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All Forum Posts by: Adam G. Cameron

Adam G. Cameron has started 5 posts and replied 10 times.

Post: Is a rental in a low income area worth it?

Adam G. CameronPosted
  • Posts 10
  • Votes 0

@James Galla

I appreciate the input! What do you mean by judgement proof?

Post: Is a rental in a low income area worth it?

Adam G. CameronPosted
  • Posts 10
  • Votes 0

My wife and I are looking at purchasing our first rental. We have an area 30 minutes away where homes are very inexpensive. Not the best area, but the numbers work out to a 17% ROI. Does anyone have experience renting in impoverished areas? What are the potential downfalls? What are the pros and cons? Any advice would be greatly appreciated.

@Brian Van Pelt-thanks for the suggestions. Working overtime, side work, paying debt, and living in the house with the kids while renovating has slowed things quite a bit.

My wife and I purchased a fixer upper on a 3 year land contract just over 2 years ago. Renovations are not yet complete so it will not pass a home inspection for a mortgage. We used to have horrible debt but have been working our way out for the past 3 years with great success. My credit score is still quite bad (just under 600). At the end of our contract we will have a balloon payment of $24,000. I need to acquire a loan for this but am not sure where to go. I do have a vacant 2 acre parcel I could use for collateral. Does anyone have any suggestions?

My wife and I purchased a fixer upper on a 3 year land contract just over 2 years ago. Renovations are not yet complete so it will not pass a home inspection for a mortgage. We used to have horrible debt but have been working our way out for the past 3 years with great success. My credit score is still quite bad (just under 600). At the end of our contract we will have a balloon payment of $24,000. I need to acquire a loan for this but am not sure where to go. I do have a vacant 2 acre parcel I could use for collateral. Does anyone have any suggestions?

@Jason Duryea thanks for the help!

@Jason Duryea thanks for the help!

@Jason Duryea Thanks for the info. How much does one of these services generally cost.

I've heard Zillow has a tenant application/screening process. Is this a good thing to use or are there better choices available to me?

My wife and are interested in investing in a duplex. What kind of insurance would we need and how much should we expect to pay. We've been watching several in the $30,000 to $50,000 range.