All Forum Posts by: Pamela Gordon

@Nathan Gesner you're right, I am overthinking a little bit, because I hear some many different stories and freaked out a little when the person asked.  It turns out she is in a wheelchair and was excited to see the ramp outside, that was there prior to me buying the property and now that she saw it, fell in love with it the way it is and we are now going through the application process.  Lesson learned for me, just let them see the property, :-).

@Rebecca E. No one really knows when the crash is coming, but even though I am new to real estate investing, I make sure to analyze the deal the best way I know how, and if the numbers makes sense to me, then I'm putting in an offer.  In saying that, with all the craziness and the insane prices of the housing market in 2021, I was still able to buy 2 properties that were really good deals in the Raleigh, NC area.  

I got a HELOC on my primary residence in May used that to purchase one property in June and then refinanced my primary in November paid down on my HELOC and used it again to buy the 2nd property. This year I plan on using my HELOC again, but since I also invest in stocks, using some of that money to purchase properties or I should say as my down payment. I also want to dive a little deeper into owner financing, and see if I can get a deal that way.

Nothing beats time.  Take your time, do your research and analyze before making your move.  It's when we rush, we miss a step and have regrets.  No need to rush!  

My husband and I are new to the landlord/renting scene and want to make sure are answering inquiries accurately and also want to make sure the Fair Housing police are not trying to catch us off guard, with random questions.

Here's the story...

The lead came from trulia, even though it is not posted there yet and here is the message we received and not sure how to respond...

"Hi, my family and I are desperately looking for a 3 bedroom home to move into immediately. I'd like to schedule a viewing at your earliest convenience. The condo looks handicap accessible but if like to ask if it is. What a beautiful home! The renovations are gorgeous and it's exactly what we've been looking for."

I tried looking up some of this on my own, but was still a little unclear and don't want to get myself in trouble.

Does handicap accessible meant just the public areas of the unit, or does it apply to inside as well?  
Do I not answer the accessible question yet, and tell them that they can definitely schedule some time to look at it?

Any insight, word of advice is greatly appreciated.

Thanks,
Pam

@Anthony Schudel I know for me if it has been on the market for a long time, a long time for me is more than 30 days, then I feel like I can negotiate more with the seller, because in this market properties are normally flying off the shelves, :-).  Especially if it is more than 30 days and the price has dropped, that is a sign that will definitely peak my interest.  That is how I got my last zillow owned property.  It was on the market for 50+ days and they dropped the price twice, plus I offered alot less than what they were asking.  It was really a great buy, but since it was zillow they probably had it grossly overpriced, but at least right out the gate it appraised for higher than what I bought it for.

Hi Bobby, curious as to where you are getting $350 from, not to say it can't be done, but what are you basing your numbers off of?  I think that are a few things to consider, because depending on the markets you want to invest it, the results can be different.  To answer your question I think it would help to know the following...

1.  What areas/locations are you thinking about investing in?
2.  Buying all cash, down payment, etc?
3.  If taking out a loan, what type?  This can make a HUGE difference.

Also, I would recommend using some type of rental property calculator for returns and income would beneficial.