All Forum Posts by: Hunter Reichert

Oooh tht makes much more sense! I was thinking prorated rent that from the tenants during they're first months rent. thank you for the help!

ok I have to ask, and please excuse my ignorance. But what would prorated rent have to do with me at closing. I've been told that before. But I don't understand. Isn't prorated rent when someone moves in  and there is less than the full 30 days less in the month so the rent is lowered for that month. 

I do have an agent, he have been helpful but he still is a little unclear of what all I need to do in this case. Maybe I'm just wanting too much, but I don't think so. I really do appreciate all the great advice. I'm going to try to get all of this info. But I doubt the seller is going to tell me if the tenant has given them issues. I did go meet them today and they seemed to be good ones. So I'll get the rest of the info and analyze from there.

I'm am about to put an offer in on a house that has tenants currently living in the home and have about 6 months left on they're lease. To my understanding they want to stay. The only thing I know is I have to honor the current contract at least until it expires. I'm am trying to get a copy of the contract before I make an offer. Is there anything else I need to know or do before I get locked into this deal? 

I really appreciate all the insight from everyone! I will definatly find all that information before I get myself into a contract Ali Boone. And the area really isn't tht bad, it's near a university so it would be good for college students, and it was built in 2007. The quality of the neighborhood has went down a little, probably because threre are no HOAs. 

It is a large rental, I feel like that might be worth it because I think I could have a $450 a month minimum cash flow.  and that's at $750-$800 a month rent. This is the biggest of the town homes in the neighborhood and there are others renting for up to $1050 a month. I feel like I have most everything covered I'm just wondering if I'm missing something that will affect my cash flow analysis.

There definitely are no HOA fees, I've checked into all that. And I'm not excited about having to finance the down payment but this is my only way I can buy an investment property since finance companies require 20% down.

I haven't scheduled an appointment yet to go look inside. But if there are currently tenants living there I wouldn't think I would need to make cosmetic repairs like paint, new carpet ect. Initially. The tenants are paying utilities. And what exactly is the 2% rule and how does it work? Thank you so much for all the help

oh my gosh I completely forgot to put the asking price! Kind of important huh... It's $54900

I found a townhouse for sale that I think would be a great first investment property. It is 2000 sq ft and is a 5 bedroom 3.5 bath. It currently has renters in it and to my understanding they will be there for at least 6-8 more months maybe more. Also the current rent is somewhere around 750-800 a month, I will find out for sure soon. There are no HOA fees and there I are no trash fees since there are dumpster in the neighborhood. The taxes are somewhere around 100 a month at most and I'm not sure about the insurance, I would imagine around 50 a month. There is a 20% down payment required and I would need to take out an equity line of credit on my home to be able to pay that. With all that said, does this seem like a good investment since there is turn key cash flow or not since there is more risk because I would need to borrow from equity on my own house to make it possible?