All Forum Posts by: Shannon Cannon

Thank you so much for the advice!! I think we could manage the property, just seems a little daunting when I start thinking about background checks, contracts, evictions, ect.  For those of you who manage your own properties, do you find a lawyer and have him write the contract? Do you do background checks, and if so, how? I'm searching the site, as I'm sure these questions have been asked before, but thank you for any advice!!

Hello! My husband and I have done a couple flips this past year, but just purchased our first rental property. We originally thought we would just rent it out ourselves, but the more we think about it, we might consider property management.  Is there someone you could recommend in the baton rouge area? I've gotten a couple quotes and seems the going rate is 9-10 % with first months payment as one time fee? Does this seem average? We are getting an insurance quote from Foremost presently, but any advice on that would be helpful as well.  And any good books you can recommend to help gain good advice and wisdom with rental properties?  Thanks so much!!

Shannon

Thank you all so much!!! I didn't think they offered the homestyle loans anymore for some reason, but I'd love to speak to your lender, John, if that's ok?! Thanks again, everyone, for the helpful advice!! 

Thank you so much! I think you may be right. Can anyone recommend a good FHA 203k lender to work with?

Hello! We have a house that we are considering purchasing for about $250,000.  It needs about $40,000 worth of renovations, and has appraised for about $325,000 as is.  We'd like to do a conventional loan with 10% down. My question is, can I get a second mortgage  for renovations at the same time I am getting a first mortgage? Or would a Heloc be better? And how much of the appraised value can you borrow on a second mortgage or heloc? Would a fha construction loan be better ( trying to avoid additional fees and specific contractors)? Just trying to see what my best option would be and knew you guys would have the answers! Thanks!

Shannon

Thank you so much!!! I will definitely give him a call!! 

Hello! Can anyone recommend some good sheetrock repair people and painters in the Baton Rouge area? I have a pretty big house that needs some minor sheetrock repair but alot of painting.  Any referrals would be greatly appreciated! Thank you!

Shannon

Difference in price is 15,000$. 😏

We just put an offer in on a Fannie Mae home. After some negotiating, they accepted our offer, and we signed the contract and put 2500$ earnest money down. We are now getting cold feet and not sure if we've made the right decision. With the amount of work needing to be done, we wished that we had stayed at our original starting price and not increased price when they asked for our "highest and best." Question now is- I'm assuming we can back out after inspection is done this week, but can we ask for lower price at that time? Or can we back out after inspection and resubmit an offer? The house has been sitting awhile, so not too concerned with multiple buyer situation. Just not sure what to do. This would be for our personal residence, so has been a harder (and more expensive) decision than our flip purchases. Any advice would be much appreciated!! Thank you!!

They said reason for 2 appraisals was that the original purchase of the property was 53,000 and selling price was 150,000-so I guess they were just trying to confirm that the renovations were done to warrent the difference in price.