All Forum Posts by: Alyssa Hammond

I know this is a bit late, as you posted this 9 months ago, but I've heard that HUD will accept any offer that is 89% of the offer price + their closing costs

@Brandon Sturgill Thanks for your feedback. I've attached a copy of the estimated closing costs that were sent to me- or I can email them to you if thats easier. Do any of these numbers look out of place to you?

I'd love to know what calculator you use to analyze deals! These numbers are definitely scaring me away. Even if it looks like I'm making great profit each month on rentals (anywhere from $200-400 after putting away 15% into savings and 8% on management) and yet the ROI is below 8% and our realtor said it needs to always be at least 8%. I'm wondering if its just the Baltimore market

Hi everyone,

I've been using the rental property calculator tool and I have a question about filling it out correctly. Under the "purchase closing cost" section they suggest $1,500-2,500 but my projected closing costs are significantly higher. For example, I was going to put down 5% on a $224k house and my closing costs were $24,500. The 5% down alone was $11,200, so I'm trying to figure out how Brandon's examples always suggest under $3k for closing. I want to ensure I'm doing the numbers correctly so I can get accurate stats.

I noticed that we also have to choose what our down payment percentage is (which I put in 5%), so I wasn't sure if the way I'm doing it is including the 5% down payment in both sections Thanks for any and all advice!

@Thomas S. this is a very interesting point! How do you convince them to sign a year lease after allowing them to go M2M

I'm sorry to hear that, Elisha! I do find it bizarre that you had no issues with vermin until these people moved in- this would sketch me out as well. That being said, if you live anywhere near a city or in townhouses, vermin of some sort are typically bound to happen. I know bugs can be a pain in the butt to get rid of, so I think its fair to basically put them on a cleanliness probation of some sort. You wouldn't need to call it that obviously, you could just say "to eradicate this issue, we're going to have to work together to make sure these bugs die off & don't come back. This problem can get really bad if we don't act swiftly so here's what I need from you...." 

I'm sorry to hear that, Elisha! I do find it bizarre that you had no issues with vermin until these people moved in- this would sketch me out as well. That being said, if you live anywhere near a city or in townhouses, vermin of some sort are typically bound to happen. I know bugs can be a pain in the butt to get rid of, so I think its fair to basically put them on a cleanliness probation of some sort. You wouldn't need to call it that obviously, you could just say "to eradicate this issue, we're going to have to work together to make sure these bugs die off & don't come back. This problem can get really bad if we don't act swiftly so here's what I need from you...." 

Originally posted by @Luke Carl:

@Alyssa Hammond buy every smoking deal auction property you can find with cash! And if you run out of cash let me know and Ill buy! find the deal and you’ll find the cash.

You picked the wrong forum though this has nothing to do with VRs that I can tell. @Paul Sandhu

my bad- I'm still learning how these forums work

Originally posted by @Dave Skow:

With a FHA loan - all debt ( including a " non borrowing spouss debt) will be factored into the mix ...as long as his income is solid enough - FHA loan should be an option

get the pre approval process started to  know for certain ….

Thank you Dave!

One thing to consider is that paint samples often have different sheens (because they are made from lower quality paint). So the different sheen could make it look darker/lighter depending on the lighting in the room

I made the mistake of painting the top part of my entire bathroom with paint samples, only to find it peeling later because paint samples have lower quality materials

For the record, this is NOT my plan. I'm curious if anyone has ever bought a house at auction (in cash) just because its such a good deal? And then figured out the hard money lending for renovations after? 

I'm new to this so please forgive me if this is a newbie question