All Forum Posts by: Account Closed

I like to put a sellers concession in the contract. If you're doing a first time homebuyers FHA loan with 3.5% down you can do a 6% sellers concession which you'll get at the closing. Also, if you close at the beginning of the month, you get a good portion of that months rent prorated back to you or taken off your closing costs...and your mortgage payment isn't due the next month but the following month. This is what i did and not only did i get my first duplex with no cash invested but i actually made 1500 bucks off the transaction haha. Also verify with the tenants to see if any appliances are theirs...had a seller put in the contract that the washer and dryers came with the purchase of the house but after talking to the tenants at the walkthrough on closing day i found out that they owned them...which resulted in me getting a credit at closing.

oh I know I've been counting my chickens this whole deployment. I know exactly what I'm going to do with all that cash haha. I can't wait to get back in the real estate game but for now I'll just drool over all the deals I see on the MLS @Kevin Harrison

I already raised rents on them first month I bought it and didn't want to rock the boat by charging them for water too and risking them moving out right before I deployed. When I get back I plan on changing everything because the rents are still well below what the market allows. For now I'm just going to play it save and bite the bullet to avoid having a vacancy. Having them pay water too would probably over extend these particular tenants. 

@Andrew Meyer

thank you @Kevin Harrison for noticing it was happening in each unit. Sounds dumb but I didn't even know that they estimated water usage just like electric and gas. It could be that. I would rather have it be that than a leak because I can't exactly go over and look at the property because I am currently deployed in Africa haha.  I inherited the tenants so the home wasn't previously vacant. I'm wondering if maybe the first bill I got after closing was just low because I acquired the property mid way into the cycle and therefore split the last bill with the previous landlord?

Hi everyone, i just got my water bill on a separately metered duplex and it jumped from $115 per side to $230 per side for a total of $460 this bill...Im wondering what could be causing this. Its unlikely both units have running toilets. I just bought the property 6 months ago so this is only my second bill (quarterly billing). Could the water department be playing catchup on my bill? What should i do any thoughts?

So i currently have 1 FHA loan on a duplex i bought 2 years ago. I occupied it for a year. which i believe is the seasoning requirement. Would i still be able to use my VA loan? I would intend to occupy this house as well.

I was 21. Ended up buying a duplex with no money out of pocket essentially. Did the FHA first time home buyers program that requires 3.5% down then wrote in a 6% sellers concession to the contract. Lived in one side and renovated for a year while cash flowing 20$ a month:) recently bought another duplex at 22 and moved out of the first one now I'm 23 and deployed in Africa cash flowing both of my duplexes which combined net me around 1400 a month. The second one was trickier and I ended up putting 15 % down. Can't wait to get home and jump back in the game!

I did a full kitchen renovation with my tenants still living there. New electrical, plumbing, apliances, floors, counters, cabinets, drywall...everything. I'm about to go through my first tax season as an investor and I'm wondering in my situation what would be deductable or depreciated. Any thoughts?

@James Wise I have a W2

@Cole A. Ok thanks that's exactly what I was wondering. I'm no expert either but what you said makes sense to me ,thank you.