All Forum Posts by: Adah N.

To get the ball rolling you typically need to sign a contract with seller. What do you do when you have found a seller and have come to an agreement on price/terms? 

1)Do you write your own contract to secure the deal and then send to the lender, attorney, closing/title company etc? Where did you go to get the template for the forms? I am specifically interested in the state of GA. I have searched but not finding the one on BP. I think there used to be one but it is no longer available? I can Google but I am curious to find out what other investors are using/doing.

2)Do you contact an agent and have them write the purchase/sale contract and act as the buyers agent? How much commission do you pay the agent?

Thanks,

 Ok, great

Good to hear it rented. Looking at the sale price($380,000) from a couple months ago, is the rent ($2,250)too low to cover PITI, vacancy, CapEx and ongoing maintenance(pest control, lawn care, minor repairs etc)?

@Aaron K.

The sellers are experienced wholesalers, yes they may have intentionally priced lower than the true value to increase competition. With 25k over ask for a 150k property, it seems they got a frenzy.

Was he remodeling homes in his 9-5 job?

So I just lost a bid on a property. I - a risk averse newbie decided to make an offer sight unseen in a part of town I am not too familiar... With an asking price below 150K, I put in an escalating offer up to 5K over asking price. Someone else escalated to 25K over ask. What is all the rush about? 

@Thomas Greer

Are you saying they should have left sooner to get a full deposit?

@Luke H.

Were they not good tenants? Wear and tear is normal after 7 years. I’d expect to pay back the direct deposit unless there is obvious damage that would not count as normal wear and tear. Definitely expect to paint entire house and refinish your floors. Expect to deep clean or change carpets or damaged floors if cheap laminate.

These are normal wear and tear to me.

Great job! You get the award for great landlord, you keep them and address their pain point. They may want to hang around for awhile till they buy their own home ;)

Anyone out there rent out the main dwelling and basement to different tenants? Do you have separate utilities? How about laundry? Are tenants on main level receptive to tenants in basement? Any thoughts on this house hack strategy?