All Forum Posts by: Josh Cordle

Thanks! Everyone, I will keep you posted on the outcome!

Rental history, income and term of job are a definite. I've never had to find a tenant before, so I've never used someones credit score before. I see how that could be useful. How would you go abouts doing that?

I have a tenant moving out around May, and was wondering if I could get some feedback on the best way to find and select new tenants?

Thanks!

That is correct but banks wont finance a house with it and insurance will be very high.

Well the electrical was updated minus a few grounds on the electrical sockets. Which I am trying to fix. They have the correct wiring through the house, just unsure if left over k/t wiring is everywhere

I am in the middle of negotiating price on 4 unit house, the place is very clean and very nice, everything is mostly up to date. The only issue is there is still some left over knob and tube wiring in the basement possibly through out the house. Its roughly 3000 sq ft. has anyone had to remove left over wiring, if so who did you use, and what was the cost?

Hello,

I am closing on my 2 rental property in January and I am looking to try something new. I want to flip a house sometime around March (assuming I find a property at a deal). What type of things should I be prepared for, what should I avoid? I have been looking through the BP blogs and other internet websites for information, but I wanted to get some personal feedback from people online.

Thanks!

Teach me!

Sorry for the confusion. What I meant was, I know a few people who want to invest in real estate. Because an FHA is only 3.5 % I use their money for a DP. Pay them off as the terms state in the future. So I would get a 4 unit house, even though I wouldn't get any profits for a while. After they are paid, I would still have the money I would have spent on a down payment + the house. Since I used the income from the house, it didn't cost me anything.

If i have to write a huge check every time I want to buy a property I wouldn't be able to buy that may. So giving up profits for a year on a house that i didn't pay for anyways would be no loss to me. It gives me the opportunity to grow with out any cost. Then in the future it would be as you said 100% cash on cash return. But like I said I'm not dependent on the income from my properties. Buy the time I would be I would have paid back the DP.

As i have been told in any business, its always better to use someone elses money to invest even if you have your own. I recently bought my first property, and it has a positive cash flow. I'm looking at buying my 2nd property which is a place for me to live in. I've been told even though i bought an investment property, i can still buy a place for me with an FHA. Now because the FHA is smaller than the normal 25% investment DP I was debating on having someone invest, the down payment so I can keep my capital, add more too it eventually buy my 3rd property. I'll be using an FHA to buy a 4 unit. I wanted to get advice on whether if people ever do this. If so what do they offer in return? I'm still new to the real estate world, however right now, I feel like growth is more important than income at the moment. My job supplies me with enough income so I don't have to depend on my investments yet. However I don't want to write a huge DP check every time I buy a property. Thanks!