All Forum Posts by: Nick Dillaha

Hey guys! 

Looking to buy a single family home as a primary residence while renting my current home... The house we love is in an amazing, thriving neighborhood, but is the first house in on a semi-busy road. The home has already dropped $25k in price and the realtor is confident they'll take another $25g off after being on the market for 83 days and are motivated to move. This would be a buy and hold for us as a place to raise a family, close to shops, A+ schools, its 2000sq ft under air, and only really needs a roof within the next 5 years. Its big, well kept, granite counters, large lot, room for a pool... 

Just aren't sure if it's a smart buy even with the instant equity because it has been difficult to sell and IS on a fairly busy street. It was appraised at $250k which is their current asking price, but again, the realtor is confident it will sell for $225-$230k. 

Please help!! 

Thank you for your quick response! The house is at $150/sq ft asking $249k. A much larger home with a pool down the street was sold recently in April for $131/sq ft. My initial offer will be somewhere around the $220-$230k range. But, definitely safe and a great neighborhood. Other houses are ranging from the low $300k to mid $400s. 

Hello everybody!

I just recently found a property I am very interested in and it's a FSBO listing. The seller does not wish to use realtor to save on cost and stated to me, "I'm more negotiable, if realtors aren't involved.'' I currently own a condo that I plan to rent out and this next purchase will be used as a primary residence.

I walked through the house myself and it looks great, tile everywhere, upgraded master shower, new granite on old/ugly cabinets, new AC as of last year, and new lawn, but roof is original (1996), looks great, though. I will obviously have an inspection done but should I also hire a real estate attorney?? I spoke with a local title company in my area that I used on my current home and she stated that "most attorneys want to handle the closing themselves and that real estate contracts these days are very straight forward and that an attorney probably wouldn't be necessary''... Is she just trying to keep my business? 

What exactly should I be cautious about that a home inspector may not see? I know that polybutelye pluming is something to definitely be wary of.

Please help! 

Hi, @Robert Curls! I've been looking for a potential investment property with my savings but I can't find anything worth buying at $100k (20% down) that I wouldnt need to put another 10k into it to make it profitable or even liveable for that matter... I have a really good loan now, fixed at 3.25% for 10 years. The "safe" thing would be to stay where I am and continue to save for something better. 

Would you suggest pulling equity from my current residence to finance another rental? Also, if you don't mind me asking, how were you able to finance your duplex? Did you need to do any creative financing?

Hey guys, I need some direction... I currently live in a big 2000 sqft townhouse centrally located to everything. I bought last year for $123k with a $255 monthly due. They're currently selling now for $160k. My house was built in 2006 so it's starting to need a few things like re-tile my master bath, new paint, faucets throughout, and there's a small leak in the AC. All else is perfect and I love my home. The townhomes in my neighborhood rent for 1400-1600/month, leaving me with approx. $300-400/month potential income.

My question to you all is should I sell and try and spare the potential costs of fixing up my house and use the profit for another residence? Or should I bite the bullet and fix everything? I have roughly $20k saved for my next investment but am not sure which direction I should take...

Hey guys, looking to purchase my first mobile home in the next few months... Should I avoid any 55+ communities all together?

Hey guys, I own a townhouse/condo that I have as my primary residence and has potential to generate significant positive income... I owe $906/month (everything included) and other identical units are renting for $1400/month. I know condos aren't ideal investment/rental properties due to potential fluctuations in COA dues, but due to market increases around 10+ units have been sold in my 100 unit community in the last 9 months or so. The units were built in 2006-2007 so there isn't much significant repairs/replacements that need to be done. I'm planning to buy another property come February and live in it as my primary residence. My question to you all is do you think it would be a wise decision to sell this unit (potential $40k profit) and possibly by two single family homes (one as primary residence), or should I hang on to this condo/townhouse and rent it out? We bought in at $123k and units are selling in the $160k range, all within the last 9 months. These units have so much to offer and are HUGE, almost 2000 sq ft under air. Any insight is invited!! Thank you! 

Hey guys, at what stage in the game is it necessary/responsible to put your properties in an LLC?

Thanks @Jon Holdman @Kevin Siedlecki for your responses. Will definitely take all into consideration.

@James Wise Lenders won't appreciate a pre-signed contract for the upcoming year showing evidence  of  future income to aid  me getting financed?