All Forum Posts by: Charles Morgan

Yes, I also love older houses, my oldest was built in late 30's. Definitely make sure about the historic status, those may have special requirements for ANY repairs up to and including paint colors!

Glenn McCrorey I would like to possibly partner with a Special needs N/P here in El Paso. Would you be interested in sharing the names of any who may be national or sharing how to find those in my area?
Thanks
Charles

You will want to provide a bit more information, Mortgage cost, taxes, etc. in order for the spreadsheet people to come up with hard numbers.

There are lots of articles on here about the calculations for investments in Rentals. You will definitely want to have it professionally inspected, mold obviously is not your only problem.
Most investors on here will tell you that it is not worth it if repairs are going to bring your costs over the value of the home.
With an inspection and repair estimates, you will be in a better position to evaluate costs and (possible) returns in rent.
I am underwater on one of my homes but since the rental income is paying for the home, I am willing to hold on to it for awhile. However it is not really making me any money and is a mortgage on my credit report possibly holding me back if I try to get another mortgage.

Welcome to the site. Sounds like you have a good start on your team. Best wishes on your new venture.
Charles

If you don't have sewer nearby you will probably be doing Septic. I had one installed in 2007 for a 3bed MH for just over $4000.00. This was lower New Mexico, not sure how it compares to your area.

My last purchase was not a homepath, but it was Fannie Mae repo. Took almost 3 months from initial acceptance to final closing. Had to send closing money twice, once on the day of closing with about an hour to go, took almost three more weeks to get my refund on first closing fees.
Real nightmare and I wish I was better at writing, but it did close and I am happily living in it with tenants paying my mortgage!
Also had to get hard money at last minute because the bank backed out, I was good except the property taxes on the property before the foreclosure would have put me over the D/I ratio, Arrggg!

Check out the new guide.

http://www.biggerpockets.com/real-estate-investing

Fantastic information. Just one little nit-pick. I did notice a few misspellings and a couple of spots where the wrong words were used. Overall great job.
Charles

At 60, I'm getting ready to take some Real Estate classes as well as Personal Finances.