All Forum Posts by: Justin W.

I see listings on Trulia etc for my area that are listed as in foreclosure. I've tried even to sign up for 30 day trials of the foreclosure websites. How do you really buy a foreclosure and get info on them etc? I've searched the forums and didn't see anything specific on this. If there is existing articles, etc. from bigger pockets a nudge in that direction would be appreciated.

A lot of what I'm reading says the quality of your tenants is directly related to the quality of your house. Just curious what people think about buying lower quality properties? There's one I'm looking at that is renting for$500 a month. It's a dump and the renter isn't remotely clean. I'm thinking a cash offer of $38k could get it. Would it be worth buying and letting the guy continue if you could get it for something like that? Then spend a little money when he moves out.

Thanks for the advice.

It's not that I have expectations of losing it, I'm thinking more along the lines if I decided to quit my day job to focus on this full time.

I'm looking to buy my first couple of residential properties. I have zero issue getting financing on them. I have zero debt and strong cash flow. My question is about banks calling notes. If I were to lose a significant portion of my cash-flow at some point a few months out (but still have more than enough to pay mortgages) is there any chance the bank would call the note?

Is there a rule of thumb % folks use for expenses if managing the property yourself? I've seen the 50% rule. Is that generally only used if your using a property manager?

Thanks for the response. What if you look at the math against another property? For example, if I do the $28K down from the example, that would leave me $32K to put down on another property. There's another one I'm looking at for $69K that has had same renter for 10 years at $650 a month. If I put $50K on the first one I wouldn't have money for a 2nd one.

I have an offer on a small rental property. It has 2 houses on it. Smaller house is 2/1 and larger is 4/2. Purchase price is $140K and current rents are $500 and $1000. My question is about financing. I have a decent amount of cash available for down payment, Up to $60-70K. I'm trying to decide if it would be better to put more down on this or less and try to buy another property. For example, should I put $60k down to lower payment or put $28K down and put the rest on another property. Looking for input on this. My goal is to gain enough rentals for this to be my primary cash flow. This is in a college town where rentals have a great history of staying occupied. I'm a new member to the site but loving it so far.