be treated. At the same time, this is a business and I treat my rentals as such. My goal is be as understanding as possible without altering the integrity of my homes or the ability for me to protect my investment. Over the years I have found three ways to achieve these goals in the most efficient and professional manner possible. These three ways are just a few ways I've found to give … [Read more...]
Why I Allow Pets in my Rentals
My current "child" is an adorable 8 pound kitty cat. She is a total princes and spoiled beyond means. She has been my right arm, side kick, and TV watcher since the early beginnings of my marriage. I would NEVER have made it through our first deployment, the TDY's or other experiences that I have survived without her by my side. There is a reason her name is "Missy" short for Mistress; i.e. the hubs has the Navy and I have the cat. While I … [Read more...]
Don’t Lose Money by Selling Your Home for Down Payment Money
When it's time to move or upgrade to a larger house, the question that is always asked is, "Do I rent it out or sell it?" Over the past couple of weeks I have spoken with many people stumbling over this dilemma. As an investor who is trained as a financial analyst I have found I see things differently. The lower interest rates mean that it is cheaper then ever to borrow money even though you still need to fund the down payments. From my … [Read more...]
Funding the Down Payment For Multiple Properties
The biggest challenge to building a real estate empire is funding the down payment for all of the houses. As you grow, you will find that it becomes more challenging, especially after you buy your fourth house. While you can buy up to ten houses, after you cross the threshold for the fourth it becomes more expensive for the down payment. Plus you can't forget the Reserve Requirements for any house you buy after the first one. As with anything … [Read more...]
How NOT To Hire a Handyman!
As a transparent landlord I will be the first to say that the thing I DREAD the most is hiring a handyman. I always feel like I am being ripped off. For as many times I have paid a "reasonable" price, I have also paid the highway robbery price of $100 an hour because I had no other choice! As a self-proclaimed empire builder, I am going to have to figure out how to hire a handy man. As much as I dread hiring help, it's a skill I need to learn. … [Read more...]