All Forum Posts by: William R.

<--- Had to do it then!

Brandon Turner, Could you possibly be talking about an APP? That would hook me to upgrade.

My first property was FHA and my loan documents stated that I had to occupy the property within 60 days, so something to keep in consideration when looking at properties. Also, I am not sure if you can have more than one FHA loan at a time. I think you would have to refinance the first property to a conventional mortgage before you bought the next.

I am currently remodeling a 1901 apartment building that had knob and tube. It's a triplex with 3/2's and all of my estimates were between $20k and 30k and that's while it's gutted to the studs.

I wouldn't focus on renovation, try to purchase something that does not need a bunch of work. I would by as much house as you can as you will probably never have another opertunity to put down such a small amount. I think it is wise to focus on being a good landlord for your first deal. I agree that there is much greater profit potential with a buy-rehab-hold strategy, but I wouldn't jump into a big project right off the bat. Cosmetic stuff you can work on between tenents, like paint and flooring. Good luck!

Then it sounds like a great oppertunity for everyone. Hope you ave a bountiful season!

I run a community center and we installed a few raised beds for a gardening program that we run. It's a cool concept, but I would have some questions before proceeding.
1. Do they test the soil? There are a lot of heavy metals in the soil of most urban area. We actually used a community garden with our kids untill we had the soil tested. We decided that building our own raised beds and bringing in soil we knew was clean was the best option for us.
2. Water,would you be providing it?
3. I would also want to sign a "release from liability"
4 I would also want some way out of the contract if things didn't go as planned.
I think it's a grat idea to help build a stronger community, especially if you have residents that are intrested in the organization. I think I would try to make it work if we had such an organization here in Louisville.

First,keep reading and educating yourself on spicific topoics like evaluating properties, making minor repairs, landlording, landlord tenant laws etc
Next, save money. It is going to be very difficult to purchase a property without having any of your own money in the deal, not impossible, but very difficult unless you have managed some properties in the past.
Then, set some goals for yourself.

With no experience. Sorry, typing on my phone.

If your just getting started, I'd recommend starting with a 2-4plex with FHA financing unless you currently own a place. You would only need to put 3.5% down and you can start sooner. It will be very difficult to be a bank or mortgage company to give you a large I vestment loan with I experience.