All Forum Posts by: Alex Nelson

I'm looking to purchase my second rental property. I've found a HUD REO that I'm submitting a bid for, however this home has foundation issues that are very apparent. I'm trying to get my bid in during the owner occupied round for the best chance at getting this property. My question is, since this has foundation issues, what are my options for financing?

I'm looking at the FHA 203K loan, however I'm not a fan of the higher interest rate and points associated with the 203k. Are there any other loan products that may work for the purchase of a home with foundation issues?

This just seems contradictory to everything i’ve previously read about section 8. There’s hardly any incentive. As far as i can see it’s more work with less reward. It’s more hoops To jump through and more damage for just a tiny bit of reassurance that rent will be paid.

I understand how it sounds good during COVID, but from what i’ve heard most people aren’t having much issues with receiving rent. 

So i'm considering looking into investing in section 8 In my area because there's a few places where i noticed the fair market rent was a good deal higher than normal rent. This gave me the thought that it would be a good idea to purchase in this area and receive these higher than average rents that HUD was advertising.

So before i put any money behind the idea i looked into this further. I found a "landlord info pamphlet" for my town about section 8 rentals. It says "The Housing Authority does not approve rents based on the payment standard" (which is listed right next to the FMR on their website, but is a few hundred less, or 90% of FMR in this area). It also says that "the amount of rent that will be authorized is based in rent reasonableness."

What does any of this mean? Why do they use "payment standard" instead of FMR. And if their rent standard isn't even based on this and is compared to other rentals in the area, doesn't that completely eliminate the advantage of renting section 8? Why would anyone take that extra risk if it's required to generate the same income as a standard rental but will require much more work dealing with HUD?

Am i misunderstanding something here? Are they basically saying that in this area they will only pay what a normal rental would get? In which case the FMR and even their own "standard payment" are essentially useless figures.

Anyone who has experience with Section 8, please help!

I would recommend checking out @Ryan Dossey's page/podcast. This guy is killing it in the wholesaling game at a young age. From what I've listened to his recommendation is to pick one niche and master it before branching out. You need to optimize your lead finding in that niche to get your costs down per lead. Once you have a consistent flow of deal coming from that stream, then look at branching out into other niches.

@Murali M. thank you! I checked them out. Their price is just a little bit below what i was already looking at, but what I'm concerned with is that I need the lawn mowed for a duplex but this service only lets me select one address. Each unit has it's own individual address and i don't want to pay twice.

Hi Guys,

I'm leasing my first rental and would really like to get a lawn care service to take care of the lawn instead of mowing myself. I'm wondering if anyone has recommendations for great lawn care companies. I'm located in Arlington Tx. I'm looking for a company with decently low rates that is reliable. Currently I'm looking at a company that offers a price of around $41 per mow, but with Texas growing seasons and needing at least 2 mows per month, I'd like to see what else is out there to see if i can find a better deal.

If anyone has used any great lawn care companies or can recommend someone that they've used, please let me know!

I'm currently renting my first property. My tenant just asked me if i need to be/want to be listed on their renters insurance as the landlord. Is this necessary? What does this actually mean? My gut instinct is to say yes list me but i don't want to be held liable for something that I am not aware of.

Should i have them list me on their renters insurance?

-Alex

@Bruce Lynn correct me if I'm wrong, but as an agent you only have a fiduciary duty to your client. If you are purchasing a property from someone, and you expressly tell them that you do not represent them as their agent you are a customer looking to purchase, then does that not waive the "fiduciary duty" requirement? I'm not an agent myself but am taking classes to get my license for access to the MLS.

I'm currently on my first rental that i purchased last year. The purchase price was $170,000. I just received a letter from the city stating that the property has appraised for $177,00. For tax purposes, I'd like to contest this to lower my tax bill, however my concern is that i'm planning to refinance this property in the next 6 months and I'm not sure if the lower appraised value from the city will affect the amount that i can refinance the property for. I've never done a refinance so I'm not sure if this is a factor that would affect this sort of thing.

So here's the questions. Would contesting the city appraisal to lower my taxable property value also lower the amount that i can refinance for? Or will a lender do their own appraisal and ignore the city's appraised price? Should i contest the appraisal?

Thanks!

-Alex

This thread screams of bias... all of the accounts that are commenting supporting "Right Path" have less than 4 posts. I've looked at all of the accounts of the posters and their only posts are on threads about "Right Path" basically trying to promote the company. Something seems VERY VERY fishy.