All Forum Posts by: Brandon Birmingham

@Ralph Roberts i am not currently in the birmingham area thats my last name. As far as the, loan yes it is possible to get home mortgages under 50k!

@Dennis M yes i agree, i just want to move it to 750. The tenant is only paying 600 right now. I could keep it at 600, but to raise to 750 i fill like ethically i need to make some changes to the house. For future rent and sales also. I'll have about 10,000 in equity. the question is now i have to be creative. Do i take the equity for the repairs, or save up the cash flow from the house to do it piece by piece. Or i could always take a personal loan to cover but that only adds to the bill. 

@Barb Asay well her rent is 600 currently i want to go to 750. I understand what you are saying though for sure. thank you as well all the input helps!

@david Pete thank you a lot brother!! I appreciate the advise and help. I just got to take it one step at a time real estate is like tattoos addicting. Soon as you get one you want another lol

@David Pere well, i was saving that one for a bigger investment with interest rates. This one was a really small purchase and my friend who is helping me uses them, so it was just a more comfortable transition into real estate!

@david Pere so should i act quickly before i close to get another rental considering i would lose my first home buyer status???

that might be a rought time frame i have only 10 days before close or would i still be able to keep that status since its a rental?

@David Pere the cash flow is good. The neigherhood is on the lower quality end, and i believe that was the main reason for the low appraisal because there wasn't a lot of good comparables around it. Although, i'm in the military as well, and i see there is a way for rental investors to get a 0 down. I was also thinking i should have used a first time home buyer because i don't own a home, and since a rental will be my first "owned home" even though i don't live in it i think it will disqualify me which is unfortunate if you could verify that? have you had experience with the va loans and 0 down rental for va?

@Jim Goebel It was just an option for the woman who has been there 13 years. Not the best home or one i want in long term it was more of a bounce for the equity to get a more stable rental later! I was thinking a little bit of a longer term flip into a better investment plus she been there 13 years, so i would like to give her an option if she wants it. Bonuses when i'm trying to brand my business and get my landlord name out there in a sense.

I am fixing to close on my first rental property. The bank did 75% I put 25%. The bank loan is 14,500 and my cash is around 6500 after closing and insurance. The home as is value is 25,000 with repairs that i listed for the appraiser 29,000 after. Even though In my opinion doesn’t make since. The repair cost is going to be around 5,000. The overall rent will be 750 a month and the same tenant has been there 13 years. I was looking at options to get the money for repairs and options for the tenant in the future rent to own or a lease with the option to purchase. I am in the military as well. Looking for opinions and thoughts for the next step. I have a few plans in mind, but I want to see if anyone has thoughts and options, so that I choose the best routes. Thanks to everyone who responds it means a lot!