All Forum Posts by: David T.

I am looking at purchasing my first rental property. The home was built in 1800, but looks like there was massive renovation done and from the looks of it I couldn't even tell it was that old. Should I be weary of purchasing a home this old? I can never know for sure if the pipes or wiring was replaced (my biggest concern), I don't think an inspector can actually tell as well since you have to tear down the entire house. The other house I was looking at ended up being 100 years old. Should I immediately write-off houses that past the 100 year mark?

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Originally posted by @Richelle T.:

Check your local library, they may have a state archive of these forms. Also, the suggestion to check the BP fileplace is a good one.

I ended up borrowing a book and it had general template forms.

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Originally posted by @Justice Cannie:

Always get legal counsel to make sure you follow your state laws. However try the file place under the resource tab.

I just wanted to make all the forms first to the best of my ability then get them all checked out by a lawyer.

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There are tons of options that come up when I search rental application forms for my state. I am having trouble selecting which is the best one because I it doesn't say if these are actually approved.

List of forms I should have? There are a lot and I don't want to miss any.

Acceptance Letter, Departure Letters, Maintenance Request, Key Forms, Move-In/Move-Out Form, Etc.

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Originally posted by @Account Closed:

Hello David, I am Sungho Kang, an intern at a lending company.

I am in a similar situation, but what I have learned is that sites such as zillow, and other public listings can be hefty in competition.

What's important is to know what you want, before anything else. A multi unit near a college, with what sort of price range. It should also be important to calculate rent. Usually rent is about 2% of a property value. This should help you determine whether you are satisfied with the resulting cash flow after you subtract mortgage, maintenance, etc..

As for finding tenants, you can put up posts on Craigslist before you even purchase the multi unit properties and collect as many possible tenants. You can always ask for prospective tenants and explain the situation. Just my two cents.

There are many possible exit strategies, but is there anything in particular you are worried about? Defaulting on the mortgage?

I hoped this helped a bit, I will ask my co-workers at the Funding Warehouse tomorrow for a better and clearer answer, they should have more knowledge on this matter.

How would I know what price range I can afford? I'm just gonna throw out 100,000 as price range. Rent would then be 2,000. Also, on sites like Zillow does the mortgage rate include PITI? The biggest thingI;m worried about is if my rental property is vacant. Wouldn't it be better to get everything done before finding a tenant?

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Hey everyone,

I am in the process of reading the How-To Guides on this site. Recently graduated college, and I want to have everything planned out when I do have the cash.

I plan to buy and hold a multi-family house or multi-bedroom as my first. Also, I want to buy around colleges because I feel like I could easily get good tenants.

I was thinking about financing through FHA loan, but the downside is that I have to live in one of the units. Not my plan.

I have been searching on Zillow to get a feel and in hopes of a house on foreclosure, but doesn't seem like too many options.

I haven't read exit strategies yet, but I'm gonna be in deep trouble if I don't find a tenant.

By the way I started reading up on all of this 2 days ago.

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All Forum Posts by: David T.

David T. has started 3 posts and replied 6 times.

Post: Purchasing rental property greater built in 1800s?

Post: Best Templates for Rentals?

Post: Best Templates for Rentals?

Post: Best Templates for Rentals?

Post: Finding Potential Rental Properties

Post: Finding Potential Rental Properties