All Forum Posts by: Kathy C.

Personally, I wouldn't take the deal for that amount of rent. Not much profit vs Price and Tax. If you could get $850+ that would change my mind.

Unless you feel the area will appreciate enough that you could sell in a few years for a tidy sum.

Thank You for the warm welcome. I appreciate the support here already.

Gabe- I will be sure to keep this info. Hope to be in touch with your mortgage specialist soon.

Thanks guys.

I'm hoping to have some free time in the upcoming weeks to catch the smaller banks open hours. With the smaller banks are small loans more likely to be given? What have you seen as the requirements for down payments and such?

Hi there, I'm Kathy from Raleigh NC. After many years I've finally been able to turn my starter home into a rental after buying a second home. Its been my plan since I was a young teen to own rental properties. I knew what I wanted even back then! I'll be 29 soon and honestly felt like its taken forever. Loans when you're self employed are just a PITA.

Right now I'm looking at less expensive options in other towns and will soon try out a smaller bank to see their loan requirements. Bank of America has flat out said no loans under 50k and they won't count my rental until two years of renting goes by with a valid contract for a lease. I will also need a minimum on 30% down and operating expenses for several months.

Currently my expenses on the rental with everything included come to $860(insurance, tax,loan, management ). It is rented for $1050. Value is currently at 155-160k.