All Forum Posts by: Carol Burns

I am looking at a property that has 3 houses, 2 units in one of them, so 4 units in all.  I've been told since this is a fourplex that I would need 25 percent down.  Any creative financing out there that would lower the down payment?  TIA

Property used to be up for foreclosure, now owner has declared bankruptcy.   County said that the trustee dropped the foreclosure.  Property owner contacted me offering to sell for a pretty steep price.  My question is, is there any way to contact the chapter 13 trustee or whoever is handling the bankruptcy and go directly to them with an offer?  I'm sorry, I really don't have any idea what I am talking about so that may not make sense.  I've never been in this sort of situation.   Any advice about how you all would go about this?  The property was in our family for many years and I would love an opportunity to buy it back if possible.   I think the current owner is hoping my nostalgia about the property will net her a big gain.   I really don't want to go to any local realtors for advice because I'm afraid they would go straight to their investors with it, as it has the possibility of actually being a great investment in the long term.   Any advice would be appreciated, thank you!!

Anyone here invested in STR's in Blowing Rock NC? I am looking at a piece of property that has 4 individual units. Two 1/1, one 2/1, one 2/2. No mountain view but gorgeous property in ideal location. Going to crunch the numbers to see if they work right NOW. But I am a little worried if we go into a recession. Will the STR market take a nosedive? Will the value of the property also take a nosedive? Anyone have any input? TIA!!

I have a SFR that is not set up for handicap access. I just had someone ask me if they could set up a handicap ramp if they were to be accepted as a tenant. What responsibility do I have as a landlord to provide handicap access? As it is now, it is definitely not handicap friendly. Gravel driveway, steep steps in the front, would have to roll through uneven clumpy grass to get to the back entrance. which still has a few steps. Please don't get me wrong, I think handicap options are definitely needed more, but just wanted to know what my legal responsibilities are as a landlord. I don't know if this matters, but we only own 2 investment properties.

What books would you guys recommend starting off reading about investing/money/real estate, etc?   Any new ones that have more current info than some of the classics?  Or are there classics that still hold true for today?  Any books out there that are good for investing a windfall (thinking diversification here)?   I would love your recommendations  TIA.  

I have 2 properties:

first one SFR, equity approx 150,000 after selling costs; I net about $700/month rent after all expenses. which is about 5.5 percent on my equity

second one is a old single wide mobile home that I get about $500/month rent after expenses;  the underlying land is now worth about $175,000;  which is total equity for me, since it is paid off;  so that would be about 3.5 percent on my equity

properties right beside each other in a very hot area, which just keeps getting hotter every year, with properties harder and harder to find there.  

Cannot take anymore cash out of SFR because it is already at 50 percent, and hard to take cash out of a single wide with land.

Looking for opinions, keep or sell?  If you say sell, where would you invest the proceeds?   

Is there a standard interest rate range for owner financing?  

Do you guys restrict dog breeds at your rentals? If so, which ones?

Have a couple with one small dog, good jobs, plenty of income, moving into the area (already met family members nearby).  But credit is pretty poor.  55 percent on time payments.  But they say they are selling their home and paying off their debts.  I did check and yes they do have a house they are selling that is pending for sale.  Had an idea of getting first and last month's rent.  But can I set that up that last month's rent can only apply to the actual last month on the lease?  And will that even protect me?  Any advice?    I do like the fact that they are a little older without a passel of kids, with good income and job history.  EDIT:  Just found out the guy has a misdemeanor petty theft charge from 3 years ago.  Guess that is a no go then?

I just listed a rental and a realtor emailed me with :  

Will you cooperate with a realtor and pay commission on this rental?

I've never experienced this before. I am in a super hot rental market where SFR's are almost impossible to find. It seems as if it would not do me any good to pay a commission to a realtor. Anyone have advice about this? Thank you