All Forum Posts by: Charles Morgan

That is going to be difficult. Your best guide would be local newspapers, craigslist, other landlords. My last rental was rented a week after I posted it, because I wouldn't decide any sooner. The tenants actually helped me move because they wanted to paint the old place before they turned over the keys.

Actually, I tried to refinance one of my homes this year with Quicken.
Home was appraised at $89,000 in 2006 for a refi. The Quicken appraiser put it at $63,000 this year. The appraiser based it on three foreclosures, closest was about 2 miles away, even though he also had two actual sales very close to me at $88,000 and $93,000. Needless to say I will never consider using Quicken again.

Quickest way to get an idea would be to have your realtor do a quick Comps on it. If that looks good you may want to try another appraisal.

Congratulations!
Film and photos please.

Did you walk around and look for water meters? I think the meters have serial numbers that the water company can pinpoint to specific addresses.
If you get a water bill from the city then I would think that the condo below you would be set up the same way. F.Y.I., I have no experience with condos.

I know this doesn't help you, but all of my contracts have had a contingency clause that says that I get my Earnest money back if I cannot get financing. I have always gotten financed so it has never been tested.

I totally agree with Ned Carey, better to actually DO it than have someone tell you that you need to learn more. My first investment property was an $18,000 cash deal. I learned more from that than I could've imagined. I am not a big investor like some people here and I'm more comfortable with moving slowly but you will learn fast once you get started.

2008 Hyundai Accent (daily driver) 34+ MPG
2001 Mitsubishi Spyder GT convertible (weekender) 25 MPG
2000 Ford 18 ft. moving van (hauler) 11MPG
Bought the Accent as a rebuilt salvage, $4500 compared to over $10,000 from dealer.

Just one buy this year, took almost three months to complete. Like Mark Updegraff, I am trying to finish up some fixing on an old one and the new one before moving on. Unless I find a deal I can't refuse, lol!

I am working on the same premise pretty much. Didn't need the money right away but wanted to start my retirement income. I bought my 2nd house for cash and rented it cheap (very cheap) just to keep it occupied, the renters do all maintenence. I had a bad experience with Quicken loans, might be a subject for a new thread!