All Forum Posts by: Account Closed

And have management company run it for you, sit back and collect 😊 Hope it goes well for you I'm starting off as well, I'm 28. Have properties in Florida

keep us posted on

Originally posted by @Patrick Gerrity:

@Account Closed good point, I will retire from my current job in 9 years at 48, and do not want to have to get another job! 100 it is...

0 Votes

If thats the case, you found a great deal, I would recommend finance. Few reasons, I mean you can always pay the loan down since there is no pre payment penalty. You will have more cash open to buy more properties and thats the goal isn't it? I mean what is your goal Patrick, to just own this property or 100?

Originally posted by @Patrick Gerrity:

@Account Closed Thanks. Lots of good advice. If the rents stay the same, the CAP is at about 14.5%. So I guess the question is do I finance or pay cash?

0 Votes

Hello Deepak,

Go ahead and do the conventional way. Why is that?

1) There is no prepayment penalty, if you see things are getting tight you can always pay it down

2) There may be some difficulty in doing a cash out refinance after purchasing the property, you may need to have owned it for a year etc

0 Votes

I don't see it being an issue, if it was Florida where termites are an issue then I would say possibly. I say don't spend money unnecessarily but monitor the situation from time to time.

0 Votes

Levi,

I don't see why it being in a trust would raise any flags, i think the people who own the home just wanted an extra layer of privacy.

1 Vote

Then Patrick, most investors would agree with me, always look the current rent numbers to determine whether you will purchase the property. The rent is under market? Thats great thats a plus, theres future appreciation? thats great too. But kicking out all the tenants, doing minor TLC to the property, assuming it doesn't rent that fast you, theres plenty of things that could trip you up

PREPARE FOR THE WORST, ASSUME RENTS STAY THE WAY THEY ARE, FACOTR IN EXPENSES, DOES THE PROPERTY LEAVE YOU ANYTHING.

Originally posted by @Patrick Gerrity:

Very little. I have a rental right now that I rent because I bought poorly and couldn't sell it. The rent covers the mortgage and escrow. Other than that? Just purchasing my primary residence.

0 Votes

Hello Dwain,

What kind of employment is this person in? You have a mortgage on the property? Will he pay you October 1 for 2 months rent? when is the rent supposed to be due?

1 Vote

Hello Dyllon,

I think you are very close ready to start, trust me when I tell you this that none of us were 100% ready to start, just begin and you will figure it out,

0 Votes

Hello Patrick,

How much experience do you have in real estate?

1 Vote

All Forum Posts by: Account Closed

Account Closed has started 33 posts and replied 171 times.

Post: Obtaining Up-to-date Rent Information of Existing Tenants

Post: New to this, how do you think this looks?

Post: New to this, how do you think this looks?

Post: Rental Property putting minimum down vs paying all cash

Post: Does what's under the house matter?

Post: House deals that are in a Trust?

Post: New to this, how do you think this looks?

Post: Tenant asked me for Extension Day 1 of being a Landlord! Advice?

Post: Asking price and ARV. Beginner question 🙄

Post: New to this, how do you think this looks?