All Forum Posts by: Gerald Miller

Thanks guys and sorry about the hasty absence. It is a VA loan and I was a bit off on the numbers as I printed. It is about 6K over, not 16K. Pretty big difference there, of course, and I feel a little dumb now. Anyway, the house sits in a great neighborhood for rentals, good schools for the area, and has always had tenants. Never been empty for more than 8 days. Naturally, things could easily go south for me after transaction, but it's historically a solid unit. Haven't made the deal, but am still perusing it. You guys are awesome!!

Jerry

So I have an insane deal in front of me to simply assume the loan (at just under 4% and 23 years remaining) of a residential home on East Coast. It's a standard 3 BR/2 BTH, 3/4 Brick with 2 car garage, in a slightly dated neighborhood and hot rental market. However,...........the balance is about 16K more than what the current market estimates its worth. Any tips? Advice? Short stories? powerpoint presentations? I'll take anything to help my Household CO understand this opportunity AS I SEE IT!

Jerry

@Cheryl Tatum I do share your frustrations Cheryl, but have learned myself that your actions will be guided by your goals. If you are buy and hold (rental) oriented, then understand borrowing from the aforementioned sources (none of which are bad ideas) will linger with the mortgage you take as well. If you're wholesaling and flipping, then borrowing capital against your motor vehicles will likely be paid in full after the sale of your property. Additionally, you should have capital leftover to invest in the next property! It is slow at first, but moderation isn't ALWAYS a bad thing here. Best to ya Cheryl!

Sounds risky. as offered stay with a short lease and even throw in a clear understanding rent WILL increase at the end of his/her lease. These are not fool-proof suggestions, but can certainly establish tenant's motivations and true intent on renting your property.

Undoubtedly, the Lexington/Irmo are premium zips for buy and hold. The lake, schools, and short drive to the city and other marketable venues stabilize the advantages of those areas. PM if you want another Property Manager contact. Certainly one of the best in the business!

Jerry

Not a problem sir! Gonna check out your blog as soon as I can get to a machine without all this security to open it.

Greetings to all!

I'm a new and VERY small investor looking to learn a great deal from these forums, while serving this great Nation in the US Army. Thanks to each of you for the incredible posts and informative discussions. BP seems to be as valuable as money to buy more properties!