All Forum Posts by: Rob Catching

Hello all, I own a package of three rent houses (single-wide mobile homes) near Lake Texoma on the west side of the lake. The nicest of the three stays rented at $500 per month. The other two are both 2 bedroom 1 bath homes that I completely remodeled about 2 years ago, these homes are in clean updated condition and both show well. I have had trouble keeping regular (non-section 8) tenants in the two smaller homes due to typical issues regarding the lack of paying rent.

My preference is to rent these two homes section 8 and I have long been on both PHA's list of landlords with available properties. However, Section 8 tenants don't seem to want to be in this area. Specifically, I believe it is not a problem with the properties, but more an issue of location. The homes are about 14 miles from the nearest school, I tend to think of Section 8 renters as mostly having children, so the school issue may be a problem.

Does anyone have any ideas on how to make these two homes more appealing to Section 8 tenants?

Any input is appreciated. Thanks

Rob

When talking about apartment buildings, how do you define the classes (Class A, Class B, Class C, etc.)? I understand that Class A is the best, but how do you determine how a property fits into a particular class? Age, effective age? Is there some formula?

Any input is appreciated.

Rob

Thanks John, I have been thinking about that. The current deal I am working on will provide some good income. I need to learn more about wholesaling too. I think that if I continue to work on finding deals and making money, my current problem should only be temporary.

I like the idea of going "stated income", my mortgage broker had mentioned that as an option in the future. I started an LLC, the certificate was issued almost 3 months ago. I want to learn more about how this works. If I understand correctly, I would "state" my income to be a certain amount (being paid from the LLC), this amount should be enough to qualify me for the loan. But I can only do this once the LLC is around 2 years old..correct?

One thing that I definitely need to do is meet with more banks and mortgage brokers. I need to get a better "feel" of how lenders view my situation.

Hello all, I am new to the forum and decided to become active. I have read enough posts here to know that this forum has some very experienced and knowledgeable investors who may be able to provide some insight regarding my situation. I am trying to learn more about how my financial situation is viewed by lenders and what types of loans are suitable for me and available to me.

My situation is different than most due to the fact that I have a very small income over that past three years. This is because I've had several surgeries and was unable to walk for the better part of 18 months within the last 2 1/2 years. I have medical issues which forced me to go on disability about 3 years ago. So as of now, my monthly income is $847. My FICO score is 780, Equifax is 795. Also I have around $40,000 in cash for down payments. I have no debt, my home and auto are paid off. So given this information, the glaring problem is my low income. The bright spot is that once I build some cash flow from a few duplexes, that income should boost it to a more respectable amount. I am seeking input on financing ideas that may work for me. It is my understanding that "no-doc" loans are the only option for me considering my almost non-existent income. Any ideas?

So far, I've been quoted 9-9 1/2% interest, 20% down on 15, 20 and 30 year loans. I want to get the interest rate down as soon as I can. I am assuming that a few rental units with good cash flow will help me in getting a more favorable interest rate in 6 months to a year.

Basically I would like to hear some ideas from people who are knowledgeable about financing. Info like "what would you do in my situation?", given the low income, good credit and available funds. I probably left out some relevant information, just ask and I'll respond.

Any input is greatly appreciated.

Rob

Hello all, I am fairly new to investing in residential real estate. I remember hearing alot of bad things about black mold (and other types of mold) a few years back. This includes properties being uninhabitable due to mold issues. I understand that the mold problems usually arise from either 1) water leaks that go unfixed for a long time, and 2) use of substandard materials.

Regardless of how mold problems occur, I am wanting to know "How can I avoid owning a property with this type of problem?". Is there an inspection available for potential mold problems? Is there any way to protect against buying a house with mold problems?

Any input is appreciated.

Thanks,
Rob