All Forum Posts by: Derek Johnson

FYI: I went to Staples and bought A Landlord Packet for around $45, it contains sample lease info, move in/out checklist, various forms for entering/notification etc. and a good amount of info and state specific laws on disc. (All forms are able to be edited and printed). I recommend this and plan to run my "final" lease by a local attorney to ensure it's adequate. It put my mind at ease seeing these forms, even if they are not perfect they look professional and make it seem possible to really do it right!

We put our offer in today, gave the bank until Monday to respond. I heard that they probably won't care or respect a deadline but we put one in the offer anyway. Nervous now, would be my first time at all aspects of land lording. Definitely want to do it but overwhelmed a little.

Advertising, screening, thinking of all the what ifs... wish I could fast forward past this part!

I am also interested! I downloaded one from FilePlace but it seems pretty extensive for a lease form...

Planning to hold, have a house now we want to rent out. We can live in the new one and rennovate. I got the $90k off the MLS appraisal or whatever, definitely will be worth that or more with the repairs done to it! Thanks for response!

I am planning to make an offer tomorrow on a REO single family property. Just wanted a few helpful tips or things to think about if you guys have any!

It's listed at $69,900

It's valued at $90,690

It's a 4br1ba, 1500 sqft. home with an adjacent lot included with a dbl garage and a single garage both detached.

Taxes are $1,290 good neighborhood

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Needs all appliances stove/fridge/washer/dryer

A couple windows in one of the bedroom need replaced

Needs new paint and carpets throughout

Has a patch missing on the garage roof

Needs a new sink in kitchen (it's leaking)

Has small mold spot on ceiling in bathroom

The basement has carpet on all the walls? It smells

I plan to offer $57-$62k is that a reasonable offer? I want to make it contingent on inspection and financing do they typically accept deals like that? Any other tips would be helpful!

Update: I haven't taken any action yet on this except emailed the Realtor. My wife doesn't want to occupy one of the units, she would if it had a garage but I'm still working on her. My only other option would be to take a loan out of my 401k to get the necessary 20% down. I broke it down a little and here's what the numbers look like:

It has a new asking price of $84,900, I would offer $75,000 with 20% down or $15,000 bringing my loan to $60,000.

My estimated payment with taxes for the mortgage would be $437.
My loan repayment option is limited to 54 months @ $295.
This would bring my carrying costs to $732/mo.

If the numbers are right for the 3 units there is a possible $1900/mo income potential for the triplex.

This is appealing but I need to verify the info from the seller! I asked for the rent rolls and occupancy rates, is it rude to ask for tax returns to verify? I've never done a deal based on investing... what are some other costs besides carrying costs that might cut into the profit margin aside from possible utilities?

I'm looking at a triplex here in my hometown have a couple questions.

First I'd like to get it for 3% down, if I occupy one of the units is that possible?

Second here's the info on it:

$92,900
Main level 2 bedroom, apt rents for $800/mo.
Upstairs efficiency with new carpet, rents for $450/mo,
Upstairs 2 bedroom rents for $650/mo.
7 off street parking spots. Kitchen appliances - all units.

This sounds great, I'm wondering how I can verify this or what questions to ask the seller/seller's agent? The rents I mean.

Shouldn't I get a better rate than 3.875% then off my middle score?

Would my wife being a co borrower affect the rate?

The agency was Transunion. But it says FICO risk analysis or something along those lines beside Transunion...

I have a copy of the reports. The report is just outdated with my student loans still showing an unpaid balance. But I called the reporting agency and they said it's not unpaid on their report. The rate I was quoted by the Credit Union was 3.875% which is decent, but I think it should be lower given that I should have a score over 750...