All Forum Posts by: Greg W.

thanks a lot guys. It is very profitable. i will have my attorney look over contract. Lease to own vs land contract scared me but I feel more comfortable now.

bump

Is this a good idea? I was going to do a land contract with sellers but their lawyer advised them against it since they have mortgages snd they csme back with lease to own.There are 7 properties and when they all are rented, it is very profitable. In the deal, I'm added to insurance and pay it and taxes. I put down 15% and will purchase within 12 months. All my payments will be subtracted from purchase price. Is this a good idea? Do I have legal control? Can I hire a managing company if I'm not the landlord officially? Can I file this on taxes?

Thanks,

Greg W

We did use Fha for our 1st.I reslly dont have much debt. My wife has a student loan and i have a 10k auto loan.. My biggest expense is day care for my new son.

I've been doing some research on land contracts as an option if I can't find options with banks. 

Hi- My wife and I just purchase our 1st property. It is a duplex that we will live in one side and rent out other. I set a goal for my self to buy at least 2 rentals per year.

 My wife and I both work salary paying jobs, have excellent credit, have 50k+ in available credit via credit cards, a few personal lines of credit but not a whole heap of savings. Any recommendations on how I should pursue next couple properties? Not a lot of money in the bank is my challenge.

Thanks,

Greg

thanks guys!

Thanks a bunch Sharad. I'm finding out that getting started isn't easy but I'm very resilient so this should be fun.

I've been looking at realtor.com, forsalebyowner.com and Zillow.I've talked to a couple agents but they seem to get frustrated that I'm looking for a good deal.

The 2-4 unit will be owner occupy for a year. I've set a goal to add 2 properties per year and keep my job for at least 2 more years.

@Paul Timmons. Thanks a lot sir. I will take a look at everything you suggested

hello guys! I've been a creep on here for 6 months +..just reading and learning from you all. I've finally decided to introduce my self and situation. My name is Greg. I am looking to become an investor, mainly through buy and holds. I have descent salaried job, excellent credit and now have fundind (FHA loan pre approval).. I'm limited to FHA because I don't have a whole heap of reserves. I've been searching for either a decently priced 2-4 unit or single family at 80% LTV, to set me up for my 2nd deal. I've search Columbus, in, Greenwood, and Indianapolis and have yet to find anything. An I searching the right places? Any tips/ideas? Definitely open to networking with ppl in the area. Any advice will be appreciated.

Thank you