All Forum Posts by: Quandra Adams

My offer was just accepted on a duplex and being a first time home buyer AND house hacker, I'm equally excited and as nervous as a long-tailed cat in a room full of rocking chairs but I digress. Anyway, has anyone ever had a property or lived in a home that had baseboard heaters? What was your experience as far as maintenance. I know nothing about them but this duplex has them. Any info pro & con would be helpful!

Hi, Maria. What are your needs? I may have some references.

I found a property and it looks like i will be accepting an offer sooner than I thought so is now the right time to LLC?

I've read in multiple places that is possible to roll the closing costs into an FHA loan (but can more money). I emailed my lender to ask what that cost might be and I was informed that it's not possible. Well, these were her specific words "The only thing that can be rolled in is FHA upfront mortgage insurance premium, which I have already done. I few of the renovation expenses on a 203K are used to calculate in the loan amount but that really doesn't change the cash out of pocket."

Has anyone here ever done this? Where is the disconnect?
 

I have ran the comps for a property and submitted an offer and got counter offered. I am convinced that the seller is asking too much for property. I had my agent ask for the comps used to determine the price and the buyers agent sent over 4 year old comps. It probably really doesn't matter much but I'd really like to know what they paid for the property. We wrote in the contract that the sale would be contingent on an appraisal and I may have to accept their offer to find out what the property is worth. How can I find out what the owner paid for the property?

I was trying to see if seller financing would be a viable option for me. Based on what you guys are saying it's probably best I stay the FHA financing route. I started looking for other options because it's looking like I may have to pay my own closing cost. Which in and of itself is not such a bad thing except for me the closing cost plus my down payment would take over 50% of my savings and I do not want to be left in that position.

Pros & Cons of Owner/Seller financing? I have already been pre-approved, have about 12K saved and have found a good number of properties but I do not want to kickout 7K+ for a multifamily (this is usually how my numbers look due to an FHA loan with money down plus the 4.5 interest). Would I get a better deal for these same properties with owner financing? A little rehab is not an option when going this route, is it? I ask, because I will most likely be living in one of the units as well and would want the place livable for me.

I've come across a property I want but it is in foreclosure and in another city from mine. How do I go about buying this property? How do I find out which bank to contact to purchase it?

Alright ya'll, so my cashflow with 2 tenants (After I leave) is $328.01. This comes in at .97 for the 2% rule. Then it dawned on me that the 10 year tenant have never had her rent raised so I started playing with numbers but even with a gradual rent raise the needle only moved slightly over 1%. I know most investors live by the 2% rule so I am wondering if this is still worth pursuing. What other factors (that I control) can be used to get me closer to that 2% mark?

@Jay Helms, this is a case where (no surprise here, lol) I don't know, what I don't know. Me being an investor newbie, I didn't realize that I didn't have to focus so much on appreciation if my goal is to reduce my living expenses, buy a property, and have a tenant help me pay for it. You are exactly right. My fear was (and still is) getting the numbers right or as close as possible for the ARV since the rental property calculator is needed for that. Maybe im wrong, but doesn't the accuracy of that # matter for my calculation results? Maybe just for appreciation and not rent considerations?