All Forum Posts by: Jennifer V.

hi scott...i noticed at the end of your post you mentioned to stay away from Homepath- first look properties that allow OO to bid before investors. How come? My husband and I are looking at making an offer before the 14 day period on a homepath home (we are planning to OO) we are not sure if we should wait until the 14 days are up to see if any offers were made or make an offer ASAP. There is another homepath home on the same street only 300 square feet bigger, similar style/age that is listed for 60K more than the home we are looking at. We don't want to miss out on this house since it is not only an investment but home for us.

2 br 2 bath, brand new has potential for to go 1K for section 8, 3 units are currently rented at $800 per month, i may or may not turn the 4th into section 8, not sure if its worth it.

Im looking at a 4 plex in new orleans, 200K purchase price, current rents are 800 per unit, section 8 potential at 1K per unit....obviously this is lower income...not sure if its worth investing in, the numbers are good but i just cant get past the neighborhood, its not the worst of the worst but i would definatley hire a management company...anyone have good or bad experience with lower income section 8?

hey rich,
Let me try to answer some of those questions,
1. I don't need cash flow, like I said this will not be my income, I dont need this cash flow to pay bills I am looking more for an appreciation...
2. No we dont need this cash flow to live off of at all..if anything i would re invest any type of cash flow....
3. I am more interested in multi's
4. I'm not really sure what are bound means...but i plan on living in the area im investing for the next 3 or 4 years and then moving back to the east coast.
5. Yes I can qualify for a loan without a problem
6. Like I said I'd like to hold for at least 5 years...
7. I am interested in flips and rehabs, my fiance is a commerical builder so I have access to all the subs and a free contractor :)

I guess my biggest decision is...
a. should I just buy a multi with a conventional loan and a large DP and hold...
or
b. should I buy a few flips and try to make a profit....

Jon,
thanks for the info, my fiance already has a house and ill be moving out of my parents house and into his after our wedding, thats why i want my income and extra cash to be used for investments while im still young and dont have kids or bills...i have been looking for deals in the same area for about a year now, i still have lots to learn, like i said im in finance, i studied real estate finance in college but theres only so much you can learn by thinking and reading about it, now i feel like its the right time to actually make some moves and i appreciate all the advice!

thanks for all the input guys, i agree this deal isn't the best, i'm just not sure how to go about leveraging the large amount of cash i have to get the best return...i liked this deal because i am interested in owner financing, however i am a "first time buyer" with an excellent credit score and a decent salary at my day job...im in finance right now but going back and getting my MAcct and hope to become a cpa...but i'm young and i am looking for a rather easy first investment...if thats possible...i want to capitalize on the first time home buyers tax rebate as well...i've been looking into tri's and quads...too many options...need guidance :)

Hey Bryan,
Yes 60K USD, I plan to rent the condo between $850-$950 a month, there is a condo fee of $230 (which covers insurance) and the yearly taxes are $700

I'm seriously considering the following deal,
Condo in the French Quarter in New Orleans (400 square feet) which is typical for that area
Purchase Price $115,000
Owner will carry with 60K dp

I wanted to know what type of contracts i should look into, the owner is very flexible with payments, but I wanted to hedge my risk and put a stipulaion about finding a renter within two months in the contract...has anyone ever heard about these types of deals? It is ok to ask for that kind of condition?

Thanks in advance!

Thanks Jeff I'm very reserved about working with other people the early in the game I don't know enough yet.

Jawsette- I found a great website, New Orleans actually sells does their tax sales online http://neworleans.onlinetaxsale.com/
there are a lot of great properties in good locations but i'm still skeptical, too good to be true??? Louisiana's redemption period is 3 years, 5% penalty and 1% a month redemption fees, it also says that this isn't an auction you bid you buy type of deal.

is anyone else familiar with an online tax sale...i'll sign up and see how the one in December goes but i'm not sure if I should buy, I could be conservative and just buy a few for 10K and see how it goes...

Thanks everyone!

I'll try to address all the points referenced above.

I don't think I'd like to start out with another investor just yet I still have many things to learn.

I have been looking at properties in the New Orleans trying to find some that fit the 2% rule but I'm not too sure where to go to get the good deals. I've been to realtor.com, craigslist, etc.

Jawsette- I like the idea of tax deals, where would I find those properties?

Thanks again everyone, the more suggestions the better!!!