All Forum Posts by: Ivan Burley

Thanks for the replies guys.  @Philip Williams, he is a fulltime contractor.  He's done quite a bit of work for me previously.  I think I will get an inspection.  The home was built in 1945 and converted into a duplex.  I worry about code violations and other issues.  Thanks again for the feedback. 

Hello.  I am in the process of trying to purchase my first home through a traditional loan.  It is a duplex. I am scheduled to view the home today after work.  I will be meeting my contractor at the home as well.   My question is wether or not I should have a home inspection or not?  I'm currently on my break so I am having to write this fast. Any input is helpful.   Thank you. 

@Adam Hill . Thank you for the info. It's always good to hear from someone familiar with your area. I will definitely be giving the 1br units a serious look given some of the info I've received here.

Also I'd like to keep your contact information. I'm sure I'll be needing appraisal services once I find a property that I am interested in. (Coincidence your responding lol). I'm just kidding I love the feedback we receive here at BP. Thanks again.

@Brandonhicks You make a great point about the ease of rehab and less wear. I guess I was just thinking that it may ne difficult to rent them becuase I'd need to find 2-3 seperate individuals/couples with no kids,or one small child max, and qualifying backgrounds.

Nashville is a big city so there are plentg of potential tenants. I'll just need to do a little more research into the 1br units. Although I myself have rented in a similar unit I am a bit skeptical.

You make a very good point!

I am in Nashville and actually in the same position as the OP. I currently have one single family home that I aquired under owner financing. I am working full time and have pretty good credit so I am wanting to purchase a multi-family using coventional lending.

My questions for you guys are firstly, is this a good idea, or should I look at purchasing another home from my owner financer? And secondly if this sounds good, would it be better to go for a duplex or a multi with more units?

I too will be purchasing as owner occupied. My main concern is cash flow and not necessarily equity or appreciation.

I have seen multis with 3-4 units within my price range but they are 1br 1ba and I am skeptical about these. It just seems it would be easier to rent two 2br 1ba units than it would four 1br 1b. I am still feeling my way around so I could be wrong.

Hello Josh. Congratulations on your growth. I decided to use a friend of mine that is also an agent. She is new to management and we are learning together so it works out well for us. In edition, as to be expected her fee is less than an actual management company as well.

I wish that I could be of more help to you. I'm sure someone will chime in soon with advice.

What areas are you invested in?

Thanks everyone for the advice. I admit that I have more learning to do when it comes to real estate in general. I'll be gettin a receipt for the money order and will be takeling the necessary steps to handle the issue.

Thanks for the replies. @ Jordan T, I am definitely going to require certified mailing from now on. That was my first thought when she said that it was sent. I'll let her know that if it doesn't arrive soon she'll have to file a claim and in the meantime she must still fulfill her payment.

@ Lynn, yes, I understand that the post office is unpredictable and often unreliable. She is just on the other side of town where mail usually takes a day or two. It is unlikely that it would take a week or more.

So yet another new (to me) dilemma in real estate investing. I have a mobile that I have crwated a note on and the lady has yet to miss a month. She has been late a time or two but always pays the late fee. However this month she claims that she sent the money order in the mail as usual and doesnt know why it hasn't arrived.

Her money order usually arrives around the 6-7th yet this time she cliams to have sent this on the first or second. I find this questionable becuase how do yiu not know what day you went o the post office and a calender does the rest.

I would like to know if anyone else has been in this situation and if so how do you verify one way or the other. I said we'd give it until the end of the week and after that I'd need to see the receipt for the money order. My thought o that is that it'd be fairly easy to get a money order then return it and then you have a dated receipt.

Any advice guys

Actually Bill, I did yhink about that option. I know that she is paid every two weeks as we have discussed it. I just am worried that if I set the payments for the 14th ect.. and she doesn't pay then we'll already be half way through the month and way behind.

Aly, my rentals area sounds similar to yours. There's not much income and even fewer qualified tenants.

Her credit score wasn't spectacular or even good really, but it wasn't awful either. I dropped the ball on the previous landlord inquiries