All Forum Posts by: Jeremy Roberts

@Jake Mires - I highly recommend you qualify your sources of information before making decisions. We could use more details to help give better advice, but the real question is determining whether or not you have a deal. Check the definitions for lease-option and lease-purchase. There are numerous ways an owner can carry financing. 

And, yes, you can, technically, sell something you don't own. When you market for sale a property you have "equitable interest" in, you are attempting to sell something you don't yet own. That is exactly what wholesaling is.

I've had good tenants and bad. What I've learned is we are what we tolerate. We literally teach people (tenants) how to treat us. Have a strong lease with open, honest expectations. Buy the duplex and rent it out. You'll know in six months if you like it. All the best!

I agree with Melanie on Jodat. I haven't used the others, but Jodat has always done a great job for me.

I apologize for offending you. I've never worked that kind of job. I read you saying you have the option to report the $33k. I understand that to mean you've chosen not to report it. Legally, you don't have to report it, but showing the taxable wages would solve the problem. Maybe reporting them next year will help.

@Travis Henderson - Normally, I would suggest getting a partner, but you just told me that you are disingenuine when it comes to reporting your income to your first partner. How we do anything is how we do everything! Saving the down payment will help you be in a better equity position when you find the right property to buy.

@Mick Relef - Predecting a downturn makes no profit. Being ready for a downturn gives people the opportunity. My wife and I own three rentals so that makes me an expert at nothing. I pay attention to market trends both nationally and locally. I also pay attention to real experts in the BP community. Often, the smartest guy in the room has his mouth closed. At least I can try being smart enough to sit next to him :-)

@Ryan Howell - I only compare like properties when giving estimates to clients. Since a 3/2 can differ in value from one neighborhood to the next, I'll give a range of value depending on upgrades and small differences. I'm not going to use an in-law suite as a duplex for comparables, but I'm a bit conservative. I'd rather list the property with plans to decrease asking price based on market interest. In your case, you may have to plan on a low appraisal just for your numbers. You have a history of success so maybe a candid conversation with your lender will tell you where they might go with it.

@Ryan Howell - Definitely agree on checking the zoning. Also, Check local laws. Generally, if there isn't a separate meter, landlord can't make tenant pay utilities as there is no way to truly decider what portion of the bill belongs to which tenant. That is how it is for us in VA.

A lot of buyers start their housing search with free websites like Trulia and Zillow, but it is in their best interest to have an agent since the seller pays commission from sale proceeds. Mostly, what you give up is volume of potential buyers causing your house to stay on the market longer. Savvy, unrepresented buyers will offer less since they know you aren't paying commission. It all comes down to how fast you want to get it sold and good deals sell fast.

When the numbers work and they align with your strategy, it's always the right approach.