All Forum Posts by: Zac P.

I usually keep my rental rate at fair market value or even a little bit lower than that. I do that so that I have more applicants to choose from. Did not really answer your original question, but if you have plenty of tenants to choose from, you could more easily walk away from someone who has no kind of ID. Good luck.

Say I picked up this property for a 4 year term. What are typical interest rates when doing seller financing? Asking price is only 30k, so I could probably have it all paid off by then. Almost no work is needed done to it. This is all new to me, any helpful info would be great. Thanks David.

Looking at a duplex and owner says he would seller finance for 18-20% down and would hold the loan for 2-4 years. Does that mean I would need to have it paid off by then or,,, refinance what's left with a bank? I guess I would need to negotiate interest rates as well. I am new to this seller financing thing, any helpful input would be appreciated! What are your experiences with seller financing and what terms did you agree to? Thanks guys!

Also, this would be for buy and hold.

Keep us updated on how it goes. I never have a problem spending money on education. There are a million worse ways to spend your money! Hope it goes well.

How many properties can a property manager manage until the company has to hire the second manager? I know every manager is different, but is there a number out there that you all feel like there needs to be another property manager brought on? I manage for family and friends and I am starting to feel a little stretched. :)

Go Cats! Lexington seems to be a solid place to invest. Good luck!

I would also recommend getting plugged in with an Investor Club or something. Basically it's full of people that are at where you want to be one day. I find deals through my agent (MLS), Zillow, Craigslist, FSBO, etc. I get good deals, but am trying to find creative ways to find the "great" deals out there. As soon as you can, I would jump into your first property. It does not have to be a home run (would be nice though!). You learn a lot when you start to get your feet wet! Good luck. Keep us posted!

Oleg,

I am also a new investor. I have a SFH that I rent out. Got a couple offers out on more stuff, but am still very new at this. I would recommend reading anything and everything on here. Spend your money on books to educate yourself. Take full advantage of any free real estate seminars in your area. They will always try to sell you something (which isn't necessarily always a bad product), but you will always learn something while you are there. The last year I feel like I have grown so much in my knowledge of real estate. From what I have experienced so far, it is not an easy job, but is is very rewarding! Good luck!

That sounds like an amazing deal! Congrats on the find. Something I do sometimes if I do a drive by... If the tenant is outside I might be like "Oh hey, do you live here? Can I ask you a few questions about the property?" Sometimes its a little weird, but if you play it just right, you get some valuable info! Haha. Seriously though, tenants can be your best source of information!

You know what they say, "Everything is bigger in Texas!"