All Forum Posts by: Jordan Higley

Hmmm, likely but with a lot of work. It would be easier to take off roof, and remove the three inches. We asked the neighbor for an easement but he's being Mr. Lame-O. Won't do it. I called B of A and asked one of their mortgage officers if they would lend with a situation like this and he said no. So, I was likely going to ask the owner to do something about it but wanted to get some feedback from all of you experts out there. 

Hello BP world.

I'm working on purchasing my second investment property and have decided to go multi-family. I have the property under contract and recently received the survey back. There is one part of the structure that crosses the property line by about 2 or 3 inches. It's the overhang of a roof which is attached to a storage closet which attaches to the house. *Nothing physically touches the other property, it's just this overhang above the ground* Would a bank finance this or do I need to fix roof before purchasing?

This is an owner financing opportunity, therefore nothing technically needs to be done right now. But I have a balloon payment for 5 years, once that timeline is up, I'm worried I won't be able to re-fi out of it due to this problem.

Any thoughts? The house is in Texas so I'm pretty sure a survey is required by any bank that is willing to finance.

Hello Lorilyn,

Were you able to find any reliable contractors in Bastrop? I'm pondering the idea about possibly getting a property that needs some TLC and would love to know if you've found someone you trust.

Thanks,

Jordan Higley

I recently purchased a rental property and I'm fixing it up before I put a new tenant in it. While I'm fixing it up, I get a letter in the mail stating that the raw land behind my house may possibly become a new housing development in the near future. Right now, it's just a large field for cattle & deer -- but it provides an awesome view from the backyard. This new development would put a house that backs up right next to my property.

The new houses are being proposed to the city, and if approved, would go in within a couple of years. They'll start selling these homes around $150,000 ( I bought my property for $100,000). My home was built in the 70s, so it looks older....will this enhance my home value or no? Any ideas?

Thank you all for the responses. I'm glad it won't affect me at all. 

Hello smart people of BP...I had a question regarding my note with my lender. I have a private lender who just helped me snag my first deal and we were talking on the phone the other day about how he could possibly sell that note for a profit. My question is...will this affect me in any way? Right now it's around 100 grand at 3% for a 30 yr fixed rate. I told him I'd most likely re-finance in a year to get him his money back. If he were to decide to sell that note before I pay him back, would this affect me in any way?

My thoughts are, if he sells the note to another lender, I'd get him his money back, he may  end up making about 5 grand extra...and I wouldn't have to go to the bank and re-finance. Good or bad decision?

Thanks in advance!

Jordan

I appreciate all the advice. That makes me much more comfortable with buying outside of my market. I'll keep an eye out for your blog/website. It'll be nice to get an inside look on how you and your husband went through everything.

Thanks Elizabeth! That totally helps a ton! Your situation is similar to my situation. My wife and I move a lot too...and I know I'd like to potentially retire in a west coast city eventually. 

When buying your properties outside of your market, do you fly out to look at them or purchase them directly from online viewing? Do you make frequent trips out there to check up on tenants and make sure the house is in order? Do you use a realtor to at least get a tenant into your property and get the paperwork all situated?

I apologize for all of the questions but my mind has been racing ever since I made a bid on this first property. I think I'm already hooked and I haven't even owned it a week yet.

Hello,

I'm a new investor, I actually just bought my first rental property this week. The problem I'm facing is....I eventually would like to move to another market because I don't see myself staying in Texas forever. My question is...how hard is it to invest in a market you don't live in? Can it be done? My plan is to move to this future market one day...but won't be able to until I can quit my job.

Is it more reasonable to invest in my current market...build a portfolio, and eventually move after I acquire enough real estate to quit my job? Or is it possible to start investing in this future market in preparations to move there within the next few years.

I hope this all makes sense. This is my first post and I expect to be a long time member once I get my feet wet and start acquiring rental properties. Thank you all in advance for your suggestions.