All Forum Posts by: Richard Davis III

@Oktay Ugur

It is a good investment opportunity city wise in my opinion. Feel free to send me a message and I would live to help out :)

Thank you both!!!

Hi BP!

First- I am not the landlord or tenant in this scenario. My mother called and asked my advice since I am a Landlord in WI.

The tenants Fridge died and he lost all his freezer/fridge food. The Landlord is saying it will take 10+ days to get a new fridge in there. Can the tenant withhold pro-rated rent for the days without a fridge? I'm unfamiliar with how that works in GA.

Thank you,
Rich

My immediate advice would be to find a great Real Estate Lawyer to write up the seller financing terms.

Try using the bigger pockets calculators to see how much cashflow you would be getting. 

How much Rehab is required in the next 2 years? If you don't have a cash reserve, then any deal can go bad quickly.

Good Luck!

I am not a licensed electrician, but it does appear they both cover the same scope of work.

Perhaps use the "Network" option to find an electrician and ask him on here. 

@Byron Brock I think what @Russell Brazil was referring to was buy a SF home on an owner occupied loan then rent out rooms for income, which many first time investors do. (But he would have to clarify exactly what me meant)

Find yourself a good agent and don't listen to all the people in this thread bashing agents. It is likely that they do not understand what makes a good agent or how to find good agents. I have helped several investor clients get great deals and have walked away from SEVERAL deals with clients, and even put a few of those deals back together weeks later to the terms my clients and I demanded from the seller. A good agent on your side will save you TONS of money, help prevent you from entering situations where your exposed to litigation, and (maybe most important of all) save you a great deal of time.


Just yesterday A client that I walked away from another investment because the seller lied on the RECR (he actually told me in person he knew of several defects he chose not to disclose) got an accepted offer thru me on a property well within his budget that will cash flow over 350$ after all expenses/fees post closing. This is is first investment and it is critical I protected him from making a bad deal (first house). Great agents exist, you just have to find one!

Hope you can work the Inspection out!

@Mitchlyn D.

I would do it. But I'm not yet 30 years old and am OK taking a longer route/future equity position in my portfolio at the moment.

 

Are you meaning FHA loan? FHA requires 3.5% Down, so what you can afford depends on the market you're in. I bought my first duplex with an FHA loan Purchase price was 93k. I asked for a closing cost credit from the seller and brought less than 5k to closing.

What area are you located?
Whats are duplexes/triplexes selling for in your area?

Congrats on making this decision. It should lead you down an awesome road and a great life!

You can buy the house for any price you want I believe. Not sure why this would matter at all?
They should be able to gift you the down payment. You may have to wait to sign the lease with them (are you going to have a lease with them?) until after closing.
The IRS just wants you to pay taxes on the rent income. I'm charging my mother-in-law like 35% under market for my area. I have her check every month to prove I am recording the right amount. 

Double check with your accountant (get an accountant if you don't have one) but there shouldn't be any issues with the stuff you're asking.