All Forum Posts by: Derek Dewayne Hopson Jr.

What you said about how a particular street can be a good buy but a street over can be completely different is very true. I found a property in this past fall that is right around the corner from our local high school for 6000 that I thought about buying. Most of the houses on the blocked were not vacant. Its a 5 minute walk from the high school and my old high school football coach lived next door. I thought that was a great buy. However, it was another property two streets over where there is a ton of vacant houses for 6k that would have been a bad buy. 

@John Corey yea, I used to work for the guy. I'm keeping my figures crossed that things work out good. He already gave me the key and I've already started cleaning the property out. 

This is a good one lol. Bro you don’t charge yo girl rent. I wouldn’t charge mines.  Just get her to help on living expenses. Ask her to pay the light bill or something like that. Also, don’t let her live in the vacant side either. You might as well rent that out. Just be honest and let her know you need the rental income from the vacant side to complete you long term goals. Any reasonable spouse would understand that. Just have her move into your side.

Good read. When I get my finances in order I'm thinking about investing in the "less than desired areas" in home my town. The houses are about 5,000-10,000. Most need about another $10k-$15k rehab. However, the rents are just too low in my home town for these properties (between 400-500) month for a 3bed/2bad. 

After reading your post, I'm learning towards giving this a shot.

You should be about to go the Court House and find look for the deed of the trust on the property for the name of the mortgage company. I would start by getting the address. Go the tax collectors office and use the address to pull the property card. 

Further, on the property card you should be able to find the deed book and page. Use the deed book and page to find the title and deed of trust(Mortgage). Also if the Court House has a computer system, you should be able to just search the property on their computer or even on an online portal the Court House may have.

Hey just giving you all a quick update. He's going to let me rent the unit personally for a year till I can get financing. A Rent-To-Own agreement at reduced rent of $800!!!! He normally rents it for $1100.

All I have to do is clean, perform minor repairs, and paint the property.  His last tenant just moved out and left the place trashed. I've already started cleaning it today. Also, I have to pay for normal utilities that he would normally cover for another tenant like water and sewer which also reduced the monthly rent. Also, I agreed to handle any repairs under $1500. He says he really is just tired of maintaining tenants. I told him I'll take care of the place like I own it and he won't hear from me unless it's something major. 

He is being more than generous. He said he really wants me to have the property so he is helping me out big time. I'm going to move in it because my lease is up soon in July. My goal is to get my finances in line to get a traditional mortgage or find a partner before the lease is up next year. 

I gotta be patient, but a year from now I think I'm going to have my first rental. 

Hey guys thanks for feedback. I’m going actively search for a partner who will fully fund the deal and see if I can make this deal work. I guess I’m just going to ask some real estate agents and other bigger pockets members do they know any investors in town.

Hey all! 

Although, I've commented on other posts, I think this is the first discussion I've started here on the forum. I need opinions and help on what has fallen into my lap. Lately(probably the past year), I've just been randomly posting on Facebook on how I want to purchase my first rental property in 2020 after I get my finances right.

Without even asking, one of my ex managers inboxed me and offered to sell me his rental wayyyy below Market value for $65,000. He is moving to another town and doesn't want to manage a property in another town. Its a 3 bed, 2 bath 2 story home in a major SEC college town that he currently rents for $1100 a month! Similar properties go for 120k-140k. The estimate on Zillow is $134,000. I'm going to stop by the Chancery Clerk's office one day this week and grab the property card to see what is the county value and property taxes. This a great deal, I just feel it in my bones. I know I have to act on it.

However, My finances are not in order. My credit is not where it needs to be and I know I wont get approved for a conventional loan. I might can get approved for an FHA loan. My credit is so terrible that I might not get approved for the FHA either. I only have a $1000 to my name above my monthly expenses. So I need opinions on what to do. I see my options are the following:

1) Apply for an FHA loan, pray I get approved and live in it in a year?

2) Find a hard money lender who will finance for a year or two till I can refinance? At worse I could sell it if I can't get it refinanced. 

3) Find a partner with good credit to go in on the deal with me?

4) Try to wholesale it? (I don't wanna offend my friend who is giving me the deal though)

5) Just let it go. Another deal will come when my finances are right.

What do you guys think? I appreciate any and all feedback.

Thanks

That sounds awesome @Casey Barickman @Edward Minier @Zach McLain. I down to meetup anytime on a weekend.