All Forum Posts by: Guevara M.

My ecscro is included with my mortgage.

If I were to sell at this time I might be able to get about $45K the way it sits.

If I do a little updating then maybe $50K-$55K.

I purchased my first & only property back in 2004 to use as a rental & help establish my credit. It is a 1 bedroom/ 1 bath condo. It's just like a 1 bedroom apartment if you get what I mean.

I knew nothing about what I was getting myself into & the time & I think I paid too much for it. It needed lot's of work & me & a buddy did most of it. Over all it is working out OK for the renter but not for me. I'm losing $$$ every month instead of making or even breaking even. If I could at least break even I would be OK so that I could start making extra principle payments.

My initail plan was to pay it off as soon as I could but I never really got the ball rolling like I should have. I was younger & stupid & spent my $ on things I wanted.

Now i'm at the point of not knowing what to do. I would love to be able to pay it off as soon as possible so that I can have positive cash flow.

In 2004 I paid $36K @ 6.125%
Principle Balance is about $34K
Repairs cost me about $3K

My Mortgage Payment is about $345
HOA is $110
Home Warranty is $40
Annual Insurance is $440

It is rented out for $525 at the moment. How much do I have to rent it out to at least break even??? I know some of the other units rent out for any where between $550 - $650

I hear what you are saying. There are a few builders that I have heard some really good things about & are willing to work with people & there budget. I won't buy a house that is already built with the rest of the houses on the block having the same floor plan. I just don't want to jump into a used home & have to worrie about problems after a couple of years that can be costly.

I really want a New Constuction home. Is that something that I can get & live in for about 10 years & make some money off when it's time to upgrade to a bigger home? About 2-3 years ago a 3/2/2 house was selling for about 200K & now the same house is selling for about 150K where I live. These are new houses.

How long will it remain a buyers market? I'm looking to buy my first house to live in sometime early next year. (If I have enough saved up) I'm sick & tired of living in a small apartment & really need a garage for my car. I'm still new to all this & I want to buy when the time is right. Any advice & guidence would be Great!!!

Thanks,
-Mike

Thanks Wheatie, that's what I was looking for but couldn't get it to open yesterday.

Any one know where I can get a basic rental agreement form?

I went to take a quick look at the house yesterday. I didn't have a whole lot of time to check every thing out but from what I saw here is a list of what it would need.

New roof
Kitchen renovation
Bath renovation
New carpet through out
New tile in kitchen & bath
New A/C, has no A/C at all
Replace windows (15)
New paint Exterior & Interior
Landscape
Etc.......

Taking all this into consideration i'm going to pass on it. The location is not that great. Houses there are not selling that great. ARV would be about 75K & the seller would want around 30K for the home. The broker is only taking verbal offers at this time cuz he can't get a hold of the owner right now. I told him if I were to offer anything it would be 20K & he said that the owner would not take it but lets wait till he gets back into contact with him. He said if I wanted to go back & take a look at it again with my contractor to just let him know & he would leave the door open for me.

I'm going to go & look at a small house today & was looking for a simple check list to go buy. Any one have one or know where I can download one from?

Thank you very much! A lot of good info for me.