All Forum Posts by: Sean Gallagher

I hear you need a permit to install a wall furnance, along with an inspector when the install is complete?

hmmm, this isnt good for me. I will be known as a "first time buyer" and because of this in Delaware, i qualify to have an interest rate of 6.09% for my first mortgage loan. hmm since i will be working with rentals..i'm choosing an LLC, I'll have to talk to the bank about this one. ehh

hey guys I'm back, really appreciate all of the responses even though I havent written back in between post often. I'm really liking the Duplex idea. Something I didnt understand while reading in on the first page, about refinancing after i guess a few years... how does that get you money? Say you have a 60k mortgage, after a few years 40k is left you refi for 60 again??? I dont think i understand this? Isnt that pro-longing the amount of time it will take before that bad boy gets paid off and cash flow starts to really come in. I understand using the money elsewhere.. it just confuses me. I found a duplex months ago :cry: still gaining the knowledge.. and when i feel confident to leap then i shall leap. I have that book coming by the way, it should be here next week , thanks for suggesting it to me.

I also like the idea of living in your rental and fixing it up and then moving on to the next ( if they really popped up that quickly ) but hell.. living in that sucker would call for some quick progress!! cant wait to read up on this book. This weekend I may start to drive around and see what i can find ( watch me find something perfect that will work out well and feel the need to say no because of my lack of knowledge ) I have the will, so there is a way. Wish me luck. keep the replies coming.. Im gaining a good bit here thanks guys.

I'm located in Long Neck Delaware right near Baywood and all the pot nets if any are fimiliar, Most of the land here is owned by someone and they have pretty much divided it up and charge lot rent on every property ( mobile singlewides + doublewides are real popular ) SO much land owned by this man you would be impressed. But we are all about 5-10 minutes from the bay and about 25-30 to the ocean and great tourist attractions. There's not even an acre around the corner, they're trying to get 160k! they call it a beach property!!! then an acre for 135k 2 minutes from the "beach property bs" it is crazy but i gotta find a way to work with this or go farther, hmm.

hey bartstop, is that less then 50k including the cost of land purchase as well? Around my area the land cost hurts the 2% rule; most land around where I live is not owned, "lot rent" is pretty common. A damn acre around here goes for 100k+.. the area is alittle close to the water but sheesh.. I guess I must look elsewhere.. like you said 35 minutes away, i may have better luck as well.

So how exactly would this scam work for future reference? Who is he to rent your house out huh? Im confused

alright, so after reading for awhile this past week on the site and other suggested sites, I've gained enough knowledge to understand the concept of "will this property cash flow" and how to figure that out. For instance what price I would offer on the house figuring what I would charge for rent/ what the mortgage payment would be at around 6-7%.. also putting down 10% and so on.

Problem here is... where the property is cheap say 70k, the house is so damn cheap looking and un-appealing aswell. Rents closer to the beach are probably seasonal, I guess I have a lot of searching to do. I found 3 homes ( online of course ) that are 70k but really crappy ( like falling apart trailer homes) even if i put 5-10k into them they would still be in a gross looking area. So hmm, maybe an add in the paper showing my interest for anyone that may be close to pre-forclosure? Or figure out how much i would pay for the property even if its a low ball and keep sending offers out? I still have to get some books read before I jump into anything i know that for sure.. i just want to see a rental start up from nothing so badly.

hmm I hope i'm not the only one following this thread because I don't know too much (am learning) and it would be nice to hear from someone with a lot of experience.

But is that the house you're sticking with planning to flip? The one you checked out and all. What's the price at now ? What are comps looking like in the area. Sorry if I didn't catch this but is all of the work getting done by you guys during the flip? or sub-contractors. Have all the tools needed or going to see what you need and then buy?

Like I said i'm just starting out and my questions probably sound dumb to the bigger guys lol

So have you found a house to flip already or that's the plan for right now? Are yous keeping your full time jobs and doing this on the side? Good luck and keep us updated.

ok so like a Duplex? live in one side rent the other out?

What I really wanted to get from this post was the fundamentals of renting. Most of the properties in my area are 1 acre, and go for 150k not including the home. Is that too high for a rental single family? Im gunna go ahead and get that book and start reading. If I go outside my area, say 30-45 min the property values drop, simply because im close to the beach. I read about people on here buying property/a home and renting them out.. but their purchase price is like 40k???? I doubt i could find that with an owned lot.