All Forum Posts by: Dan Crenshaw

The AMV of the house is around 160k. It needs somewhere around 12-16k in repairs. I think I can get it for around 125k, and I have around 40k in capital.

I would be taking out a loan. I like the fact that the tenant seems like a great exit strategy for this deal. It seems he is just as motivated to buy as the landlord is to sell, which makes it much easier on me. I'm just worried that if I purchase the house with a loan, then sign a L/O with the tenant, that my lender would call the mortgage due. What would be the best way to attack this situation?

I came across a renter that has currently been living in a 3br ranch for the last 2 years. He loves the house and would love to own instead of rent. He doesn't have the down payment to purchase it, and has mediocre credit, so it's tough for him to get a reasonable loan.

From what I am told, the house needs some repairs, but nothing too serious (mostly cosmetic). It seems as though the landlord is somewhat motivated to unload it as opposed to fix and keep it. It is in a desirable area and feel this could be a very good deal.

I was wondering if purchasing this at a discount and leasing with an option to buy to the renter would be a good idea. This would be my first deal, and honestly it seems a little overwhelming. Anyone who can help me get going in the right direction would be a HUGE help. Thanks in advance!

I was wondering if that was something people use for investment properties, or if it is only something homeowners utilize. If its worth paying (or having the tenant pay) the PMI so that it ties up less capital that can be used for other investments.

@Georges Kfoury, Thanks for the link. I'll have to take a look at it. Hopefully it could teach me a thing or two and put things into perspective.

What are the pros and cons of FHA loans? It's something I hear a lot of people talk about, but unfortunately do not know much about.

Hello everyone! My name is Dan, and. I'm from Eatontown New Jersey. I'm new to the real estate scene. I am enjoying the learning process and hope to make a huge difference in my future. I'm sure ill get great information and meet some great people through this site, so thanks to everyone in advance for any answers and advice I will receive along the way!