All Forum Posts by: Shanequa J.

If you are planning on buying near Army bases, it is important that you know which bases are being closed. It is called base realignment and closure. If they close that base down, a booming military town could easily become a struggling city with high vacancies.

I'm don't know the answer to your question, but I wanted to tell you that you have way more guts than I have. Good luck.

VA Vendee requires 5% down. Some people wholesale to get money while others use private/hard money. I do it the boring way by saving 20%. However, I'm now trying subject to owners which is one of many types of seller's financing.

I would think the fence's owner would be responsible since you could not have prevented the damage. But remember, this is Armerica; nobody wants to be responsible for anything. Maybe you could go 50/50. I wouldn't go through insurance because the cost to fix the fence is probably less than or close to the insurance deductible. As for the yard debris, I would hire a worker to clean it up. It should not cost much and it will show the tenants how good a landlord you are.

I use uslegalforms.com. They are cheap and tailored to your state.

Why is the price so high when it needs $55,000 in repair costs? He needs to drop that way down. Try for the deed because then you will be the owner and can refi the property. With an option, you will have to get a new mortgage since you aren't the owner.
Maybe you could try to buy another property that needs less work. The total amount of money invested will be about $76,000. That could be your downpayment. You will be paying $2446/month and getting less in rent than your payment since only one side is rented out. You're loosing money from the beginning. You'll have to factor in how long it will take to fix the other side so you'll start making money. Why are you doing a lease option if you have $76,000? This is not a good deal to me.

Since you are new and don't know much about RE, I would say to continue your current job and do RE part-time. Are you looking to flip or hold? See if you can qualify for a mortgage loan for both flipping and holding. Hard money and private lenders are good for flipping or quick refi's. Try wholesaling to get a few thousand dollars. Either way don't quit your job because it might make it harder for you to get money to fund your projects. Read the forums to get more knowledge about the things you are lacking.

Yes, you can and should say no. They haven't even moved in yet and are causing problems. Get rid of them and find a better tenant.

I just checked mine and it's for fire, liability, and sewer. This must be a newbie assumption but I thought insurance covered everything except flooding. Are all companies like that or is it just Foremost?

Good thing NC doesn't have rent control. The government needs to focus on running the country, which is done poorly, and stop trying to regulate everything just because they think something is not fair to everyone. Everything they touch turns to crap.