All Forum Posts by: Erik Johnson

You could have them put down an pet deposit and/or pay a higher rent to account for the pet. Also you might want to meet the pet before letting them move in with it to see if you think it might destroy the house or not, or annoy the neighbors.

@Don Wilson Excellent. Keep up the good work.

@Korena Jones Does this city not have space to build more or is there not a lot of population growth? If there is limited empty land it might not be a terrible idea but if it does not have very much population growth then I would think that it would be a good idea to steer away from something like this.

These properties might be good for cash flow but not for building wealth and equity as they have very low value. The low end homes might have been the only place that the investors could afford to get started.

Could also be that those properties take a lot of attention and the investors are changing their strategy and looking to move into different assets.

Why don't you talk with a lawyer about this situation? They would probably give you the best advise and probably help you out with the paperwork.

Makes sense. I had just read something that was talking about 40 year mortgages and I just wanted to see if anyone had actually ever gotten one.

Thanks for all the advice.

Has anyone tried to get mortgages for longer than 30 years? I am thinking if I could try to get a 40-50 year mortgage I could get more cash flow out of the properties in the short term. Are there any companies that will give you a 40-50 year mortgage on an owner occupied house?

I plan on buying a duplex and living in half for a year or two and then rent out both sides.

I love road trips but I have never been to any of the cities that you mentioned so I can't be of much help.

You should try to roll the 401k into an IRA. Then you might be able to use part of the IRA to buy your residence.