All Forum Posts by: Darlena Jones

There's 7+ acres and you can't subdivide for a second house?  That doesn't make any sense.  If there's a problem getting access to the other section, you can encumber the first parcel in order to get a driveway to the second parcel.

We have a construction company and can't build cheaper than buying.  I wish.

Forget the stock market. Buy a multi-family (1-4 units), owner occupy, get an FHA loan, find some good tenants and build from there.

Auctions are very tricky.  Sometimes you can get a deal but most times the bank that holds the note will outbid you.  We went a few times thinking we could buy something and it became obvious, immediately, that we needed to find a new avenue to go.

I agree with @Christopher Brainard - what's in it for you?  If you can rent it for 650, why wouldn't you continue doing that?  They can go find another place to buy.

I guess it depends on the level of reporting you want to do?  I create invoices but never actually send them since my tenants just pay. Then, I mark the invoice paid. 

If I had a PM, I would probably just record the deposit and let them take care of the more detailed reporting.

Those are pretty tight margins.  You should be putting 10-15% in a maintenace account which brings your 2800 down to $2380.  That's only a net profit of $180 or $30/door.  I would either negotiate a signifcantly better price or walk away.

How are the utilities metered?

Find another area?

How does your rent compare to her previous house payment?  If less or comparable, and she has good credit, wouldn't that be sufficient?