All Forum Posts by: Chris C.

@Mindy Jensen if they do that, paypal takes a cut. To avoid the fee, they have to do a "friend to friend" transfer which voids any recourse they have for disputing the charge

@Philip Abbey how does each one compare. Is your bad debt higher than the interest rate of your RE? If so then pay off that debt. Also varies by comfort level.

@Joshua Meisner

Best advice I can give is budget for the worst case, then budget some more. Life has a way of throwing curve balls, and it's the same with RE.

@Walter Ellis

Start calling up local banks.

@Estelle Angelinas

Size doesn't matter

@Victor Ramos

Treat it as a fair deal. Don't try to screw him over but at the same time, don't shoot youself in the foot by bending over backwards and making some crazy deal.

@Kyle Reynolds

My answer is maybe

If you want it as your primary residence (either now or in the future) and can eat the cost, then why not.

It's no different than owning a vacation home / second home. Except instead of sitting vacant and paying everything out of pocket, this one will have a tenant paying the majority of your mortgage.

However, if your just saying it's a primary to qualify for the low money down, then I would say no. You are solely approaching this as an investment property, and as an investment property it is loosing money from what you said (of course you'd have to take in appreciate, and if you're okay with the speculation of appreciation, and a that good stuff). But at current market value 10k /$200 per month your loosing , hold more than 4.16 years without inflation would then cost you money in the long run

@Shannon M.P. Lewis

Was it hard to get a construction loan with you self performing the work?

@Karen Lipa

Deny. They will be a headache. How will they pay the rent if they go to jail?

@Luka Milicevic

Yes. I would make sure everything else is perfect, but yes I would