All Forum Posts by: Mark Pierce

Your realtor is asking you to speculate. I don't like the idea of being the most expensive on the street. That seems to be a slipper slope. 

I'm looking at a house that is middle of the road for the neighborhood. I think the neighborhood is going to appreciate significantly. Most importantly though it is cash flowing as is and has a 15%+ COCROI. 

So basically me. I'm a year out of training with $200k in debt. All new docs just spent 4hrs in school and 3-7yrs training after that. I can't imagine they would risk ruining their credit score on a rent payment. A lot of banks will loan 100% mortgage without PMI. So clearly the banks think it's worth the risk. I'd rent to them.

Well. The seller told me he would give me a call or email today to discuss the contract but I haven't heard anything yet. I tried to get him to sign a letter of intent yesterday but he didn't want "to do extra paperwork". He seems like a straight shooter, good ol' boy. We'll see what happens over the weekend. 

@Luka Milicevic; Aaron passed on your number the other day. Last week was busy for me. This coming week looks much better. I'll PM you and lets set something up. 

New guy here from Franklin, Tennessee. It's taken a little while but I have my wife fully on board with the plan and we're headed out to make some offers on a couple of places in Columbia, TN. Thanks @Aaron Anderson for the hook up. Property 1: 2-3 bed, 1 bath. Asking $55k. Most recently rent for $800. Minimal work to make rent ready. Property 2: two units. 3/1.5 rents for $850. The 1/1 rents for $650. He's asking $165k but I think $145 is where the cash flow is worth the purchase. These units are already rented. I hoping for some creative financing today to get into both properties.

Thanks. I told my wife I would pay them $250 or offer to buy the house back for $25k less than they bought it for. It would be a cash cow as a rental if I did that. 

They did. They even had a detailed home inspection with no report of issues. It was leaking freon but I topped it off a couple of times over the three years I lived there. They got the repair notes from the AC company which said that they told me it was leaking. 

They first tried to sue the realtor for negligence and not encouraging a home warranty. Their lawyer shot that down quickly. I'm calling the same guy, hopefully he can do the same for me. 

I just got a law suit in the mail today from my personal residence I sold last year in Virginia. The new owners are suing saying "the previous owner defrauded by not disclosing HVAC issues." Turns out Virginia is a non-disclosure state. Oh well. They want $2k. Its not the end of the world but I'm getting a lawyer involved. 

Sale date 6/4/15. Law suit 7/1/16. 

No real question here. Just needed to vent.  

@Chris Eaker. Any luck with this? What did you find out? 

thanks for the help everyone. 

Nice. I'm more than a little jealous.