All Forum Posts by: David D Painter

Some sellers will require proof to accompany an offer. Others will generally require proof upon acceptance of said offer. In my world all of this happens very fast. I would suggest you make certain funds are available before making any offers. 

it varies as some sellers require proof to accompany an offer. Otherwise proof can be provided after an offer is accepted.

You cannot charge extra nor refuse a service dog. I would make her provide written proof from a professional. Seems like everyone these days is claiming a service dog.

@Jerome Hanson hit the nail on the head. Just talk to a title company and they will take care of it.  I once sold to a tenant and it was the fastest, easiest sale I ever did.  Good luck!  If you have a buyer there is no need for a broker.

Equity is the current value of a property minus outstanding mortgages so mortgages definitely affect it.  The equity is your net worth. Forget your 60k figure. Your property is valued at 100 minus a mortgage of 80 equals 20. 20 is your equity and net worth. This is assuming the property is indeed worth $100.  

To calculate net worth you would subtract any outstanding mortgages from the current appraised value. In your scenario equity would be 20k in the property is in fact worth $100,000. Good luck!

I am a painting contractor who prices everything with materials and labor so no one is surprised.  If his contract covers labor only, you probably are responsible for roller covers and some portion of paint brushes and/or spray tips, etc. However a spray tip will certainly last a lot longer than one job.

@Adrien Veres  Congratulations on being frugal and saving so seriously!  I also grew up speaking French but was born in Louisiana. Like you I have never had a big salary.  I have always lived cheaply and managed to buy one house, then another, then another, and so on very slowly, paying cash for all except the first one.  So you can do it in any number of places across the country. Little by little you can do it. Good luck!

@Soobin Oh  your goals are very achievable, just not overnight.  I buy and hold good properties. I only buy screaming bargains, keep them up, try to get good tenants and keep rates below market so good tenants don't ever want to leave.  I manage my own properties and average less than 1 hour per month per property including record keeping. Good luck.

I have done owner financing in the past with great success.  If you are careful it's a great money maker.  You can get top dollar for the property plus get a nice interest rate.  I generally have made more from interest than from sales/Re-hab profit. Good luck!