All Forum Posts by: Guevara M.

I'm going to give him a call later so that I can see it. What are some of the important things that I should look for? It's an older house that is on piers. Should I take some pictures of it?

Thanks!!!

That's what I was thinking. The only reason I didn't want to live in it was cuz I really wanted a house with a garage. Where can I find the info on what exactly is the 50% rule?

Well yesterday I drove by the house & saw a sign out there for sale. The house looked like no one has been there. The grass was about 5 feet high & so on. I'm not sure if this is a realtor that is listing it cuz I couldn't find any ML listing on it. I called the guy & he was in some sort of rush & couldn't really talk. He said they were asking 60K but they would take less. He said it needs a little work. He said to call him today if I wanted to look at it. I remember a few months ago that the owner wanted 26K for it. So 60K is just way too much. It needs work, i'm not sure how much but I would guess about 20K. The average price of the same homes in that area go for about 80K. The good thing about it is that it is located in front of a elementry school. So should I go & take a look at it to see what it may need??? He did say they would take less. So what do you think?

It rents out for $525.00
Mortgage $345.00
HOA $110.00
Home Warranty $40.00

I could rent it out for $550-$600 but at $525 I know it will stay rented. I'm just thinking of doing some updates to it & living in it after my lease is up at my apartment so I can save more money. What do you guys think would be the best route for me to take. At the end of this year I will have all my debt paid off execpt my mortgage. As of now I can only afford to save about $300 every 2 weeks. Once I pay off my debt I will be saving at least $600 every 2 weeks.

I spent about 3K. Did most of the work myself along with a buddy.

First of all I would like to say that this forum is Great! I can't stay off it. Even at work when I should be working I spend more time reading on this forum. I purchased my first rental back in 2004 which is a 1/1 town home. I knew nothing about REI & still don't know much. I did learn that I paid to much for my rental. The main reason I purchased it back then was to help build credit. It was a complete mess when I got into it. The original owner's had pets & smoked. The carpet & flooring was horrible. The walls & ceiling were just as bad and you can imagine how the kitchen & bath were. I went through & replaced all the flooring. Added new paint every where. New toilet, vanity sinks, fixtures, lights, switches, etc..... I kept the same appliances & just cleaned them up really good. I'm now at the point of thinking of selling it to help purchase my first house to rehab. I'm just not sure if I should sell it or keep it as rental. Maybe I should just live there & save money to purshase a rehab. What do you guys think??? I currently rent a 1/1 apartment with my fiance. Here is a list of the purchase price & the balance on it:

-Purchase price around $36,000.00 @ 6.125%
-Principle balance around $34,500.00

It's appraised @ $50,000.00

One unit just like mine sold a couple of weeks ago for $52,000.00
I plan on installing new windows & tile in the bath & kitchen. Also plan on doing some updating to it. New paint, kitchen counter top & carpet. If I knew what I know now then I would have done all this the first time. I will try to post some pics of it as it is now. I wish I had before pics but I didn't know any better. Please beware that the lady that stays there has lots of magnets along with other things. Any advice you can give me about updating, color choices or keeping/selling it would be really great. Thanks!

Sounds easy enough for me. I just thought having a nice looking letter would be better. Thanks!!!

I was just informed by my brother that his ex landlord needs to get out of his house. The market value in that area for that house is between 80K-100K. He said he is looking to just get something like 20K for it. It does need work. Off the top of my head I would say around 20K for the rehab. I have been trying to get in contact with the owner with no luck. I was wondering if some one has some sort of letter that I can drop off or mail him about maybe taking the house off his hands. Is there one that I can down load any where???

Thanks,
-Mike

I want to replace the old window's on my rental town home. What would be a good choice to use. I plan on selling it soon.