All Forum Posts by: Mindy Pearmon

Why does it scare you? It is a poss flip it would take about 25k. In a C area.

The other thing is if this has been happening over a long period of time you could have root intrusion in your main sewer line. The roots will slow everything down until it backs up completely. It is only a matter of time.

I work for a national plumbing company. Your Main sewer line is backing up. If you are on a city line you need it snaked. If your on a septic you need it pumped.

I don't have the cash for my 1st property I'd like to purchase as a holding. The house is next door and I have been in it. The only thing that NEEDS to be done is a new kitchen. Homepath is requesting a 20% down payment. Can I get a 10k personal loan and use that as the down payment and the have the rest as a mortgage? The prop is listed at 45k. And the tax assessment is around 110K. Here is my plan... 10k personal loan then the homepath mortgage for the remainder. Use my credit card which has 0% financing for 2 yrs. to put in a new kitchen. Should be around 7k. Rent it out section 8 $1350/mo. Then a year later(or as soon as I can) take out a HELC for 50k pay off the mortgage, the credit card and the personal loan. Then use the income from renting and I should be able to pay off the HELC off within 5 years. Does this at all seem plausible? The other question is I don't really have any assets. But I gave a credit score in the 7s and never been late on anything. Income is about 3k a month. BUT I have a mortgage and student loan which total 1k a month.

Hi Vincent!
Welcome I'm new here also. And you're right this website is super addictive!

I don't have the cash for my 1st property I'd like to purchase as a holding. The house is next door and I have been in it. The only thing that NEEDS to be done is a new kitchen. Homepath is requesting a 20% down payment. Can I get a 10k personal loan and use that as the down payment and the have the rest as a mortgage? The prop is listed at 45k. And the tax assessment is around 110K. Here is my plan... 10k personal loan then the homepath mortgage for the remainder. Use my credit card which has 0% financing for 2 yrs. to put in a new kitchen. Should be around 7k. Rent it out. Then a year later(or as soon as I can) take out a HELC for 50k pay off the mortgage, the credit card and the personal loan. Then use the income from renting and I should be able to pay off the HELC off within 5 years. Does this at all seem plausible?

Hi Nicole thank you so much for the feedback! I have been thinking on this for about 2 and a half years and am finally ready to jump both feet in. I have a question for you. There is a house literally right next door to me that is a REO. It's a great deal I've been in the house and I think I know what needs to be done outside of an inspection completed. My concern is exactly what you stated about professionalism. How smart is it to purchase a property less than 15 ft from your residence?

Hi all I'm Mindy! I'm really excited about this site it seems like there is ALOT of information to sift through and learn. If anyone has any pointers on how to obtain your first property I'm all ears! All so what was your first mistake? And how could you have avoided it?