Lease option: If they don’t do 3k down minimum then I won’t consider them. For foreclosure/chapter 7 bankruptcies, somebody must wait three years before buying again, but not for a lease option. Don’t do lease options longer than 3 years you’re setting yourself up NOT to succeed.
Start the refinance as soon as you own the home if you bought the home originally with hard money lending, does not apply if you bought the home with the traditional 20% down payment.
New roof, new kitchen, new furnace/air conditioner, windows (should be $200 a window installed) are all considered mechanical upgrades. Matt suggests doing just one mechanical upgrade per buy and hold (rental). If the house needs two of those three then it isn’t a buy and hold, but a fix and flip.
Matt thinks you can manage 6 rentals by yourself easy and then it gets hard beyond that.
Don’t buy a flip to put on the market unless you can show it from March-October timeframe due to Christmas (people are in debt and don’t have any money to put into buying a house), school (scheduling a move during school is a disaster people will avoid), and bad weather, which means fewer buyers. Buy and holds are good anytime.
Owning rentals makes you a good saver. You learn to manage your money and projects.
Hold four buy and hold properties before doing one fix and flip.
Paint, carpet, bath, kitchen, landscaping, and adding square footage are best ways to increase value of home.
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