All Forum Posts by: Lauren R.
Lauren R. has started 1 posts and replied 18 times.
Post: Am I in trouble down the road?
- Melbourne, FL
- Posts 18
- Votes 5
Post: Am I in trouble down the road?
- Melbourne, FL
- Posts 18
- Votes 5
@Eric Neal sorry for not clarifying, I meant your insurance coverage for personal property and liability, I don't think that's covered by the exterior insurance...
Post: Am I in trouble down the road?
- Melbourne, FL
- Posts 18
- Votes 5
@Eric Neal $1,199 is just your principal and interest payment, right? As @Jeff Valentino pointed out you've also got taxes and insurance on top of that.
If you aren't in the immediate area in 2-3 years when you start renting it, you may also have property management expenses?
Last thought, your payment could be going up in 5 years with ARM?
Any way to get the condo FHA approved?
Post: Should I switch agents?
- Melbourne, FL
- Posts 18
- Votes 5
@Samantha Klein He's not listening to you, you said duplex and he's showing you SFH. You are ready with cash for an offer, and he's taking his time. You need an agent who is investor friendly. I'd move on, or as @Andrew Syrios said, look into getting your license yourself :)
@Account Closed Anyone owning this property is going to be at the mercy of the bank. The bank could foreclose tomorrow or maybe you get lucky and have more time to rent it out and make some money. Or perhaps you can negotiate something with the bank, but then does the amount owed on the bank lien plus the amount you're paying the seller still make it have a great cap rate and OK cash flow?
@Brandi Carballo brings up a lot of good questions.
@Byran Parson Is it turn key? Is ARV 45K or is it higher?
@Account Closed Is the other lien the bank? If so, isn't an HOA lien considered a junior lien and unless you can negotiate something with the bank (if that's possible), they could still foreclose and take the property back? Or are the rules/laws in Arizona different with lien priority order?
It takes quite a bit of self motivation to get through the education material doing it online, but I could do it at my own pace, when I had time and it let me go back through the material where/when I needed if I wanted to re-review something. I think I could have even called/emailed an instructor at the school if I needed to talk to a real person. The school i went with offered both online and in person options.
@Ceasar Blackman no, I'm doing Rowlett online. Sounds like a good plan you have to get the test done while the material is fresh in your mind. Best of luck to you!