All Forum Posts by: Chuck Dangar

Thank you for replying! Anything helps during this process of getting the first property. 

Still working on getting my first deal and I know I've read and heard that you should always pay yourself first when taking your monthly income from tenants but how do you do it without getting nervous?  I know how to work the numbers but when you see that you're getting say for example $150 or $200 a month after all expenses of take-home income; do you actually just pocket that money monthly or save it for a rainy day for your rental property till the end of the year and then take the earnings for your own personal use?  Hope my question makes sense.  Thanks for your help!

Thank you very much for this Steve!  Exactly what I was wondering.  

Just wasn't sure if it mattered where the payments to me were coming from...income is income.  Just making sure.  Thanks

1...Is it possible to take a tax deduction if you are receiving rent from the government for a Section 8 tenant? 

2...I am looking at buying a place to buy and hold with a section 8 tenant already in place. The place has already been remodeled and is in good shape and will be my first buy and hold property so I'm looking for any advice from the BP world out there.  

Thank you Blair! I'm learning all these different buy and hold calculators and of course the numbers always feel like it's a little rough and not a concrete number.  I really need a number I can trust and not fudged like you said.

Ok...it's about to be my first buy and hold foreclosure property in Georgia and I keep feeling like I'm stuck on getting the courage to make my move to purchase it.  I found a good 3br 1.5 bath that needs a new roof, new paint on the inside and it has a weed like smell that I'm not sure about.  It has new carpeting but pretty good bones.  I live three hours away and have not seen the property but I've contacted a property manager who looked at the house and said it's pretty nice. The roofer is saying it's pretty nice as well.  I've run the numbers and it will make around $160 cash flow. Should I pay an inspector before making an offer or just go for it?  

Great idea! Thanks!

I am looking at buying a place to rent out that has a strange smell.  I have not been in the house but the person who went in said it smelled like weed.  There is new carpet in the house but now I'm worried about it being an old meth house.  I've heard that that smell is more like cat urine and/or rotten eggs.  If I'm buying a foreclosed home that is AS-IS, does there have to be a disclosure that it was previously a meth home?