Hi All .. I have been a little under the weather, please introduce yourselves and head to the classroom.. give me a few days to get well and I will get out next office hours on the schedule.

I never sought out to own 50+ doors .. it literally just started with me wanting to by a home that was better and cheaper than what i was paying in rent. I used a government backed program so I can put zero down ( NACA ) & they gave us our initial renovation money on the house … fast forward 6 months later after buying a foreclosure & renovating and we had equity in the house. From that we pulled out a cash out refi and used that to buy our first rental. That rental had a total mortgage of $440 … well after 2 weeks of sweat equity and Home Depot .. I had it rented for $900 .. and I liked getting paid .. from there I was addicted.

https://www.cbsnews.com/news/us-foreclosures-homeowners-financial-strain-attom/

I made about $50 k net profit on this deal because the HUD below doesn’t show the $25 k in rehab costs. My loans shows a balance of $75k but that’s after a previous BRRR .. I actually only bought this house for $21k about 13 years ago.

The economy is tough right now , make sure you stay on top of your tenants , in making sure they make rent a priority vs other things. We can help and work with them but we Should Not be subsidizing their lives .. that’s not our job. If your tenet don’t pay last month, under no circumstances can they get 2 months behind.. file early and start the eviction click if they are not communicating with you… More tips in the property management class