All Forum Posts by: Jeremy Sanders

I was reading the "Credit Repair For Real Estate Investors And Tenant Buyers," on the biggerpockets website. In the "Building Strong Credit," section it mentions that you can build stronger credit by adding alternative credit to your credit report. These are such things like (electric and water bill payments, phone bill payments, unreported car payments, insurance payments, various rental payments,and other bills you pay on a regular basis...) if this is true, where will I start with trying to get my monthly bills added to my credit report? Also, would you guys even recommend doing this?

Hello,

I am interested in investing in a Duplex. Preferable 4 or more units. Before I jump into my first deal, and I am wondering what are several factors that I should keep in mind when shopping for units, as well as after my purchase. I have already listen to several podcast and received some great knowledge. But I'm still seeking more knowledge. I know this question is kinda of broad. But that is my sole purpose, just to open up the discussion for several doorways when it comes to receiving advice. I am very interested in having my tenant pretty much pay for almost all expenses, but I would like more assistance when it comes to building the foundation/lease contract to present to my tenants in the future.

Hello Everybody,

Im currently looking at properties to Buy & Hold, and I ran into this deal and Im trying to see if it is a good one or not.

Asking Price: $139,999.00

Down Payment : $6,800.00

Monthly Payment: $ 885.00 Per month w/ a rent to buy option.

Using the 2% and 50% Rule this is what I get:

139,999.00 * 2% = $2,799.98

$2,799.98 * 50%= $559.99 (Expense) $559.99 (Mortgage)

Currently one unit has a tenant, and it brings $525.00 Per month. I don't have all backgrounds of the property such as (Bedrooms and Baths, Property Tax, Principle & Interest, Neighborhood, Transportation Availability, tenant screening, etc.)

From the advertisement it seems like the seller is trying to owner financing, if this is true does the Mortgage amount from the 50% rule still apply? Do I factor it away from the monthly payment the seller is asking for? Right now of course I'm not looking to jump into the deal headstrong, I just want to look at the numbers and then see if this property actually has potential for a Rental Property.

Here's The Ad:

"The purchase is 139,999 both units $6800 down this make your payment 885 per month good schools quite area safe and secure. Upper unit is 2 bedroom and bring in 525 per month. Duplex can be paid off free and clear 12 years. Then no rent just income. If you want to ................rent option to buy............... 885 with two month deposit. This is newly remodeled brand new carpet on ground floor with a large yard."

From the ad it has 5br/3bths, But I don't know how they are separated.

Please tell me what you all think.

-Thanks!!

Also, What are some other things that I should take into consideration?

Is anyone currently an REI in North Carolina?

I'm currently looking at 44-50K condos. With currently owning a home already I know it's hard to own one home with the mortgage I have now then try to add on with purchasing another one. Its possible but it's a lot of risk factors as well when it comes to debt to income. I feel stuck because with knowing the fact that I'm paying on a house now that seems like it will take me forever to pay off. Then managing it if I had to leave to go to another duty station when the time comes. Also does it even matter about price range when it comes to buying condos?

hello!! My name is Jeremy and I'm interested in investing in Condos in the Fayetteville area. Here's alittle more about my background. I'm currently an active duty soldier stationed at Fort Bragg NC. I have lived here for 3 years and I'm originally from Smithfield NC. I own property in Cameron Nc with a mortgage of 808.00 a month, and owe139K on my home I purchased using my VA Loan. I have stayed there for a year now. It's a 3 bd 2 bth multi-level home. My first question is what I should do with it. I have thought about either selling it or renting it out. The reason I would consider selling it would be the fact of being eligible to use my VA loan again in the future. Plus couldn't it help out when financing for another property when it comes to debt to income ratio? My major plan is to purchase at least 2 condos in the same development. Living in one and renting the other. Hopefully if that works out I can continue to invest in condos on the same development and start buying condos on the coast, not mostly for renting but just for vocational purposes. I want to atleast buy one condo every year for my birthday as a present for myself. But I worry about financing, and also being robbed by realtors. Would anyone being willing to give me better insight, realistically. Also help me with building a more found business plan for my future in-devours.

Thanks to you all for the replies and great information. Sense I am very new at this I definitely will soak everything that you guys are given me in like a sponge. @Jeff S. Thank You for the tools you have enlighten me with. I am waiting for my book to come in the mail as well as my calculator.

@, I do apologize if my explanation was alittle difficult to understand. Hopefully this image would help alot better towards the example I was tring to give.

Are Unpaid Balances considered a danger zone when investing in performing notes. Also, could someone be able to explain the exit strategies better for me. I think I have an idea. But I want to be sure im on the right track. Lets say for example the time frame for sale of note is 30 (Days) and it has a principle balance percent of 80.0, the gross amount is ($4,800.00), Net Amnt Recieved is (-$1,200.00), ROI is (-20.0%), and APR is (-243.33%). What does this actually mean? Does it mean that I will need to sale in 30 days in order to recieve a good profit? Also should I run for the hills per say, if the note has a huge amount of money due to unpaid interest?

I have a few questions in regards to purchasing a Performing Note, What does UPB stand for? It is a percentage down on the actual asking price of the Performing Note? Also if a percentage is not being requested, are you going to have to pay the full principal that is left on the Performing Note already in order to claim ownership of it? Or do you just put a certain amount down on the current principle loan until it is paid in full. My last question is do you have to pay all other fees on the performing note before you can claim ownership of it. For example, Foreclosure fees, keys, Deed of Title, etc. Or is this what will be paid for to you?