All Forum Posts by: David Espinosa

To use money from family for fha loan there can be NO expectation of repayment. So you can't get a loan from family to help with down payment it MUST be a gift. That said there are down payment assistance programs available but you would have to check with your lender to see if you would qualify. I totally agree don't borrow money without a proper note writen up, even if it's family lending you money for deals, treat it like a regular buisness transaction.

Welcome to BP!! Maybe you can turn it into an airbnb possibly.  Don't know the area or specifics but worth looking into.

@Chase Romine

The bank is going to require an appraisal and highly suggest an inspection. I would go with an experienced inspector not the cheapest. He/She will go over in detail everything about the property good bad and ugly. They will usually let you know if you need something to be further looked at by specialists but can give you a really good idea what you are buying. I strongly suggest doing the entire inspection with the inspector, if they go in the crawl space, join them, if they climb up into the attic through a small access hole, go with them. They will show you things to look out for and on your next purchase you will have that much more knowledge about what you are looking at. I would then suggest going back to the negotiation table after the inspection to renegotiate. Don't forget to ask for leases, prorated rents and deposits in your contract. I would also suggest getting an estoppel signed by all parties for every tenant. If you go the FHA route don't forget about the 203k loan they offer, it can help build equity and get you closer to the 78% were you can then refinance and drop the MIP faster.

@Daniel Hughes

Sorry for late response but I sourced it through the MLS. I used Realtor.com Zillow.com and Trulia.com to find the houses I wanted to look at. Then I called my agent and told her to set up viewings and made offers on a couple and got one accepted. I wanted to walk the appts and have the rent roll and maintenance records before I made an offer.

@Matt F.

Sure did and loving ever min of it. Anything in particular you want to know. 

Can't wait!

@Theresa Harris Solid advise thanks!!

I have a tenant that asked to get out of their lease early due to job relocation. I agreed because they weren't staying at appt anymore and were just paying for it due to lease. I have given them there move out packed with a letter acknowledgeing there intent to vacate. They have packed there things and cleaned appt for is to show. Had a good showing with a few good applicants and have done backround and credit checks on new tenants. Accepted new tenant but didn't sign a deposit to hold just told them it was theirs and I would let them know when appt was ready. Old tenant texts last night they are thinking of not moving now and want to stay. They have always paid on time and never had any issues till now. The new tenants have paid $80 so far for all screenning, are highly qualified and really want the appartment. Old tenant still has a couple months left on their lease. What to do....?

@Phil Clark When you come down in November try to make it to some of the local meetups. You can find some on here or at Meetup.com or Kreia.com. You can meet local Investors, Flippers, Lenders, GC's, Property Managers, Wholesalers, and Realtors. It will help build some rapport with locals to get some boots on the ground for Out of State investing.

Becarful with scratch and dent stuff. The fridge could have been returned because it doesn't work or the ice maker leaks like crazy or in the case of a stove one of the burners don't work or stuff along those lines. You can get awsome deals just be aware of possible problems.