All Forum Posts by: Carrie Pledger

I have noticed a house that was on the MLS last year and before and then on Craigslist as FSBO. It has also been listed for trustee's sale multiple times in the past couple of years. The owner must be keeping it somehow because it doesn't actually auction on the listed date. It seems in good condition from the photos - at least not bad. The owner is absentee. The house was sold to her for 116, has an assessment of 169, and rents for 850 (780 sq ft, SFH 2bed 1full 1half bath near large employer and college). It looks like she still owes 116. I was thinking of sending a handwritten postcard saying I am interested in that neighborhood and saw her house for sale previously. If she is still interested in selling I would like to see the house. Here is one of the issues, I don't have reserves for a bank loan so I thought an owner finance with 10-30% down might be a good opportunity for her to still make money and also give me the chance to get the house. She has probably had other people contact her too. Any suggestions?

I like this question, Dawn. I haven't found people to ask money from yet except for my family and hard money lenders I've found on the internet. I plan to attend real estate investors meetings soon so maybe I will have more experience later. When I ask people I am comfortable with (which currently only includes my mom or possibly other family) or a hard lender I agree that I focused on the selling point that it is a good opportunity for them to also make some money. I am interested in what others have to say about this. I find it interesting that so far the people responding have basically said "just don't think about it". Yes, that is great end goal best advice (and also a difference in personalities). For those that need steps to get there, what do you do?

(By the way I really liked your interview and your information about peer to peer lending sites!)

Dawn's comment made me smile . Yep I want to do some things to my own home but I keep fixing the rentals and putting mine off.

Thanks everyone. that is some great well-rounded advice! This is my first post here and first interaction with other investors so it is exciting to get feedback. You all have such great insights. I hadn't thought about the curb appeal/wow factor. I can see that....I know when I had tenants looking before they have mentioned that other places look bad compared to mine. I also like the psychological benefit of asking what the tenants want. I agree it would help them feel more involved with the house. My last soon-to-be tenants wanted the inside painted (which I hadn't even thought about and did need done). I was going to do it myself but I didn't have time so we made a deal where they did it and I took some off of their rent. I think it both saved them money and helped them establish some ownership of the house.

I have two duplexes. As soon as I bought them I made improvements. I wonder, how many improvements is advised for a rental property? Do I keep it as nice as my house or do I do the minimum possible? (For example, I wanted to add a nice medium-low priced ceiling fan and bathroom fixtures whereas my handyman suggests the cheapest ones possible or not putting them in at all since it is a rental) I do want to keep the place in good condition, but I realize that I will lose my cash flow that way. Is there any general guideline people suggest?