All Forum Posts by: Anthony Dooley

Yes, fix the gutters and fill in any low areas around the building in order to keep water from standing and force it away from the building. That should work and isn't very expensive. A french drain may be needed, but do the other things first and see what happens.

 Just ask the broker. It's their call. 

RE License is a state thing, not a city thing. Your license is from the state and operates state-wide. My question is this: If you invested in a rental property, what is the ROI of your investment? I have looked at several deals in the Modesto area. The best ROI I found was about 4%. You can get 10% or more in the S&P 500 without tenants, toilets, or termites.

Unless you are paying for the electric bill, it doesn't affect you. What does it matter? Are you too broke to repair the A/C? If so, you should hold plenty of cash for emergency repairs.

No. It doesn't matter. 75% is standard for investment property. 80% is max for a refinance of your residence. If that doesn't work, you are not qualified for the loan. You need more skin in the game.

It sounds like you are in no position to purchase a rental property, especially out of state. You should use a local bank in the area where you are investing, but you don't live there. How well do you know the market in that area? Banks don't take risky loans. So, if you don't know what you are doing and you are not from the area, you are risky. 

 I will only use and recommend Bickerstaff Parham Real Estate to manage my property.

Typically, it's 25% down on multiple properties. It's a commercial loan, so if you can get it with 20% down, you are doing well. If the lender wants more down or wants special terms, it's because they know it's not a great deal. I am an expert on Columbus GA investment property. It's a great market, if you are in the right area and your property is clean and updated. Hot rental market.

I know the Columbus market very well. If you told me the street location of these, I could tell you what I would do. The numbers are one thing, but the exit is another. If these are in the south side of town, the exit will be difficult. Certain areas are only purchased by investors, which we know don't want to pay much for them. If buy and hold is your strategy, it may be good, but some areas are not worth the trouble, if you know what I mean. Don't expect appreciation in this price range. Message me for specific information. If you are not local, you are probably over paying for these.

They all have the same basic models. They have experience, so they know if your deal is good or not. If they won't make the loan, it's not a good deal for you. I haven't used one because the bank has the cheapest money available, even on a signature loan. Hard money is a good way to get a fixer that cannot be financed with a bank. Fix it up so that a bank will refinance it for you and pay off the hard money loan.