All Forum Posts by: Jacqueline Brown

@William Allen, as I am in the same boat as @Camronn W. , would you mind messaging me your POC for goodmortgage.com? Do you know if they will do a $30k loan? Thanks! I'm having a hard time finding a lender for such a small mortgage.

Jack B , the house will be a rental and really isn't in need of any rehab. Any rehab that it does need will be purely aesthetic and less than $500. New paint and maybe a couple of fixtures. Nothing big. It's a small 2/2 under 900sqft, but I'll initially fill it with a tenant that happens to be my mother. It's from my hometown and I visit there often and would even be staying there when I do visit. Any thoughts on calling it a second home or should I stick with calling it an investment property? Haven't quite figured out the most fluid route, but I'd appreciate any feedback. I intend to hold on to the property for a long time.

I've spotted an investment but I don't want to throw all cash into it. Asking price is $40k, but I'll likely get it down to $35k, and put down 20% or so. $30k is just an estimate but I'd like advice on the quickest and best route to seek out the loan. Local credit unions, etc? Thanks. 

I'm looking into a property that has been on the market since late 2012...it's a 2/2 and I know a lot of you may get turned off by the idea of 2 bedrooms, but I'm looking to purchase this property mainly as a house for my mother, and receive fair cash flow. I was curious about what you would do if it were you putting an offer on the table. 

It began at $62k and has since been chopped to $40k. It's in a decent area, however it is a small town (pop. 20k) in an area that doesn't have a ton of industry. The house is in pretty good shape overall. I'm aware that I won't look up and sell this house for $70k in the immediate future, but I'm okay with that. It is a property that I will want to hold on to since it's somewhat newer and I don't plan on kicking my mom out anytime soon. =) Plus, while my mother lives there, I'll have the perks of knowing that I have a tenant I can trust and will immediately disclose any potential problems or issues (the property is a few hours away). 

My question is, if this were your situation, and the house had been on the market for this long, what would your initial offer be? I haven't spoken with the seller, but I can only assume they want to get out from under the property. From what I read on some of the blogs, coming in at $30k and expecting the seller to meet me at $35k is a novice move, but I wanted to hear your thoughts.

Thanks for the info, @Brie Schmidt!

Hi all, I'm currently reading up and in the process of networking and finding my first investment property. I'm starting with SFRs, but wanted to ask what your recommendations are on the order of things.

I've read both sides of the LLC issue as well as on insurance policies, but here's my question. Let's suppose I go with an LLC; would it already have to exist before I purchase a property? Or, can I buy a property and later put it under an LLC should I decide to go that route? If I can later place the property under an LLC, are there fees for doing so?

In addition, I'm going to be using the bank's leverage for financing. How does seeking a loan for an investment property differ from purchasing an owner-occupied property? I understand my questions may be quite primitive, but I'd like feedback from the know-hows. Thanks guys! 

Thanks for the info and suggestions @Paul Timmins . It's an assumption, but are a lot of repairs usually seen within the student housing niche? We have a few colleges around here, so it's definitely an option...however I remember the days when I was a student; my peers and I hadn't quite ironed out the notion of responsibility just yet.  

Hi all, I decided the level of my lurking within the past month on BP was borderline "peeping Tom" so I've decided to introduce myself. I'm Jacqueline, currently residing in Mobile, Alabama where I just recently purchased a foreclosed home in need of a little rehabbing. It is a live-in rehab and I was fortunate enough to bring my roommate with me and have someone else pay 75% of my mortgage. So far so good. New floors, new s.s. appliances, updated fixtures, and a lot of sweat equity. I'm still getting things exactly as I want since this is my home and so far, it's been a fun process. 

My goal is 1 of 2 options...selling it in 4-5 years, if and only if the market picks up well enough to pocket a decent profit, or hold and rent. Currently, I would get about $1000-1100 per month. It's located in a neighborhood that sells the most volume of homes within this city, so here's to luck on appreciation! 

Right now, I'm laying out my plans to purchase more property on a smaller scale. I'm fishing in the areas of SFR 2/1s or 2/2s in the 30k-50k range. There is a need for concern of tenant caliber, especially in many of Mobile's areas, so this is where I'm debating in my head and reading as much as I can on BP. Do I initially buy 2 properties in my range or buy 1 nicer home with a better likelihood of long term tenant potential? The question is mostly rhetorical, but I'm eager for more education from all of you. I've read that cash flow is likely to be larger with more smaller units, but I know situations can be case by case.

Here's to jumping in! These forums are great, and I look forward to getting to know you!