All Forum Posts by: Account Closed

my quick bit of advice is to get in touch with a mortgage broker- he or she will be able to tell you much more after looking in depth at your financial history.  That will give you a ballpark idea of either what you can afford or what you need to do to get your finances in order so you can qualify for a loan. There are opportunities available to first time buyers as well- make sure you know what they are and the stipulations. Good luck!

Hi Vonetta-

You're correct- it's a sign that there was moisture at some point. If it's a cheaper paneling with a fiber board base and a laminate wood surface, it won't take much moisture for it to warp- that kind of paneling isn't even supposed to be used below grade because of it's high reactivity to moisture. Hope that helps.

Hi Lakeisha-

It sounds like your numbers are ok, but you're not sure about the ability to rent the property. If I were you, I would contact a property management company that handles properties in that area- they will know what the properties rent for and if they're difficult to rent. That may ease your worries. 

Erica

Hi Denise-

I just have a few thoughts- I'm obviously not going to tell you what to do, but some things to keep in mind: upon selling the condo, you will pay realtor's fees and gains on the sale, eating up your return. Have you run the numbers on your condo and compared them to the duplex you're looking at? You wouldn't want to sell an investment with a higher return. Those are just a few- hope that makes sense.

Erica

Hi Vincent-

You sound passionate and level headed, and I think you're capable of investing in real estate at any age, as long as you're knowledgeable. I highly recommend reading real estate books. Most notably, "The Wall Street Journal Real Estate Investing Guidebook." That book is full of practical advice rather than "get rich quick hype." Last, not all financial advisors are created equal- make sure you're not handing your money over to someone who is going to be taking a high commission fee right off the top. I recommend reading a little in investing and then choosing a company with low fees, such as Vanguard (I have all of my accounts with them, and I pay minimal fund fees). Good luck to you!

Erica

Hi Nassera-

Short sales can take a long time for bank approval- up to six months. However, you have not made a huge mistake. If the bank has not accepted your offer, you may revoke it. Simply call your agent and tell him or her to revoke your offer. You are not legally bound to any offer you write UNTIL it is accepted by the other party.

Erica

Hey Frederic- I recommend listening to the Bigger Pockets Podcast, show #73- it's all about investing in one state while living in another. It has some great tips. Hope that helps!

Erica

#35...lifestyle design- the podcast that made me realize I didn't have to work for "the man" for the rest of my life! :-)

I would learn how to calculate properties with good cash flow. My agent understands the numbers in his market, and he can size up a deal the same way that I can and let me know when it works. If you can't analyze the numbers, you will have a difficult time finding the deals that your clients are interested in.

I just got a few hundred cards from an online printer called, "Ink Garden," and they were $12.00. (Less than my previous cards from Vistaprint).