All Forum Posts by: David A.

bump

The associations defense was that cable is a luxury. When they built the apartment 30 years ago, they could only wire the front of the building and not the remaining 4 units facing the Southwest. The association didn't want to run the cables outside of the building because of aesthetic value. I'm sure after this ruling they had to run the cables outside anyway lol.

I purchased a home in 2009 which I lived in for 6 months and rented out.
3/2/2 built 1999
Loan $101K 30yr 5% fixed
Payoff $90K
PITI $423 Biweekly $846 per month
Renting for $1050
Around $200 cash flow, $100 if you follow the 50% rule.
This is what concerns me, I paid a little bit too much for the house and the cash flow isn't great. The roof looks good but it is over 10 years old and so is the a/c unit. I plan on renting homes but I want a better ROI. When I purchased the house we just decided to buy it because of how nicely it was staged. Now that I know a little bit more about landlording and investment formulas I don't know if I should keep it or owner finance it. I know very little about Owner financing but at least anything involving repairs would be my buyers responsibility. Houses around the same area are selling owner financed with a 20K downpayment and $1200 per month!

I just watched this courtroom show where the tenants of a 12 unit building were suing the association for not providing cable. Only 8 out of the 12 units are wired.The association claimed that it would cost $5,200 to run the extra lines to the side of the building to get these with cable. The tenants have been paying $120 for association fees i dont know if monthly or yearly and witnesses were called on behalf of the association. They didn't want to be charged $400 per unit only for these to be able to get cable. To my surprise, the judge was in favor of the tenant requesting the cable and ordered everyone in the building to pay $400 to run the lines. So I am curious, is it required for a landlord to provide cable?

Very impressive skills. Just watched the show on the website but can't find the end. How much did the Minnehaha sell for. So she sold the first for $274k, I'm guessing after closing costs she net $30k. They never factor in closing costs in these shows.

I am wanting to get my realtor license soon and this company seems great for what they offer. What else besides getting my license will I need to have access to the mls. I have found that I move too fast for realtors that I have spoken to. If it takes a few days for them to get me comps or to see a property and in this business time is crucial.

I remember how scared I was when I knocked on some doors. Some were mad and some were sad but did not want to sell yet. I need to gather more courage to knock on doors again!

Hi everyone,
Before I begin my business of acquiring rentals and managing I want to know if banks are willing to finance with a conventional and 20% down a rental under $40k. I understand that cash flow is better with these homes but I am analyzing my options right now. These homes obviously have more deferred maintenance since they are in class c neighborhoods but are they good rentals or do they attract mainly bad tenants. I need to sit down and write out my business plan of what I want to incorporate in my acquisitions.

Hello everyone,
Yesterday I saw a fsbo sign next street over to my parents house and decided to call out of curiosity. I spoke with the owner and asked him a few questions. The house is 2,300 sf 3/2/2 2 story and he wants $136k. I asked him if he would be willing to seller finance it with my limited knowledge on the subject. He said he wouldn't mind. His payments are $900/mo but I am not sure if this is PITI. I could get $1400 in rent for this home. I continued making conversation with him, he is a disabled vet and wants to move to a bigger house because his mother in law just moved in with them. I may be wrong but imho I think he wants to downsize or get out of his mortgage and not willing to be a landlord. The question I have is when is buying a house subject to a good deal? The house was built in 2006 so he has about 6 years in it. Is there a way to find out how much equity someone has in their house or only by asking. In my past bandit sign marketing I visited a few homes where they were going through divorce or moving and wanted to get rid of the house asap. I passed these deals to another investor who I thought I could trust but that is that maybe he took the house subject to and owner financed it himself. I read somewhere that there is a due on sale clause where the mortgage company can call the loan due immediately if the house changes owner but I'm not too sure. Any guidance or advice would be awesome. btw sorry about the runon sentences I have a crying baby and typing on the ipad lol.

Thanks for the replies. I will be saving a few more months to fund the rehab out of pocket. If i need to I will be using my cc. Yesterday a friend of the family who is a truck driver wanted to talk to me. He has been working for about 10 years driving trucks across the country and making good money but he wants to invest in real estate. Another door just opened, we could do a joint venture but I may want to manage my first rehab by myself.