All Forum Posts by: Dane Fenner

Mine going into a little more details?

@Ariana Belmonte This decision really depends on your needs and wants.

From a investment point of view it would be wiser to purchase a house.

Condo can have restrictions against leasing/subleasing and remolding.

You may want to look into purchasing a multifamily and using a FHA loan with only 3.5% down, but you would have to list and treat this property as your primary residence and live in one of the units.

@Robert Adams I would have an agent run comps if I had a solution for the seller to sell the property.

The seller knows that the property is under water based on what their agent said.

@Kevin Polite

Thanks for clearing this up, the rent estimate I received came from Zillow as well, but the seller stated they use to rent the property for 1200 per month

Time is money, spend it wisely

@Wayne Brooks thanks for the feedback I was hopping their would be another way, I doubt the seller would qualify for a short sale. My only other option is to ask the sell to kick in the 20k to pay down the loan so it could be sold.

Hello BP,

I have been presented with an investment opportunity with a contingency.

Backgroud:

The seller is a family friend living in New York who happen to purchase a investment property In Atlanta Georgia 10 years ago. The tenants occupying the space but stopped paying rent now the property is being occupied by the sellers family.

Opportunity:

3 bedroom 2 bath house in Decatur Atlanta Georgia (Excellent Condition)

1. Price paid: 115k (in 2003)
2. Mortgage remaining: 81k (as of 2013)
3. Currently worth: 64k (Zillow zesitmate)
4. Can rent for 900 (Zillow estimate)
5. Was renting for 1200 (a year ago)

Contingency:

The seller wants to sell this property but does not want the sale to effect their credit.

I would like to purchase this property and hire a management company to manage it because I live in NYC. I have a good income, and a primary residence but I don't have a lot of cash to buy this property outright.

Is this a good deal and is there any way to meet the sellers needs and my wants?

Thanks In Advance

Hello BP,

I am beginning me real estate investment career and I wanted to know if I should create a business entity or not.

Recently I have purchased a primary residence that I rent out while I live back home with my family. I work in corporate America and make decent money but I would like to purchase an investment property with the help of outside financing.

Would it be beneficial to create a business entity to protect myself or should I wait until I have a few investment properties first and just practice creative financing in the meantime.

Hey J,

Great video, I really appreciate you posting this. I wish I was aware of this rule when I was renting out my first place.

If you have any other videos I'd definitively be interested in viewing them

Hello,

Im currently renting out to a long time friend so im charging a flat rate of 15$ for late fees.

The rent is 1600$ a month, I thought about charging a percentage but anything over 1% or 16$ would be more than the flat rate.

Maybe Im charging to little but I want to built a positive landlord tenant relation and based on the financials of the tenant/friend I felt it was appropriate.

Is college worth it?

In my opinion it depends on who you are, what you want to do with it and if can you afford it.

I believe college shouldn't be used only to obtain a degree. Many people don't realize how useful of a networking tool it is. I've met many young future entrepreneurs, future investors, and future employees in college.

In your situation i would recommend majoring in Accounting, Project management or business management even if you just get a Associates degree. This will give you some book knowledge to help you run your business and degree to fall back on.

But most importantly I would NETWORK NETWORK and NETWORK.

So you answer your question is college worth it, based off your goals i think it is.

Hope this helps