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Updated about 3 years ago on . Most recent reply

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Damon Lyde
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Landlord by accident

Damon Lyde
Posted

Hello,

I've been a Landlord by accident for a few years. My intent initially wasn't really to make money just to keep the mortgage up while myself and family stayed in an area that my daughter could go to a school we wanted her in. We've been renting out mostly to section 8. The rental moratorium really screwed us up though. Section 8 had reduced her payments and then of course she stopped paying. They destroyed the property I was so fed up I was ready to sell a good friend of mine asked would I be taking a loss and I said yes he told me I should hold and sent me Brandon Turners book how to invest in rental properties and then I read how to invest with low to zero money down. I'm interested in getting in the game now and then a house flipper contacted me and everything he was pitching to me to recognized from the book. So what he's offering would be a great deal for him but no so much for myself. I know it's a bad deal for myself but my wife wants to get rid of the house so I'm contemplating what's the best move to consider. I still haven't got a hard estimate from the contractor yet. I think going back and forth with the flipper is good to get some negotiating practice. Any feedback is welcome 

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