All Forum Posts by: Douglas Ellis

Right! Im waiting to hear from my lender this morning. Numbers work either way, but didnt know whether there might be specific tax advantages or closing costs considerations. My other rentals all have mortgages and looking to build on that, possibly 2 more SFDs. But of course, youre right, personal circumstances prevail. 

Im looking at purchasing a 1200sf 3/1 house that's dated, old appliances, cabinets, bathroom, etc. Roof and HVAC have been replaced. For rental its okay as-is, for resale it would need rehabbing for top dollar. My options are to either get financing at 20% down, or pay cash and do the rehab to get higher appraisal and then finance at after-improved value. Appreciate some input. 

I have done both, but individual leases for college kids works well - especially using venmo accounts, both for security deposits and rent.

I ended up buying a masterlock bluetooth lockbox for $100 on Amazon. It works great, I can open remotely and/or send a temporary code via smart phone to realtor or prospective buyer. All access is recorded on my phone, a text is generated ea time the lock is opened, and by whom (name or phone number). And, there's no subscription fees. 

Thanks again. Good advice. I've got the advantage of alert neighbors and looking at front door security webcam as well. Traditional lock box may be all I need.

Thanks for the input. I haven't heard of lock box that requires DL photo but I'll certainly look online. 

I got the impression that anyone could use the "smart" lock box like supraekey just by subscribing to the monthly service ("no cost to buyers agents"). I don't have a problem with allowing access to empty house to legit party. Otherwise, it's By Appt. Thought the lock box would give the most showing potential...

I plan to do all the marketing and offer 2% commission for a buyer. Reno exceeded estimates so need to maximize my ROI.

Looking to sell a property sans listing realtor (commission) online.  Intend to use the usual online listing services and post sign in front yard to encourage buyers agent or zillow showings. (house is empty) Anyone using "smart lockboxes" like vaultlocks or supraekey that monitor and record access via smart phone?

Thanks!

Have an opportunity to purchase aging neighbor property who is moving to retirement home. Thinking a creative approach is to execute a 6 mos lease-to-own agreement with attorney with option to purchase at pre-agreed (wholesale) price, rehab (using my money) within 3 mos, execute the option to purchase and then resale with profit. Appreciate any comments or suggestions, regarding structuring deal, taxes, etc. 

I currently own two SFD rental properties, and looking at a third (short sale), that i intend to hold for at least five years. My basic question is with the closing costs and lender fees (approx 6k) would it be better to use approx 1/3 of my cash reserves for a cash purchase than to finance thru the bank? Estimating a 8% rate of return. Thanks in advance!