All Forum Posts by: Tramaine Pride

update on this property, she has $30 owed on the loan, moved out to an apartment, got quotes for roughly $20k in repairs needed. If I can come up with the repairs shell let me keep it. From my research it is a good low income rental market there while the rest of the neighborhood is coming up with new development. Im thinking of using BRRR method for this, but need to find some lenders for the repairs.

Hey, I was born and raised in the area, graduated from Pinecrest. I am glad to see a meet up in the area, I am interested in learning the market and network back home and would like to make one of these meetings as soon as I can. 

So my grandmother has an old property that she does not want to continue to keep up at her age. She asked me for my 2 cent on the subject and from what I’ve read here and other places I think it would be a good idea for her to sale it to an investor. My dad is actually flipping a home across the street from the property and watching him put in all that time and work is really what has my grandmother and I are leaning towards a sale to an investor. I wonder which way we should go with it.

Hey, quick update about 2 weeks about out from closing and the appraisal came in at about $1500 more than the asking price (whoop whoop). So we will be starting out with a little equity. My lender required we have a lease agreement for the town home signed at closing. This had us very nervous and leaning toward property management because of the short amount of time to find and vet a quality tenant, but God looked out. Turns out I have a realtor friend that just sold their home and will need a place to rent for the next 4 months while their new home is being built. Best part is they offered the whole 4 months’ rent up front and to help up get the town home renter ready by reaching out to her frequent contractors make some improvements and help find a tenant during the short stay. So we ended with a "property manager" as a tenant for the next 4 months. I'm excited to learn and work on this deal with some good people that are in the business.

Congrats! Great example on how to set and obtain goals. Looking forward to more success for you.

Thank you, you are so right! My wife and I are former college athletes and are now coaches, we see "Analysis Paralysis" all the time in games when players over think what they've spent years learning and practicing, you've got to shoot your shot!

@Joe Normanundefined

So we had our first showing our agent Friday and made an offer on it. Great location, I could bike to work and walk my kids to school, also its only 5 minutes from our current property!! It went on the market on Thursday night, we saw it Friday afternoon and were under contract by 8pm Friday night. My goal was to close by end of March but we now have a closing date of March 2nd. To help this deal move so fast I made sure to get pre-approved first ( agent really appreciated that). Now we need to get our current townhome renter ready. We have 3 kids 5 and under... Looks like I'm going to have to roll my selves up and do some work. Any tips or check lists on how to get renter ready feel free to let me know. One more thing, my agent convinced me to manage it myself and will list the rental on the MLS.

@Devin Bordersundefined

Hello, I am about to make my first home my first rental prop. We currently are in a townhome we bought because the area rented well. I was able to get 0% down payment financing for our second property which will become our primary property. I am super nervous but have been doing my homework and have found an agent that understands my REI plans and goals is helping us find a single family home that could also become a potential rental that will cash flow well. Our goal is to rent and hold forever around the University City area in Charlotte. I just wanted to keep track of this first deal on here and would gladly accept any tips and support!!! I also wanted to thank BP because I would probably never even have this mind set if I had never listened to the pod!!

Hello I am new to the forum and have been listening to the podcast the past year or so on recommendation from my friend. My ultimate goal is to be finically free and for my wife and I to coach basketball full time and be around to coach our children too. This year want to start my REI journey by moving my family into a single family home out of our current townhome which in turn I want to make into a rental property.