All Forum Posts by: Daine Johnson

@Amedeo M. The agent suggested if I really am not comfortable with that price range, I may have to move into a nearby city to get into properties for $125-150k. He offered to give me the info of an agent he knows who works more in that area and would be better at finding a lower income deal such as that. I said I would still love to do business with him and I would do what I needed to do to get into a good property if the numbers make sense, though I do agree it is dangerous to have a large chunk of savings tied up in one house. I’m thinking about taking him up on his offer for the info of another agent he knows for now, and possibly working with the original agent in the future when 200k is not as difficult. This idea sounds reasonable right?

I appreciate these opinions very much, it really does help getting another point of view on things. I am willing to go the extra mile to get into a decent property that will produce good numbers at the end of the day. I will take these opinions and put them to work, thanks.

@Patricia Steiner Thank you for the great advice, that is something I’ve always struggled with- allowing the expert to perform without skepticism. Perhaps it will take some time in successful hires to be more open to those who truly know more and can perform far better than I could hope. There are so many folks out there who claim they are experts who in reality are amateurs, which makes it all more important to vette people well. In this case, I’ve already asked the tough questions and have been assured of his competence, it’s time for me to move aside and let the expert take the lead.

@Forrest Faulconer I do not have any reasons not to trust him. However in business I have learned not to trust the first person you meet because it sounds good. There are certainly better deals in this market which can be found, but they are a lot harder to come by under 175,000. I think he is correct in the 200,000 figure for what he described, but I have heard many things about keeping your numbers low when just starting out. It would be great to have available cash to use when needed, as I’ve been told by several people to try and ONLY use other people’s money to fund the deals. In this case I would be using a large chunk of my own money just to get into the property, it seems I would have to sit on it for at least a year until I could comfortably purchase another property. Since I am young, my plan was to acquire at least 2-3 properties within the first two years so they would have a head start in appreciation over time. What do you think?

So my buyers agent who helped me with my first home purchase in August was my Aunt. I found the deal off market as a for sale by owner, she helped a ton and only charged 1% to help me out. After learning so much from BP and still doing so, I’ve realized that she is not the best fit for me as she does not have the views or knowledge of an investor. I recently met an investor/agent who owns 7 buy and hold properties in my local area, who is very passionate about real estate. I asked him many tough questions which he answered very well, and I have decided to use him as my agent in finding my next deal. My question today is, should I trust him whole heartedly without question? I work a W2 job with a great schedule making 40k/year. My lender said I qualify for a conventional loan of 125,000 at 5% down. She said at 160,000 I would need 15% down. After speaking with the new agent he is telling me I need to find a way to get 200,000 to compete and get a great deal in our area. Should I come out of pocket to cover the large down payment I will have? I only have 40k saved and feel like this may be a bold move for only the second property. I am done with the renovations of this first house and I’m currently living here, I need another home to move into soon so I can rent this one out.

@Devan Sprayberry I actually never thought about that, great idea! Thanks

@Lynn Eaton

I was not planning on painting the brick, though I was thinking about painting it white originally to just flip the home. The brick is actually very unique to most, so I want to keep it original. The good thing is that once we are done with the yard, it should be the nicest on the street! It’s on a corner lot with a nice large oak and magnolia tree. It doesn’t look too bad without shutters right now, figured it would look nice with stained wood shutters though.

Hello all, second post here. I'm currently rehabbing a SFH (my first that I plan to rent out within the next few months). After removing the old rotten shutters off of this brick ranch home, I'm not sure I should replace them. What are you thought on a rental home with or without shutters. The home is located in Marietta, Ga.

Hello BP, second post here. I’m currently rehabbing a sfh (my first that I plan to rent out within the next few months). After removing the old rotten shutters off of this brick ranch home, I’m not so sure I should replace them. What are your thoughts on a rental home with or without shutters. The home is located in Marietta, Georgia (near Atlanta).

@Santi Anso thanks for the motivation! Yeah it will only take another 1-2 months because there is a good bit of small stuff to do, and I closed on the house 08/12/20 and my mortgage lender said I have to wait 6 months before I can rent it out and get another mortgage, any thought on that?