All Forum Posts by: Justin Tahilramani

Yes - my wife and I did it to come up with the DP to purchase a 4-plex. The money was paid back within 6 months or so. Its a great tool, just use it responsibly and have a plan to pay it back ASAP.

You go to an attorney for legal advice, not an online real estate investment forum.

@Simon Obas - of course the sellers agent would say that. He doesn’t represent you. I buy homes without inspections all the time, but Ive also been doing this for 15 years. It’s a risk, you need to decide if you are willing to take that gamble or not.

Nobody on here can answer your question. What does the lease say that she can/can't do upon move out? Sounds like you and her have already made up your minds on the route you are going to go. The landlords recourse is to accept it, or sue your mother in law for breach of contract. 

It should be a HUGE red flag. Trust your gut.

@Ben Kirchner - easily 1 - 1.5%. Fayetteville is not an appreciation play. It’s all about cash flow out here.

@Andrey Y. - I sent you a PM.

The first question to ask yourself - If its a good deal, why aren't established builders with deep pockets scooping up those lots? After all, they can probably eek out more that $45k profit with their experience, connections, and buying power. Why not just buy one lot and cut your teeth trying to build a house with 45k equity when you are complete?

Your post doesn't make any sense. What does increasing your umbrella policy have to do with you trying to get your first rental property under contract? Do you expect a $2m lawsuit on a sub $50k house? If so, you should probably skip the deal all together. The cart is WAY before the horse on this one....

If the paint is in acceptable condition (with minor touch ups) don't waste your money. A tenant isnt going to care if its agreeable tan or agreeable grey.