All Forum Posts by: John Nisewonger

Hi

I have one rental property that I am getting ready to advertise for new tenants (current tenants are buying a house of their own).

What sites are you all using to do background and credit checks? I wish to screen my tenants a little better this go around as my first 2 tenants were absolutely horrible (late payments, trashed property, etc)

Also another question.

When a tenant give you notice to leave. When should I advertise the property? When can I show it (it needs cleaned and painted)? Do I show it before its painted or tell them they have to wait?

Just seeing what others have done in the past. Thanks!!!!!

Im kind of in the same boat as you. Only have about 10% to put down. People on here told me to check out homepath.com which are basically foreclosures owned by fannie mae. Find a fannie mae lender.

Other options I guess would be private financing either from family or friends?

Its hard to find money for buy and hold properties. Im finding it easier to find money for flips but Im not really in to that.

I was interested in homepath bc it was saying something about only having to put down 10% I thought.

So whos to say that I tell homepath that I wish for it to be my primary residence but I really am not? Do you sign a contract saying you cannot sell within a year or something? How are they keeping people from doing that?

I haven't checked out the property but it is a "first look" like you talked about Brant

Thanks

Has anyone on here ever bid or purchased a homepath.com home? I am seeing some really low asking prices and was wondering if that would be the sale price of if they try to create a bidding war?

Saw one today that asking was $150k but last sale price back in 2006 was $269k. Pictures of the house look great and its easily worth $250k

Do they favor certain buyers like all cash deals over an owner occupant over someone who wants to hold and rent?

thanks

So with insurance through my insurance agency, I should be fine? Ive heard of creating an llc to protect my personal property but could something really go so wrong that is surpasses the insured value?

Maybe if I left something go that should of been repaired and someone seriously got hurt I could get sued? But other than that I don't really see a point. Just seeing if someone knew something that I am just plain out missing.

Thanks for your replies!

Have you heard anything about the tri cities investment club? Im closer to that area and investing there. Thanks

I have one rental property. I am looking to purchase another within the next year.

Right now my property is under my name. I have noticed some people put their rentals under an llc. Should I be doing this? I have insurance on the property.

If I should be putting them under an llc, can all my properties go under the same llc or should I create an llc for each property. I am dealing with single family residences and maybe a duplex or quad at most in future.

Just looking for the pros and cons of llc. Thanks!!!!!

Fairly new to investing. Have 1 rental for 6+ years. I wish to expand now to more but want to learn more.

Are real estate clubs worth joining? What should I look for? Clubs in my area are very few. (Richmond, VA) One club I am looking at looks like its run out of someones house. Is that normal? Are some of these clubs full of loan sharks? Just tryin to avoid scams ya know.

Thanks

Ryan

$7k liquid and i have a 401k if I started to lose my butt on the deal. If only one side stayed rented it would cover the mortgage (figured $600/mo mortgage payment)

There is more than one deal that I found. Im just trying to figure out if I can pay for it or if I will have to save for a longer period of time.

Thats a good idea about asking the seller for a loan for the second mortgage. Thanks

They are right on for rental comps. I havent looked at the house in person yet but they say its turn key.

I have been looking in to a real estate club (that is how I found this site) but am not really sure exactly what they are all about? Ive seen some clubs that are big and some that are run out of some guys house. I fear of getting pulled in to a scam (I watch a lot of american greed hah)

Yes to getting a conforming loan on property. Last I talked to my mortgage broker, he said I needed 20% down. He walked me through how to get my last property. Just trying to see what others have done. I hear all this stuff about how you can buy properties without any of your money. I wish to use as much of mine as possible but just dont have enough.

Thanks