All Forum Posts by: Alexandre Marques dos Santos

@Bernadette Johnson

Personally ia would take a different approach.

For start, i disagree that your own property differs from an investment. It does not help on asset? Bit it does Reduces your liability. Your monthly net income can get bigger owning your own property.

I would actually try to look the property you are renting as an investment property. Does it gives you enough return to buy? Does it gives you, after mortgage, positive income ( rent minus mortgage minus expenses)? Then it is worthy to buy! If not, then it is wise to look at other investment that would produce a positive income.

If you get to a tie, i prefer to own my property than rent it, as an income from rent will give leverage for free ( tied situation than owning). The worse you will have is to have an empty. I nit having no income, and having to pay your rent. Remember, you be your best and most trusted tenant you will ever find!

@Brandon Miller

To make simple, its a matter of leveraging or not. If you can pay off and like to get rid of debt quickly ( in other words, dont like much leveraging), then you could have a shorter tenor mortgage. Helps to pay it quickly while saving less as interest in loan will be 20 x higher than ur savings.

If you are confident with debt and leverage, you can get the same savings and get another property earlier. With the same strategy you will have even more cash flow, but will run a bigger risk. If get properties empty for any reason, you will need good reserves to pay both mortgages...

I am not a big fan of superleverage, so i would reduce in the first property tenor, and in 2/3 tears would have enough equity to got to other house...

@Dale K Poyser

A lawyer can help clear the issues, negotiating with town to have it approved. Should not be an ordinary lawyer, more those who could handle RE matters.

I have a friend that had issue similar to yours, and was able to partially solve it ( he actually bought the unit that later he figure out was out of the ordinance and with issues in codes ).

I meant partially cause it was a negotiation, and part of the addition out of the city ordinance had to be tear down.. but he didnt lose all of it.

@Mo Muigai

Ops my bad...

Then you have limited options.

1) dispute appraisal. Its hardly ever changed

2) If you are financing AND can put a bit more cash to cover for the appraisal difference AND is very comfortable with the numbers ( including the value you are paying) go for it

3) if you are not comfortable, then you have a nice excuse to walk away.

@Andrew Nguyen

Not sure if you could get a lender to look at zillow. Most will do appraisal and they probably will take into consideration you paid only 100 k.

@Eric Jones

I had a similar case. Stating my approval process would consider credit score x or higher, and the way he could mitigate that paying the deposit AND the last month rent in advance, he accepted and actually thank me to let him rent.

@Josiah Hulsey

I am an investor in the woodlands surroundings, which is very close to you.

I can refer my RE agent, if you like. But what i do is to get a listing price vrs rentals of similar units, and, using tax numbers and insurance, and maintenance, try to get closer to my goal.

Then if bid price is close enough, i make an offer and get into negotiation.

Off course, having an agent helps a lot as we discuss several variables together, bit sometimes i can call her to search several units i found using this strategy

@Stephen Gray

Never thought about this, but depending on terms i would actually sell my property... lol

@Nancy Wang

Let me start saying i am not a lawyer, so its a common sense opinion only.

You described that she has told you she slipped due to detergent your tenant left on the floor. Having said that you have NO responsibility on what happened. Using YOUR insurance would be a fraud. But.. this is a country built for and by lawyers...

I would call my insurance and let them know exactly what happened, including what she told you.

And please let us know the developments...

@Mo Muigai

Appraisal should have no impact on your sale. Sell it and let the guy pay lower taxes...