All Forum Posts by: David Scott Kelly

Can anyone recommend a good property management company in Garland, Tx ? Just bought my first rent house...

Thank you Jacob...offered 150K and walked.....had old hot tub with rotten deck, too.

I have an opportunity to get a hot Town home in Garland , Tx for 180K ...worth 200k . need a little work. rents 1500 -1600....always full ..seller firm at 180...might get him to 177.5...I will be  few hundred underwater if done conventionally. Seller said not too worry ..he will let me pay 10 per cent down and amortize at 30 years but with balloon payment at 5 yrs..

His accountant supposed to call with more #'s soon. Do I have more wigle room with seller holding the note ? 

Meaning...ok to lose a few hundred a month temporarily to get the deal ?

Thes townhomes were worth 60- 80K in 20005. 
 

And, I am newbie with very good  credit and have cash reserves. I work full time as an RN (20 yrs).

Everything in my mother's name... no lease...thx for your advice !!!

BTW....House payment is currently 1100 with ins, HOA, and taxes included..

Parent now in seventies bought house for sibling approx 15 yrs ago. Agreement was to pay note to parent. Never paid. Parent running low on funds...out about 150k. Property worth approx 150k. Still owes 80k.  Parent (my mother) willing to sell to me. Not sure best option though. Should parent sell and get 70k back. Or should I pay off house and put up for rent ( comps rent for 1500 per month)? Will let her keep profits as much as possible. Or Buy for 100k so she can get 20k and rent? Would like to keep property in family. Hot area. In pretty good shape..new roof and ac (paid by parent of course)....My house paid off. I am a nurse. Been looking for a deal. But its a mess. Will pay sibling to leave or evict if needed.  Need some advice.

Great advice about Home Warranties from Vincent V. & Cara L.