rental: Nervous and excited about my rental purchase
- 06/30/14 03:36 AM
I hate to admit this but with the closing on my new rental home fast approaching on Wednesday, I'm feeling a bit nervous as well as being very excited as well. This is the first home I've bought that needs some substantial improvements (windows, removal of add-on room) before I can rent it out on August 1. Now I know how my clients feel when they are embarking on the adventure of home buying! Overall, I feel very good about the purchase and the prospects of leasing it out at my desired price of $1,150. When I was setting up the … (0 comments)
One of the best decisions I've ever made financially (at least so far...) has been to invest in a couple of rental properties. I figured, I'm in the business and should really take my own advice about diversifying my retirement income stream. I started not quite 5 years ago with my first property and am just about to close on my third one next week. So... I know quite a bit about the process now from BOTH sides of the desk.
The math still works, even with the increase … (2 comments)
rental: How to buy a new primary residence and turn existing into a rental!
- 01/31/14 01:36 AM
I get asked all the time about buying a new primary residence and turning an existing primary residence into a rental, so I thought I'd put out some tips on how to accomplish this. Here are the 5 main things to consider: Is the new home you're buying more expensive than the value of your existing home? If not, you'll need a good explanation why you're moving 'down' in home quality instead of moving 'up.' Can you qualify for a new 2nd mortgage with your existing reportable income? If so, no problem at all... Proceed ahead and skip #3! If you … (0 comments)
rental: Buy your first rental home in 2014!
- 01/16/14 07:46 AM
If you’ve ever thought about purchasing a rental property, 2014 will be a great year to do it! Rates continue to be very low and home prices are still very affordable as well. From my personal experience and conversations with folks who have rentals, here are the first 3 things to consider when purchasing a rental: Make sure you have the required down payment for a rental, which is a minimum of 20%. If you can come up with a 25% down payment, the rates and fees are much improved. Make sure that you have the necessary cash reserves, which is … (0 comments)
I hate to admit this but with the closing on my new rental home fast approaching on Wednesday, I'm feeling a bit nervous as well as being very excited as well. This is the first home I've bought that needs some substantial improvements (windows, removal of add-on room) before I can rent it out on August 1. Now I know how my clients feel when they are embarking on the adventure of home buying!
;)
;)
