All Forum Posts by: Charles Morgan

I'm one of those who is losing (on paper) even though my renters are buying my houses for me. Deductions for Insurance, depreciation, repairs, taxes, etc. add up fast even though my equity is going up every year.

Call the Section 8 agent. You may be surprised how helpful they will be. They don't want to lose the property from their list, sounds like you may have gotten a sweet deal there.
Charles

The Bigger Pockets forum has taught me more than any book I've read.

I just gave one of my tenants an older laptop for Christmas, they have a young child who is just old enough to begin using one.
Thinking about cheap tablets next year.

The house I bought this year had ALL the plumbing buried in concrete, including the faucets for the two tubs.I have already had to do temporary repairs to one (DIY $150) and it looks like I'll have to do the other soon. I had to actually chisel through concrete to get to the fixture, took three days to remove enough concrete to replace the fixture, it is a pain and I hope yours turns out to be leaky faucets.

I also would be wary of 'Mentors' who want a lot of money. Perhaps the lady who recommended the mentoring would like to be your mentor? I have found more help through BP and investors groups than I could have ever imagined. If nothing else, use that $4000.00 to buy an SFR rental, you will learn soo much from that, I know I did.

I will not make any payment that does not have an electronic record. Even a truck that I'm buying from a friend gets paid through my bank!

I have considered trying to a buy a Seller finance home. I bought my last one with Hard Money because the bank couldn't finance me at that time (Debt to Income issue).

I am now trying to get an equity loan to pull out cash for a down-payment on my next. We see lots of seller finance stuff around here and I would of course not buy unless I was pretty sure I could make payments.

I would like to add that I had that home rented out before the first loan payment was due and I would expect to do the same with a seller financed. I also will be looking for an all-cash deal which I would prefer.

My 2C.
Make her get a clear title.
Pay $20K

At that price it is difficult to sell something quickly, unless it's in Manhattan. I would advise creating your own presentation, that one is great for selling nights at a ski lodge but not so good for selling a home. Are you marketing it as a commercial or residential? Advertise, advertise, advertise! (nationally and internationally if you can.)