All Forum Posts by: Ed L.

Read a article today saying the average cost to own in Detroit was 350ish and the average rent was approx 1200.

It was a article on trulia discussing places that are cheaper to own vs rent.

Tough call... If rental demand is high I would only take non smokers... If the market is kinda weak and tenants are harder to come by I would specify outside only and a additional deposit.

I'd still rather a chain smoker with a dog than a bunch of kids. Young kids are pretty darn hard on a house.

I think it may actually hurt the housing recovery slightly because there is no rush to lock in rates in the short term.

It's also a shame for older folks like my grand parents who did the right thing and saved for retirement with the hopes of living off savings.. They are fubared..

Unfortunately they refuse to invest in rentals because of a bad experience 30 years ago. shame

Thanks for the encouragement! I just look at the rentals like a retirement savings account. Hopefully I will get some compound interest like effects once I have a few paid for properties cash flowing and saving towards purchasing additional properties.

Just a update:

Fannie Mae is going to pay the closing cost and title policy so they get to pick to use their designated closer.

During my inspection period I had my closing attorney go ahead and run title and review. Came back clean !

Sure enough the LA confirms a few days later that the title was clear.

I'm not sure where the LA got the incorrect info? Kinda strange imo... I almost walked when the LA told me there was going to be a lis pendens on the deed...........

Set to close this coming Wednesday!

Running up the credit cards eating out really isn't the properties fault. That's just a failure to budget personal finances.

I'd back out the personal stuff and reanalyze what you really have invested in the property vs what you have in personal debt.

@Bill Gulley I sure hope so!

I think my investing habits would also be more aggressive if there were more properties available that met my criteria. It's incredibly hard to find a good solid house that fits the 2% or 50% rule in my market.

Biggest things I see to improve are Paint, drywall repair, replace the acoustical tile ceiling with drywall, flooring, Counter tops, shower surround. Just basic cosmetic remodel stuff.

Probably looking at 10K-15K or so to have it cosmetically prettied up.

What kind of roof is that btw?

Congrats! Are you planning on owner occupying, fix and flip, or rental?

Thanks for clarifying!