All Forum Posts by: Account Closed

Ok am looking at a two family but their has been a tenant in place for 7 years at this house. My question is what can I ask the owner/ or agent to verify that the tenant has paid on time. The owner says that they have like clockwork but what documents would support that thank you

Yes that book, and I didn't rely on zillow I actually got some properties in the area and saw what they sold for. I then drove by them
This morning and got a good idea to
What they paid and what I am
Paying and compared them. Did see some
3 families that were purchased for 60-80k but needed work. Property I am looking at is 2 family with no work (after inspection of
Course) for 55k

Yes, I am driving by tonight and will definitley do that thank you Brandan, I apperciate any advice given from my fellow investors on this forum. David I spoke with the agent recently she said he paid 650 for insurance, but I will call GuideOne and get an exact quote from them as you mentioned. I am going to email the owner right now and ask him for the water/sewage bill since the first floor has been vacant for a year, I will double that cost and add it to my expenses. I am going to set up an appointment tommorrow morning with the agent to check out the house, I will bring the inspection sheet with me and rank it on how I think. Don't have much experience but it is better than nothing. If I see any issues with the roof I will take a picture and get a good description. When I go to put my offer in I will say that this offer is given after inspection.

As far as the mortgage is concerned I spoke to my local credit union and am approved for up to 54k, since I am a server and my income is low while in school. For investment purposes on multi's they require 25-30% cash down which I will have. As far as closing costs are concerned I do figure that will be around 5k but I am not too sure. I hope I can keep the motivation and do everything right to land my first deal at 22. This millionaire real estate book keeps inspiring me as many of you do too lol.!!

How does that plan sound?

I checked zillow and other sites to see what homes sold for in this area and it seems there were 3 families that needed rehab that sold for about 62k then were listed 2-3 months later at 120k. I want to make sure I am making a good purchase as you make money when you buy! lol

I got in touch with the police records department and the lady said the only thing at the house was a year ago the person left his trunk open and got someone stole what was in it. That is the record for that house. I had her look up the property next to it and she said there were disputes and criminal trespasses. Nothing as far as drugs are concerned from either property. She couldn't really tell me much about the neighborhood in general just only the house. I will drive by tonight at 11pm and what should be scoping it out, and what should I be looking for?

To give everyone an update I drove by the area this morning and was your typical city with alot of multi's in the area. I didn't see alot of for rent signs and abandoned buildings so I felt that was a good sign. I called up a property management company and told her about the house she said that 650 was about on market for a 2bed 1 bath in that area. She said you shouldn't have a problem renting it out in that area. I am pretty sure the landlord pays the water/sewage bill which is about 35-40 a month a unit so I will factor that into my expenses. I am waiting for the records company to call me back with information on the area and get the crime rate and any other statistics.

talked to the agent she said that there is no tax issues and is ready to move in the bottom floor. She said it passed all the inspections and their will be no issue with someone moving in immediately. Owner does not offer financing so if I were to purchase this property I would go to my local credit union where I am approved for up to a 54k loan and I have 20% down. I will check the local police records, and do a drive by. She said tenant has been their for 7 years and has always paid on time and seller is basically letting the house go down since he lives in CALI. I will look at similar houses in the area and see what their recent prices were for. Any one have any other advice for me as I would love anything. I feel like after searching this is a good deal but I will check the area to make sure it is safe. Thank you all for your help so far in my first deal.

No not really. I plan to do a normal scope around the neighborhood for vacant properties and for rent signs etc. I also saw recent sales on the realator site so I will drive by the properties close and compare any other ideas?

I am going to look into that thank you. House has been on market for 2 years and i looked on website house is at 70 but i saw it for 55 on Cl. I will be checking with the records department tomorrow about the crime and how do I find out if the unit will be able to be rented and passed codes and inspections

the owner is selling it because he lives in California and supposedly doesn't want to deal with it any more. Taxes may be 3000 also too he wasn't sure but the real estate agent will call me. He said he had someone perform the maintenance when the one renter called. I also asked why the bottom floor was vacant for a year and half and he said that because he has been trying to sell it he didn't really care to find a new tenant? Does not make sense to me because he lost 650 of income a month but he said he didn't care because the house is almost paid off? What do you guys think? Please any help would be awesome!

Ok, i will do those 3 things about and also.. He said the renter has been there for over 10 years and always paid on time like clockwork. How do I know that is true and the guy has paid and has been there 10 years? I have checked the renters market in that area and it seems 650 is the right number.