All Forum Posts by: Michael R.

If the tenant is real good I would allow it being it is sprayed and neutered. A pitbull or some type of dog would be a dealbreaker for me. I would require the deposit and charge an additional fee each month though.

Sounds like something to watch. Thanks for posting. This would be real good news if they made it easier for us to find money ( and less costly)

first I would want to make sure it WILL rent for 800.00. Also I would look at what the HOA fees are as well. Some HOAS charge you a extra fee if you rent it out. I personally would try to pay less than 40k. I can find a unit with comparable rents for about 25k in my area and no HOA fee.

All my houses are pre 1900. I have no issues. Most houses this old already have had electric upgraded as well as other items. I do not provide ac to any of my rentals. Biggest issue is windows, roof and siding. All the issues can be fixed if you purchase right. I buy most houses that need major repairs for less than 5k. However I am not a flipper I buy and hold so these types of older houses give me the best return on my money.

Well I am not familiar with the Houston area but I started when I was 24 and am now 27. I started in a similar situation to you, I had money saved up and not much expenses. I am now up to 12 properties and am doing ok compared to some of my friends. Some think I am rich but I am far from it. I still work my 9-5 but have decent cash flow each month from my properties. Don't get discouraged when it takes a while to find the first property. I looked for months then bought 2 houses at the same time. Good Luck

Now I know this is not legal but I had something similar to this happen to me in upstate ny. I just threw everything on the curb and left her a voicemail to pick it up before someone else does or it rains.

Maybe it is just me but I just dont even get the point of the original post

Thanks for all the replys! One last question. Does sale price come into play? If it comps at 18-20k and I sell for 25k and hold the paper does that make it a bad deal?

Well I started buying properties 3 years ago or so and now I am up to 12 houses. When I first started investing I planned to buy and hold forever and live off the cash flow. Now I own most of my properties free and clear because I bought for real cheap and did the rehabs myself. I am beginning to think I should consider unloading some properties and stock up on some cash in the bank. I also have a other business besides investing. I listed one property back in November and have not had much action. I am now thinking that maybe I should try to market this property with seller financing and then if someone takes it I then sell the note at discount to a buyer. So I have a few questions. what discount will I typically have to sell at? What seasoning would be required by the buyer? How should I structure the note-are longer terms better or does it not matter? I did do some research on here but I wanted to see if anyone here does similar transactions and can offer pointers of how to structure the note so I it will be more desirable to a note buyer.

forgot to add- I deal in cheap properties under 50k. Is this going to be a issue to the note buyers as well?

I dont see any problems. Just make sure you document all the damage with photos and also what ever you charge them for damages is reasonable which I think it is.