All Forum Posts by: Bryan Grooms

Just trying to see who everyone uses to insure their SFH.

I am a new investor and looking to purchase my second property. I was hoping to get opinions from investors whom own Section 8 houses and how to get qualified for the program. Thank you in advance.

@Tom Vanderlinden. In my opinion, there will be several deals out there in the coming months with the unemployment numbers. They will be probably better deals than they have been in the past year or so. Last fall, I had 5 deals to fall through including one where the landowner sold the property to his friend after we signed a contract. In the end, I found a rental with long term tenants whom take pride in their home. Best of Luck!

@Jeff Willis. I was scared of that. One of my first actions is to get a signed lease agreement. Thank you for honest feedback.

@Jason D. Thank you for the advice. The seller did say the property was on a month to month. I was almost scared to ask because the answer may be $100 less. Will definitely ask when we do the inspection.

I am purchasing my first property from another individual investor. One of the reasons for purchasing this property is it has an existing long-term tenant whom both the seller and real estate agent say pays the rent timely. Unfortunately, the landlord cannot produce a ledger showing the rent payments and if they were made timely. The seller said that this was the last property because it was the most profitable. The seller said that he needs money for another investment. I have to pay cash so that we can close quickly.

I am just having every scenario run through my head including the one where those statements about the tenant playing timely. If that is not true and I spend the next six months going through an eviction, will I have any recourse against the seller and real estate agency?

I have a feeling that I will not be able to get anything from the seller if I have major losses. I hope I only have just that initial purchase jitters. I would appreciate any advice from experienced landlords that have been in this situation. Thank you in advance for your advice.

@Frank Patalano. I just submitted my first bid on an investment property today. I appreciate everyone's advice and support. I am truly excited about getting into REI.