All Forum Posts by: Jessica Baez

Thank you so much everyone! You've all been incredibly helpful! The HOA has no restrictions on rentals, I work for the builder building the units so I have access to the CCR's. The only restriction is no fencing so no big deal! The reason there are not any rentals in the area is because it's close to the best charter school in the county. Not even half a mile away. The closest rental I was able to find was about 2 - 4 miles away hence the wide rental range. I was just listing what I've been able to find. I'll do a trial run and post an add on Craigslist to see what kind of response I'll get. Thanks again!

@Steve Vaughan The taxes will be around $700 for the year and insurance is under $300 for the year. There is an HOA for $100 a month that does lawn maintenance, exterior, and roofing. So renting it at $1100, seems reasonable? I was thinking of refinancing in one year after they finish out the community. Usually once we finish out the community they tend to go up in value, if it appraises at more than 20% of my loan I can drop my PMI and make even more profit right? or am a delusional??? I don't plan to take any money out if I refinance. Only drop my payments more.

@Jacob Sampson I do, I've seen two bedroom townhomes go for as low as $1000 and as high as $1500. That's such a wide range and it's a little further from where I'm actually purchasing if that helps at all?

I'm guessing the tenant laws in Michigan are different. In NC, the tenant can legally occupy the property until the end of the lease term. The only way they'd have to leave sooner is if they didn't pay the agreed upon rent or they weren't abiding by the lease terms. The new owner would simply be their landlord until the end of the lease term. I would list it while its occupied, if someone is looking for an investment property, they'd get to avoid the hassle of renting it out. They have a new home and renters already in it. 

I would just let them know they are not to disturb you unless it's for emergencies. Have clear boundaries put in place for the tenants. 

As far as securing the property, I agree with Steve. Don't just assume they don't want it, see what plans they have and if they express interest in selling let them know you're willing to "take it off their hands" Good luck! Keep us posted on what you decide to do. 

So it may be a little late for this post, as I am already under contract but I figured what'd be the harm in asking right?

So I work for a new home builder, we have 2 bedroom 2.5 bathroom town home community. I'm getting all my closing costs paid for, 4% discount, and I'm doing 3.5% down. I'm purchasing it as a residential property, living there for a year, then renting it out. The total amount of my loan will be about $110k. There are no rentals in the location I'm purchasing, its mostly single family homes in that area. I can't determine if that's a good or bad thing. It is right down the street from a shopping mall and a great charter school. 

I talked to my lender and she said I can purchase another residential property as long as I have the rental income reported on my next W-2. 

What would I need to rent it out at to see a profit?

Thanks for all the suggestions and warm welcomes! I look forward to learning from you all! 

Hello Bigger Pockets community, 

My name is Jessica Baez. I am new to the Bigger Pockets community. I'm a licensed broker in NC. I currently work for a semi-custom builder in the Charlotte, NC area. 

I got my license about one year ago. Though I haven't really done much with it yet. My position with the builder is processing new leads, selling them on our communities, getting them out to our models. But I do not sell the actual homes. 

What I'd like to do is invest in Real Estate. I'd like to have both rental properties and flip homes. I am in the process of purchasing my first home that will eventually be my first rental property. 

I'd love to get acquainted with those of you who have been in this position and help on getting started! How do I grow my business? 

I can't wait to meet some "seasoned" investors to help guide me in this new journey! 

:)