All Forum Posts by: William A.

Great idea @Justin Cooper.  It is too bad his properties are in another city (which is probably part of the cause of his frustration).

I asked advice from an acquaintance that has around 20  rental properties.  His advice was simply "Don't do it"!  His reasoning was as follows:

1.  Unless you are a handyman, and can fix things yourself, you will never make money.

2.  Even if you get screen your tenants, you will have problems because the type of people that rent are those that don't have good enough credit to buy a house. 

Thoughts?

I found some condo/apartments selling individually in 25k  - 30k range. My mortgage broker told me that I would not be able to buy more than one, and combine them for a mortgage.  Is she tell me right?  Has somebody else ever done something similar?

Thanks everyone. I am filling better about using cash.

@Jack B  That is what I was thinking.  I wonder if I paid cash, and then bought another 25k property would I be able to get a 50K loan?

I found a property I am interested in purchasing.  I would rather not pay cash.   Can I get a mortgage for less than 25K, or does it have to be a minimum amount to be worth a lender's time and money?

@Raven Parmer  I was just discussing the HIghlands with  a co-worker this morning that lives there.  He agreed that the highlands would be a safe place to invest with a nearly zero vacancy rate for rentals.  But that being said, it also a very competitive market for purchasing homes. He paid more than the asking price for the home when he bought it last year.   So it might be hard to make your money "going in" in that neighborhood.

@Anthony Dooley That is what I am thinking, - I don't need her just to find MLS properties. I am hoping she can add value by making suggestions.

She indicated to me that she works with investors.  However, I was a little concerned when she asked if I my goal was to break even each month on my rental property.   What investor goes in hoping to break even each month?

I met with a buyer agent this week to start looking for investment property.  What should my expectations be from her, and what should I be doing to make this a successful relationship?

Thanks @Michael Siekerka.   I really wanted to stay away from the West end, but 700 rent on a 30K property is really tempting. Assuming $6000 down (20 percent) that would be quite a return on investment. Maybe I could even hire a property manager to take away some of the headaches.