All Forum Posts by: Tiffany U.

@Rema W. Yes the numbers still work. One side has a section 8 tenant that's been there 15 years. The other side not section 8 tenants there 8 years. C property in C area.

Newbie question.

I am looking at deals trying to break into the market.  My question is how do you know when to leave a property alone and when to go ahead and invest.  I've run the numbers they work.  The property has tenants.  But the property is not in the best neighborhood.  I'm not really sure what that means because I live about an hour away.  

Part of me says go for it as an investor who is looking to buy and hold properties my lens that I view properties is different then how I view a property that I want to personally reside in.  The other part of me says the school district is not good and I'm not sure about how well the property will appreciate in the future.  I have looked that the county and see the numbers as they are okay. 

Looking at the numbers and taking the leap are two different things. I know that REI is filled with on the job training opportunities. Am I better off investing in my first property that's not in the best neighborhood than not investing at all and continue searching? At what point do you just dive in and start learning?

@Ned Carey thanks!

Thanks for the responses. I have not paid anyone. I have identified a mentor and he has given me advice and has told me that part of my learning is getting out there and doing. I agree. I utilize my mentor to review deals etc. so that I can see if I have a good grasp of the concepts of ROI making an offer etc. I'm not complaining but I wanted to know what others experiences have been with mentors.

How do you know if you have a great mentor or if should keep searching?

@Brandon Handel Considering PRO as well. I'm thinking combined with the legal documents that may make it worth it for me. However just starting out spending money on lots of extras eats into your ROI. Researching and pondering.

Update, almost two years later we have made some progress but the issue is still not completely resolved.  We have hired attorneys and the error has been removed from one of the agencies on both of our reports, then another on my report and not my husbands.  Still nothing on the third credit bureau.   The good news is that the broker who did our refi years ago reports they will work with us since they know they paid the first lien off.  In other good news since all of this has happened we have saved more cash and are looking for cash deals as well as financing.  I am hopeful that we will be the owners of a small multifamily property by the end of the year.  

Okay, thanks!  I will get on this.  I know that we have spoken to the credit bureaus but have not been told how to move forward.  We thought it was resolved when we requested the documentation that the loan was paid in full and the bank was supposed to notify the reporting agencies.  I will jump on this.  

This situation has put a damper on my husband's mood about the process.   

Hello,

My husband and I are actively searching for a rental property. We decided we would take a HELOC out of our home for our first deal. We decided on the amount and are going through our bank to complete the paperwork. We have run into a problem we refinanced several years ago and the first mortgage holder accidentally reported to the credit bureau that the loan was partially paid off not paid in full. We have gone back and forth with them as to why this happened. We were sent documentation that the loan was paid in full and not partially repaid but in the meantime the back declined our HELOC. How do we get the error off our credit report. We've been working on this for over a year we have documentation from the lender but how do we remove this from the reporting agency.

Sounds frustrating but don't give up.  I'm considering turning my current home into a rental add well.  Please keep us posted on your progress.