All Forum Posts by: Barbara McArthur

Well, it does sound like you've done your homework.  I happen to like Marbury and wouldn't mind having a single family home for myself out there.  Good luck to you.

I'm a vet.  I've never heard of a program that helps vets with housing unless they're disabled.

I'm familiar with that area.  I hope this works out for you, but Marbury is pretty far away from everything and doesn't have a very good reputation.  The best thing in Marbury is Gray's market and the nearby Smallwood State Park.  Are you sure the local rents are $1200?  That sounds more like a Waldorf price.

Are you considering outfitting your place to accommodate disabled vets?  Otherwise I don't see what the difference would be either.  

The calculators always want information on amortized loans, not on simple interest.  Even though this loan is only for five years I didn't think it was a good fit for the calculator.  I do like the house well enough to live in it for a couple years so I may follow your advice.  Thanks.

I am not an expert, but I believe that c/o usually means that whoever owns the house is alive but very ill, probably in a nursing home.  Perhaps the person has died but the estate has not been settled.  In the mean time someone has taken responsibility for the home.  It may be a relative who has power of attorney, an executor, or a lawyer.  These people may or may not have the authority to sell the house.  The only way to find out is to contact them.

The real estate deal I just put together doesn't fit neatly into any of the calculators so I'm not sure how to analyse it. I've run it through two calculators and it looks like a good buy in both.  Since I'm new to real estate investing I still feel unsure.  So here's the deal:  This is a single family wood frame house built in 1900.  It has 3 bedrooms, 1 bath, formal dining room, full basement, library (probable bedroom #4), very large attic (possible bonus rooms (?), and two car garage (off street parking in this neighborhood very desirable).  It is close to the schools (all kids walk to school).  The assessed value is $44,000.  The seller agreed to hold the loan at $36,000, 4% simple interest, payment of $240/month with balloon payment in 5 years. Half the roof needs to be replaced at a cost of $5000 but it will last another couple of years. There is a hole in the porch roof that should be fixed this year at a cost of $1200. Nice extras are all hardwood floors, several leaded cut glass windows. I intend to live in the house for 1 or 2 years while I repaint the inside in neutral colors. After that I'll move to a BRRRR. It should rent for $800-$850 per month. Once the roof is fixed it will qualify for FHA refinance which I will do when the balloon payment is due. What do you think?

My credit rating is around 650 because I'm co-signed on a lot of my darghters' college debt. The girls are both making payments but until they can refinance without a cosigner I'm stuck with a high debt to income ratio. I thought I'd start with owner financing then start hacking around the neighborhood using FHA. Although I paid cash for my current house I can't even refinance and take cash out. I will rent my current house out for $750/month when I move out. I think the owner's problem with the house I want in to is that the marriage failed very quickly. He moved out and was stuck with payments for a couple years because his ex staying in the house was part of the divorce settlement. The house is just a bad memory for him.

I'm trying to figure whether or not a house in my neighborhood would be a good buy and hold rental. The house is in good shape. It just needs some wallpaper stripped and a coat of paint (inside). I'd like to move into the house and do the work myself. I don't know if this would be a house hack or a BRRR so I'm not sure how to analyse the deal. It would be owner financing with no money down. The house will need a roof in about 5 years. The owner has bad memories in the house and just doesn't want to think about it any more. Any advice?

I haven't spoken to him lately.  When I looked up the owner again the other day I noticed that he was the same guy who bought, fixed up, and rented the house across the street from me last summer.  So, he has the means to buy and fix up properties but not the inclination to bring the properties he already owns up to a decent standard.  I don't have the knowledge or connections to take him on.  It may be underhanded and sneaky, but I am truly concerned about fire, so I decided to report the situation to the appropriate authorities.