All Forum Posts by: Janis A.

I talked to a friend who reminded me that manufactured homes in estates or parks, you may be buying the home, but you have to lease the land, so you can be paying rent on top of a mortgage.  Hmmm...

I have been on the market since November trying to buy my first investment property.  I've made 4 offers, all rejected.  My strategy is to buy and hold.  I plan on moving from the home I own currently into the next property I own and renting out my current place.  

In my area, it is by far and large a seller's market, and even for multiple dwellings people are getting more than asking price. I was looking on craigslist, to see off the MLS properties, and see that manufactured homes are significantly cheaper. Since I don't plan on selling, but rather holding and earning income through renting, I'm wondering if maybe this is a way for me to get started in this market. I'm wondering if I should buy a manufactured home so I can get my foot in the door to investing...

In other investor's experience, are you able to rent a 3 bdrm/2 bth stick home for the same amount as a 3 bdrm/2 bth manufactured home?  If it's manufactured, do you find that you have to lower the price of rent in order to get people in versus a stick home of comparable size?  Pros and cons of manufactured homes vs stick homes?  Other thoughts or comments?

Thanks

I'm a new investor out here in Medford as well!  Been looking to buy since November and made 4 offers -- all rejected.  But hey, we're told to expect that right?!  It's definitely a tough market in the Rogue Valley; it is absolutely a seller's market and you don't get a lot for all the money people are asking.  I would like to do out of area investing but not at a place where I can make that kind of investment yet--someday!  

Good luck and I look forward to hearing about what has worked and not worked for you!

It's exciting to hear of your success!  Woohoo!  I'm looking up "guidance line" now because I've never heard of that.  Knowledge is power.  Keep it up.  :)

@Keith Thompson. I did get the IRA book and I'm about half way through it. I haven't started yet with any investing. I did roll my two 401ks into an traditional IRA, so it's all in one place. My time now is being taken up by looking at a lot of house and putting in offers to try and get my first BRRRR strategy house. Yippee!

I'm glad to hear of all the alternatives.  I just read a recent article that home prices in my city have gone up 109% since 2014!  Yikes!  I hadn't planned on direct mail or wholesale, though I have heard of those practices here and in researching.  I will have to look deeper and then start work with that alternative considering how the market is in my area.  

After years of work to pay off all my debt (other than my mortgage), improve my credit score, and doing a  cash out refi my house to get seed money, I am BEYOND ready to get to investing.  I've been in discussion with lenders and I'm pre-qualified.  I have a great real estate agent.  So now all I need is the right deal! 

I hear on here that a lot of people research and prep but never make the jump, and I also hear you have to make sure the numbers are right.  Well I'm definitely ready to jump, but there is just nothing on the market in my price range for me to jump on!  I've been analyzing constantly, probably every house on the market in my price range.  I feel so frustrated.  I worry that I'm going to have to wait and wait and wait until a good deal comes on the market and I don't want to wait, I'm ready to go now!  I want to get started!!!

Anyone else experience this?  

Le sigh.

I was listening to PodCast #198 and the guest speaker talked about how he likes to look for multi-dwellings with tenet problems because he can get them cheaper; he added, and it's easy to evict them in Landlord friendly states.  He talked about how he can see when there's tenet problems because there is only one photo of the property of the house because they couldn't get inside for some reason or there is wrong data listed on the house.  I'm looking at a Duplex like that on Sunday. 

So after hearing his words, I figure there may be some tenet issue, which may help me get a deal, but I don't know how landlord friendly Oregon is.  (This will be my first purchase if all goes well.)  

What do you think of Oregon for landlords?

@Keith Thompson, great things to consider.  I ordered that book and will see what fits best for my plans and needs.  And thanks for the encouragement!  

Whoops, I realize my question was extremely vague!  And using incorrect terminology--I do plan to buy and hold vs. flipping--what I think I meant was house hacking, but that even may be the wrong wording.    

My plan was to buy a second home, move into that, renting out my first place.  I would then live on the second property for the two years as to avoid paying taxes on the gain.  So I was wondering, since I will immediately be renting out the second property, if I have to pay any special taxes or costs due to the immediate gains from it being an income property.  Which maybe I answered my own question, from my research it appears that a capital gains tax is only if you sell the place...