All Forum Posts by: Tariq B.

Good job! But I'll do you one better. ;-)  Purchase price 29,000 put 4,000 into it. So $33,000 all together.

Monthly rent: $1200 

The way I see it, two options. Take a huge loss. Or play landlord and rent it out till you can get you head a little less deeper in water. Maybe look into a form of subsidized housing, Seciont 8 ect ect.

I would definitely go after both. Use the CPA as your insurance and start small in real estate investing. If you find that the CPA life isn't for you and you really are comfortable then move into becoming a real estate agent. Then if that doesn't work you can always fall back to the CPA job. Being CPA certified will do nothing but help you in being a better investor. So it's a win-win. There is no reason why you can't be both a CPA and a real estate investor. If I can manage my real estate and go to school all while being active duty military then you can too! You got this!

In your experience after you have a potential tenant want the property and you fill out their voucher. How long after they drop it off will the housing authority contact you to schedule an inspection? Thank you!

Ok, ladies and gents. So I decided with this rental to try out section 8 for the first time. So I had a family swing by yesterday and they wanted it on the spot. So they handed me this voucher to fill out which I had never seen before. I filled it out to the best of my ability and she said she would turn it in yesterday or today. I called her up after the viewing to add a lead inspection # on there since I didn't have it at the time but no response. I have this feeling that I am going to get blown off and her neglect to inform me that she has had a change of mind. My question is. After someone has a landlord fill out their voucher are they able to go to another place and have another landlord sign another or what? I'm probably over thinking things but I just don't want to be blown off and find out days later when I could be moving forward with someone else. Thank you

Ok, so here is my question. Every time I have a tenant late on their payment. The property manager will charge them a late fee should it be after the grace period. Now when I finally do receive payment the property manager takes a cut of the late fees. Is this normal practice or not?

IF your debt to income isn't to high and you at least have 6 months of reserves saved up I don't see it being a problem in you getting a loan. But you said you have nothing so you may not have 6 months reserve. Best best is to call around. There are tons of lenders that will lend to you under your circumstances you just need to hunt them down.

Personally I wouldn't take that deal not enough cash flow. But if you're comfortable with that and it works with your strategy then go for it. I'm not familiar with that area but I think you can do better. On a property of that amount closing costs would be close to 9000, that is in my area though.

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Thanks for the reply, I think that's the route I will go makes more sense from a landlord perspective and less maintenance (always a plus)

Depending on your municipal, heating/AC do not have to be installed so that may or may not be a factor.