All Forum Posts by: Gary Grimes

@William Kelly, I assume your in the military. I was in the Army myself. Have you checked to see if you qualify for a VA loan? There are pros and cons which you'll need to research yourself. Even if you may not be able to use it the this time, I believe it's a good tool to use in REI for vets!! Good luck and don't give up!!

Fasil I appreciate your advice and sounds like a solid next step. If you can recommend an agent too that would be great as well since this is coming from within the BP community. 

Btw I do agree on the realtor value, I've learned thus far, anyone who is brokering a deal is valuable, but also realtors in general as the subject matter experts. Thanks!!

Thank you all for the replies, just getting some insight helps my confidence tremendously. I should also mention that the 780 mortgage does include the taxes and the own is at 4.5%. I need to look into the PMI because I don't that the VA loan doesn't require it but I do pay homeowners insurance and no HOA fees. According to rent-o-meter, homes in the neighborhood that are similar to mine rent for $1028 on average. I feel 1100 is doable. I will definitely do the calculator and be conservative in expenses.

I think also, I should get the repairs knocked out ASAP and have it re-appraised so that way I can decide which is the better finincial move. I was maybe a little over optimistic that this property could turn into a good rental but the amount on the mortgage per month...too high. My income I approximately 55k and my credit is in the low 500s so I don't think refinancing is an option for at least another year. Thank you all again!!!

Hello All!! 

I've decided recently to change/transform my life by getting into real estate investing. I am recently divorced and I am currently in commercial HVAC with solid commercial and residential construction experience. I was awarded the home because my ex could not refinance the home and I also did not have to pay half of equity. A little bit about the house- 4 bedroom, 3 bathroom, 2000 sq. ft, attached 1 car garage, big back yard with a park directly behind it. Current needs mostly cosmetics i.e. Paint, carpet/flooring, some landscaping and misc. other things. I bought it at 95k. Owned for approximately 2 years and currently owe 90k. 780 mortgage /mo. I'm a newbie at assessing the value but I'm guessing 110k after the above mentioned repairs are made and comparing.

My question is... What is my best route to take? sale, rent. Keep in mind that I am wanting to get into real estate investing beyond a doubt and I see this property as I'm already over the first hurdle of acquiring a property. Thanks in advance!!