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 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 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...]
Making an Investment: Real Estate vs Stocks
I know I am very biased. I am in LOVE with real estate and as my hubby will tell you-- it's my addiction. During the Recession we all heard and saw the impact of the failing Real Estate Market. I know I felt like it was the media's favorite subject. The number of short sales and foreclosures were reported over and over again and there were tons of articles about people losing their homes. Even today, there are still tons of articles about how … [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...]
Security Deposit List for Landlords and Tenants: Includes ALL 50 States
As a landlord who operates in 3 different states I can tell you that every state I work in has different laws and some are stricter than others. I have seen the question often on where to look for the security deposit as this is a hot topic for both landlords AND tenants. To make it easy for everyone I have compiled a quick reference sheet for security deposit information along with a link to the more detailed information on the NOLO website … [Read more...]
Are Roommates as Tenants Worth the Stress?
I am an empire building landlord whose attitude is the more the merrier when it comes to houses. My husband and I buy houses with great building blocks and watch the margins very closely. Our goal has been to buy houses that allow us to travel and live our life. As a person I totally respect and recommend the roommate situation. When my husband and I first got married we had a roommate. Financially speaking, having roommates was one of our … [Read more...]
How One Landlord and Property Manager Got Served Humble Pie
I am a self-managing, transcontinental property manager. I am the first one to tell you I want to build an empire. I am not a reluctant landlord. In fact, I have become a proud rental owner six times over and own seven homes. I wrote how my plan started out hiring a property manager and then that just didn't work out when I had the shock of my life over the fees and cost. So I decided to figure it out for myself. I am proud to say that I have … [Read more...]