All Forum Posts by: Jason C.

Do you mean the county tax appraisals? They don't really have much to do with what someone will pay for a given property.

I agree with everybody else. Unless you like wasting your time answering the phone, and I do not, always list everything you can in the ad. When my phone rings, I want to know I am not talking to someone who thinks my rental that's worth $1,500 is really worth $600.

What is the condition? Does it need a lot of rehab to make it rental ready, or is it already in rentable condition?

At first glance I am thinking 25% down, you finance about 86k on a 30 year note, your PITI ends up about 690/month. Are you planning on using a property manager or managing yourself?

If the house is in good shape already, I'd most likely go for it if I can get 1200 a month.

Great job!

The ARV does not really translate to rents. Rental rates are set by the market, just like the appraisal value after rehab. However, they are different animals entirely IMO. I would offer up to 80% ARV on properties I intend to hold in most cases.

@Amy Haverlah

For title company, I used Mission on a deal earlier this year. It was a double closing, and it went smooth as butter. I don't have the address, but it was right by the airport. I believe NetWorth uses them too, because I saw a couple of NetWorth flunkies hanging around the lobby.

Do you have a couple of solid cash buyers who would like properties in this area? If not, I'd walk away. Personally, I would not invest in neighborhoods that are selling houses for 10k, but that's because the tenants I prefer would not live there.

I wonder if it helps to have a sign in the yard with rent amount and your phone number on it. Seems like that would clue in some of the unsuspecting would be victims. I hate to think of the confrontation that would happen if I pull up in the driveway and find somebody trying to move into my house. It would not be pretty!

Same thing happened to me last week, using Postlets and a potential tenant called me and let me know there was a fake ad on Zillow for my house. I reported the listing as fraudulent to Zillow, and they quickly removed it.

The good news is it doesn't have to be in savings account. If you have an IRA/401k that you've had for a couple of years, it probably has enough to satisfy the banker's requirement. They usually deduct applicable withdrawal fees into their calculation though, I think.