All Forum Posts by: Rhonda Harrison

Hello-

I have an older retired aunt who is interested in investing in some of my buy and hold real estate transactions. She is open to terms and expects be to present her some options and opportunities. This will be my first time borrowing from her so I'd love to hear your thoughts on the following:

• notarized promissory note with all terms
• 7% interest only payments annually (12-24 months)
• Balloon Payment at the end of the term
• No Points
• Prepayment penalty (I was planning to include this so that it would be a good deal for her and she'd be interested in continuing the relationship)

For Buy and Hold I'm thinking 6-12 month period before I could refi and pay back her principal loan amount. I'm open to all feedback as I've never done this. Also, which part of the deal should I use her money for? Ex. closing costs and down payment while using bank financing for the renovation and acquisition of the property.

Thanks! 

All visible damage was after settlement in the last week

The only thing that comes to mind immediately is "water marks" on the wood hidden behind a wall in the basement which indicate it was previously wet and dried. I'm not sure what else I could look for or need to look for to prove that the issue was known. 

Hello All-

I closed on a property  in April and after the recent rain in DC I discovered the floor buckling as well as warped drywall and other damage. I've called my insurance company but wanted to confirm if the seller had any responsibility to disclose the flooding basement issues that could not have been discovered during the inspection. Any experience or thoughts?

DC is a tough market for first time low income homebuyers and increasingly so for those in the middle class. What are your thoughts on the impact of investors buying properties and selling them and price points too high for the low and middle class? Are we displacing hard working families? Are we making homeownership more difficult for middle class people to achieve? Thoughts?

I'm putting my first contract on a deal in DC tonight. I feel like I'm swimming in the deep end of the ocean. There are seasoned investors swarming around this property. I stayed up last night running numbers and scenarios over and over checking the math. I've purchased two homes in the past as primary residences, one of which is now a rental. For some reason I was never this nervous about those but because this is a business transaction it feels different. I'm preparing myself mentally to keep looking for my next deal if my offer gets rejected and also lining up contractors to do the renovations in case my offer is accepted as well.  

How do you deal with the first deal butterflies?

@Russell Brazil @Brian Pulaski Thank you! I have my agent reaching out for a showing today but we're getting no response from the sellers agent. This house once completed could easily double in price and would absolutely be work even a $100k investment in repairs. I guess we just have to wait for confirmation for a showing. This is stressing me a little bit because its in the best DC neighborhood east of the river.

Hello All- 

A house hit the market in DC for 50% less than what a house would normally cost in that area. I am thinking of putting an offer on it before I even see it with a contingency for the inspection. Have you ever done this? What are the pros? cons? This house is an unbelievable steal. Thoughts?

Not even if I was planning to sell at the completion of the community ? 

My mistake the builder is Ryan Homes.

Thank you!