All Forum Posts by: Chris V.

@Albert L. thanks for replying

@Brent Coombs and @Chris Mason

Thanks for taking time to reply, and for the insight about lending being very customized. I'm talking to a few lenders today.

Was just looking for a benchmark, and I think I got one. Probably could have worded my question better. I'm a newb, so I'll take every thing you got, even the whacks over the head. Thanks again.

Hey everyone, I searched high and low, and I cannot find anything that clearly indicates *today's* rates for conventional 30 year fixed loans for rental properties. Do you guys have a resource? i realize they change, and nothing is set in stone, but I'm looking for some benchmark I can use as a reference point.

Any suggestions on shopping for a good rate while also avoiding companies that suck to deal with?

Good hunting!

Hey folks, well I think (hope) I finally found one that will work for our first deal. We are still in negotiations, and I could use any suggestions you fine folks would have. Couple top-of-mind questions I have:

1. Does this look like a good deal?

2. We aren't using RE agents, any trustworthy contract templates I can use? Any advice here?

3. Who should pay closing costs? What's typical today?

4. He was asking $75K, and I said I'd rather be at $70K, but that was before any inspections or anything else... and before we agreed to not do agents. I'm considering making an official offer of $65K with the fact that we won't be using agents AND he indicated he wanted to sell as-is.

5. Any help on the process including inspections needed, I'd greatly appreciate! I plan to line up a termite, home, and HVAC inspections.

6. What else should I consider? Thanks!!

Here are the details:

Current Price: $70,000 (still in negotiation)

Property Taxes: $2,613

2 units, both 2bed/2bath

New carpet, roof is 2 years old, heat pump is "fairly new" (i need to check this out), floors look ok, and the units seemed to be in decent condition when I visited today.

Rents: $600 per unit, both rented with one under lease, the other month-to-month

Insurance: He said he pays $1300/year for insurance so I used the same.

Loan Interest Rate: I simply could not find anything reliable to say what my rate would be. I need to talk with my lender tomorrow, but I am estimating 4.75% with no points on a 30yr fixed, conventional loan. My credit score is 800, and I have no debt. No clue what interest rate will end up at.

Closing Costs: Who pays those typically? I estimated $2,000.

Here's the screenshot of the Rental Property tool:

We did walk through the property today, and it really does look nice inside.

The left unit was well kept, smelled great, no issues. 

The right unit, the tenant has a cat and two dogs (not supposed to have pets, and he knows it), one of the bedrooms smelled distinctly like cat urine. There is also a few water spots over the kitchen ceiling which the owner said he'd have that fixed this week, assumed it was something to do with the HVAC drip pan or something. Also, the tenant didn't want us to go in the master bed/bath because he said his girl was back there and it wasn't clean. So no clue what's up back there, and should I require that I can walk that area first?

On topic, I have wondered the same things about these "pre-foreclosures" in my neighborhood. Guess it doesn't hurt to ask to try to contact the owner and ask. I saw one with a yellow paper on the front door for like a week, house is well maintained, looked it up in county tax records, and it appears to be the owner's primary residence. I planned to mail her a letter expressing interest in buying her house. Just didn't think she'd like me walking up and asking. Is this something I just need to get over? Do you have key phrases you use in conversations while door knocking, to keep from getting doors slammed on you?

Haha thanks for the clarification and for going easy on me. I have $55K cash, but I sincerely dislike the idea of using all of it on one deal.

Nick Hedberg when you say "buy the house for cash", is that literal? Newbie here lurking and that's something I've wondered about, does "we pay cash for houses" literally mean cash. Thanks ! Good thread!

Hi Sandi, both states are awesome. North Carolina is a bit cooler in terms of weather, I would live there any day. I didn't move from another country (my dad did that part for me!), I was born here. But I'd be happy to try to answer any questions you might have about SC or NC as you continue discovery. Take care!

I'll do it, thanks Bob B. !

Thanks Joshua Fulenwider . I looked it up earlier, and the tax history is showing it was purchased as new in 2005, and taxes have been right about what mine have been so it seems that the owner lived there up till now. I guess I'll mail a letter to the address there and see where that goes. Thanks again.

Hi everyone, we are looking for an agent who is comfortable working with investors. We're also looking for a recommendation for a good lender.

We are brand new to the game. Fresh meat!

Have a great evening.