All Forum Posts by: John DeFoor

I have an opportunity to purchase a one bedroom house in an area that is fairly decent. The purchase price is going to be some where in the 2000 to 4000 dollar price range. The house needs fresh paint and then it is ready to rent. The question I have for some of the seasoned experts here is are one bedroom houses hard to rent. Are there any concerns that I should take into consideration with a purchase of a one bedroom property. This would be my first rental property and I would pay cash for it and should be able to get about 500 to 600 a month with comparisons to other property's in the area. Any opinions would be greatly appreciated.

Jeff S and Jeff R you both make great points and I hope my wife does not read this because you both just hammered in the same points that she had been making for some time. Buy or start small "one house" give it a year or so to decide if it's what I want to do then move on later to larger deals.

I am seeing a lot of good advise on here as far as debt to income ratio there is no problem there. However we just never make it past the initial talks heck have not even had my credit run by anyone but my personal bank up to this point. Also I am seeing that a couple of you mention small banks that keep loans in house I think that I may hit a few small banks in the area. I recall hearing on one of the pod cast about shopping around a few banks and letting basically interviewing them to see what they can offer you. I guess I just need to do this with the smaller ones instead of the ones that I am currently going to. thanks for all the advice and feel free to keep it coming.

I am in the Kansas City Missouri area and new to real estate. I have a line of credit through my bank but can not get a loan to purchase property if I was to give up my first born. To start I have an excellent credit score have not missed a payment on anything in 10 plus years and have been seeking a loan to purchase property for months. It seems like I get in the initial talks and when the issue of a down payment comes up the lenders be it banks, or other unconventional lenders shrug at the thought of a line of credit as a down payment. Also all the lenders in my area will not seem to deal with a loan if it is under 50,000 dollars. However all the properties that I am interested in seem to run in the high twenty's to low thirty's. I have even asked about bunching up properties and doing multiple properties under one loan only to be denied. I have enough saved up between my cash and line of credit to buy a small property under 18000 dollars and do some repairs to it but I don't know if this is a plan that would be in my best interest because I would like to get a loan to pay off my line of credit after I purchase the house so I can use that money to purchase another small house and build from there but do not want to run into not being able to get a loan to achieve that. looking for some advise from some experienced veterans and others as to what you would do in my situation or how to get loans in my situation.

Also have tried banks, hard money lenders and other institutions and do not know any one who can fund me.

Any help or advise would be greatly appreciated...