All Forum Posts by: Nick Albin

It could work obviously. But you wouldn't want to only have conventional financing. Otherwise as Mike said your cash flow is going to be razor thin.

You sure you can't talk them down, or are there any of financing opportunities that might fill the sellers needs?

Well I am still relatively new, but I would ask a few questions to get an idea.

What kind of market is it in? (good for rentals, somewhat even on both ends, etc)

In that market what would it be more suitable for? (selling, holding for rental, etc)

How are the houses selling in the area that its located in? Would you be able deal with holding costs while it sells?

Good luck with whatever decision you make.

Well after a few weeks I was lucky enough to get a qualified tenant Rented for 625.
I was just really happy about this deal as I didnt think I was going to get it originally.

Me and 2 friends went in. I scoped around and got a deal for my first house. We live there. I have done some repairs and everything and with them living there I pay almost nothing. I work full time and goto school part time though. But you get the idea. Living with the guys allowed me to sae up a ton of money so I could go use it to buy my first investment prop.

thanks. Gave me the info I was curious about and a little extra.

So using the example of the 100k home with the seller carrying 20k. To make it more appealing to a lending institution would I simply just invest a portion of my own money into it, or look for another lender and then if nothing seems to work put money down?

Just a question I had.

Lets say your find a 100k home. Seller agrees to carry 20k. Do you and the seller agree to the interest rate on that carry back financing? Also when you go to acquire the 80k from a bank, do they have any restrictions on the carry back financing?

Thanks guys.

Hey guys just wanted to give you guys a update. Things are going really well. Had a few minor plumbing issues but my plumber took care of them. Did some paint and floor work. Nothing too major. Got some cheap appliances to put in the home. Which was a expense I didn't think about. But none the less I didn't go over my budget. Had a couple of people apply and hoping to get the home rented soon.

Hmm I may have went a little over board.

I took a map image of my city and hung it up in my office. Then I bought a bunch of colored tacks. Assigned a price range for each color, and peppered the map up with colors. It may have been a bit much,BUT its really cool to look at how the prices of the city shift. Sometimes it can be a gradual increase and other times it can be very sudden.

*shrugs* it was fun to me lol

Its easy to get comps though, I get on my local newspapers websites and or in the sunday paper. Like the others said. Why pay someone?

Dont worry guys I have a plumber coming out tommorow.

I was just curious if any of you have has a similar problem. Pretty much whenever I do laundry water leaks in the floor on the other side of the wall. The carpet will get soaked.

COuld it be a crack or something in the drain pipe ?

If you guys don't know thats fine, just curious to see if you did or not.

My mentor has some homes in a lower income areas. Mostly just rednecks and people with drinking problems. He says hes never had any major problems, but has a maglite flashlight so if he needs to bop someone on the head. Still never had to many problems.