All Forum Posts by: Josh C.

John Elmenhe it's great having new young guys so passionate. I wish I was more involved when I was your age. However, good investors don't steal. It's not about pulling one over on stupid sellers. Gotta find a balance between profit and treating people with respect. Good luck man!

You'll know after your first one if you should quit your job. Personally I need more of a track record, but each to their own.

@Account Closed based on the responses you've already gotten you can see your title company is misinformed. However, take the advice above and pay the $500 bucks if you are new enough to not know the difference. Think of it as an investment in your future.

No, a lawyer doesn't have to draft it to be binding. However, you are 100% responsible for your contracts. They should be clear and fair to all parties. It's important your contract represents what you are ultimately trying to accomplish, i.e. dont say you are going to do something (like buy their house) when you have no intension of doing so.

Good luck.

@John Hauser

Is the property you own worth 300k? I think the 2% rule is more reserved for cheaper places, like if it's worth 50k you need to see $1000 a month. You would be hard pressed to find a 300k prop rent for $6k a month. Curious what other thought.

When a newbie has deals and no money they become a wholesaler.

Ben G. I might be able to help, shoot me a PM with your phone#. I am currently do this right now on a rehab. Thanks and good luck.

You need to post your numbers: Maintence budget, vacancy, water, etc. all of them. Your insurance seems high, but I don't know the area maybe flood zone or whatever. I will say my rough estimates are way lower that yours, but please post your numbers.

If it's your bank appraisal they usually come back at exact PA or very close to it so I wouldn't worry about that number very much. If taxes, insurance, and HOA are in line, and the place isn't trashed sounds great.

Yes, the owner didn't pay and you did. But the owner didn't get a free pass, he got foreclosed on and will likely get sued for the rest of the debt. You didn't win the lotto just change in ownership. You may be able to work out a 30 day deal with them if you want out and they want you out.