All Forum Posts by: Leon Chappell

Thanks @Joseph King. I didn't even know it was files like that I can use on Bigger Pockets. Thanks for all the information.

@Jake Thomas That's a good idea also. I may hire a realtor to make sure I go through everything I need.

@Dawn Brenengen Hey Dawn I was thinking about buying properties in Baltimore, MD. Do you happen to know weather I need a closing attorney or title company there?

Hey I'm still very new to investing. If I'm buying a off market property what do I need from the buyer to officially make the property mine? I don't want pay cash for a property and find out later that I didn't official close the deal. Also what are some other things I should do to protect myself? For instance how do I check to make sure there is no lien on the property, or back taxes? Also do you normally still go through a inspector? Thanks in advance.

@Charlie Fitzgerald That does sound like some good advice. Something that I considered. I could pay off all of my debts besides my mortgage and student loans in 12 months. Im definitely going to consider it. I don't want to, but It's starting to feel like the most reasonable path.

Thanks @David Dachtera..... I don't know how to find a good private lender. Any suggestions on where I can find some willing to lend to someone like me in my situation.

@Ned Carey The Mistake I made on my first duplex was a rookie mistake. I paid $172,000 for a duplex that only rents for a total of $1500.00 a month. I was thinking its more than my mortgage on it so it a profit.

 I saved up the $6000.00 in about 3 months. I was going to use my personal line of credit for any problem that came up with my current duplex. Is that a good idea? I noticed that you are from the Baltimore area. A area I was looking at strongly for rentals.

Thanks @Dawn Brenengen.

I want to present my financial information and in the end get some advice. I don't want to make another mistake like I did on my first duplex.

I make about $66,000 gross a year. Including rental income from one side of my duplex. I stay in the other side. I have about $1650.00 in total debt a month. That leaves me with about 30% debt to income. With about $6000.00 cash in the bank.

I am only looking at properties that are in the below $60,000 range including repair cost. Should I go higher? Am I even able to. Should I focus on flips to build cash. What's the best financing avenue? Hard money? Should I just save my money for a down payment? What would your route be if you were in my situation? lol Sorry for all the questions Im starting to feel stagnant. The same way I was feeling before I made a mistake on my first duplex.  

@Account Closed really? The area I seen with the most potential to me was the Fayetteville area. I am new though. I may have evaluated the markets wrong. How long have you been investing?

Thanks for the replies. I do use Zillow just for a guide.....Hey Ryan I see you are from NC also. Are you having any luck finding rentals here? Ones that will cash flow? I just gave up and started searching in MD,and PA. Lol

I know Zillow and other sites allow you to see recently sold properties. Is there a site that can tell you weather a unit is actually rented. This will help a lot with determining if a property is in a hot rental area. For instance if owners in a area are asking $2000.00 are their units actually getting rented.