All Forum Posts by: Prashant P.

I wonder how many of the people that go to these courses are actually still investing in real estate in a year or two?

Another thing to consider is housing codes. In the area I am in, the Housing Authority has strict codes you must follow if you are in there Section 8 housing program. So if you buy these properties be aware that you may have to fix some code violations. If you think about the codes they make sense.

Also, in alot of bigger cities there is a shortage of affordable housing so your pool of potential candidates is pretty large.

Hey great job on your first deal. Best of luck to you.

I just noticed one thing that I wanted to point out to you. In your cashflow numbers I did not see a maintenance or vacancy reserve. You are going to have issues with maintenance since its a college rental. Good idea to put money aside from your cash flow for that.

Just for record keeping, I ask all tenants to send me a letter, email or text if they are going to be late, a reason why and when they are going to pay.

I would take a screenshot of your phone screen if you can and keep it for your records.

Like all the other people said, have some leway espically if they have paid on time. After all they did notify you.

I have signed electronic purchase aggreements.

The one thing that I remember is that there is a disclaimer which states that a electronic signature is legal and binding. The form asked for the SS# and other personal information to complete the process.

Not sure if you need to include something like that? I think the reason behind this is because anyone can scan someone's signature and paste it into documents.

Well you came to the right place to find some information.

Read the articles on here and browse the forums. Someone else most likely had the same questions as you and asked them already.

As far getting capital, have you reached out to any of the people you do business with. You could possibly leverage your skills for some equity in a property.

Good luck to you.

Umm Yes. The investor loans are 10% down, maybe not in your part of the country but where I do business they are. The reason I know this is because I have done it and it is through Wells Fargo.

There are critics for all avenues of investment. Some may like one strategy but other may perfer another. For me, this has worked. My investments through Homepath are providing excellent monthly income and I was able to see a return on my intial investment (downpayment and closing costs) within one year.

I agree with regarding the price, houses are over priced or underpriced. You just have to keep an eye on the houses you are interested in.

I ask for referneces, length of stay and previous rent but I never actually call the previous landlord. Asking a previous landlord who a tenant was is like asking someone how they like different cars. Some will tell you the tenant was great but in reality never paid on time. While others will tell you the tenant was horrible becuase they kept calling for repair issues.

I look at financial history, job stability and personal traits when interviewing them. The system works for me.

Rolanda Eldridge, I funded my deal in September of 2010.

It will take some time to find a lender. The reason is because most people are not familar with the product and there is little information about except long goverment documents.

I would contact a investment mortgage specialist at a Wells Fargo. Ask them you are interested in Homepath and see what they can do for you. Most people on the phone have never heard of it before and will tell you they dont offer it.

Why is it expensive?

You can get a property for 10% down (for an investor), the closing cost are the same, the properties are usually under market value, the loan rates are the same.