All Forum Posts by: Jody Roussel

the only thing is would confirm the previous owner paid taxes and has records of rental income. when going the conventional or fha route and wanting to incorporate the rental as earned income you may run into needing proof of this. lastly only count .75% of the total rent as these are commonly the margins applied. 

also if it is a wrap around make sure no due on sale clause exist :)

@Charlie MacPherson

it is extremely rural located in a haynesville! 

Im also looking into Presque Isle or Carbiou. The properties i'm considering are already established rentals, I asked the agent on the listing how long their lease is until because I have family id prefer to rent to. I'll be buying it cash so any rent will be earned income aside from the $70 or so taxes monthly.

if it is already inspected and section 8 approved all the better, just have to find out when the last walk through/ inspection was.

How are the rental rates for 2-3 bd 1 bth in those areas? so far what im finding is it ranges from 650-850 depending on the condition

hey there!! 

does any one have experience in investing into Maine real estate?

Due to covid a lot of lower credit score requirement lenders have pulled back from the fha 203k loan programs. I've researched  the possibility of hard money lenders/interest only payments with amortization after 24 months. Most of these lenders are now requiring a project minimum of 100,000 and 20 percent contribution from seasoned flippers and 30-35% to newbies! Since I fall in the category of the latter I fall short only 5k for this proposition. 

Ive decided to look out of state and homes i can purchase cash or 50% down and seller carried finance and or local lender/ hard money lender for foreign national to buy and hold.  

Ive found a few properties in maine selling for under 50k with 20+ acres. my hopes would be to excavate and build by selling off acreage to fund purchasing building a prefab home on the land.

Does this seem like a solid idea and goal, just trying to find something to get my feet wet in this current drought

thanks

be careful to check to local regulations, for example; in Connecticut where I am you are not allowed to refuse occupancy to potential tenant based on section 8 usage. If this is the case in the state of purchase and you aquire the property in occupied status review the current lease. 

if you do not want to go through all the extra inspections and avoid sec8 you'll have to give a good reason to ask current tenant to leave, since they have rights and option to furlough rent due to covid its a risk. its all about your flexibility as an owner and landlord.

Best of luck :)

@Chester Knapp

Just keep open the what ifs, if you can't get the sub floors width to align you might end up tearing the entire floor.  If it's been leaky for a long time open the possibility for support beam/ floor Joist being affected and or mold. Your not legally required to remove mold as well. 

As a landlord legally in the state of Washington you are not mandated to pay for hotel stay.  You can ask them to vacate temporarily with given notice and prorate thier rent.  The terms can be negotiated, I'd also submit this request to them in writing. Keep documentation of everything for your security

beige is such a natural light killer but could help spread natural light by another color palette! yellow and lavender would be great options. light wood flooring and glossy paint finishes are good options to, it all depends on whats your budget and if this will affect rental capabilities

after spending days browsing the circuit for hard lenders, due to covid they are requiring 35-40% of the loan after closing and escrow for first time investors/flippers/ b&h. Hard lenders are not allowing owner occupany which is why fha might be the best option

There are banks lending for the down payment with a little higher interest which can be refinanced in as little as 6 months and depending on your area grants for down payment assistance. is the home usda eligible. 

if you do find a lender please dont be shy and share :)

@Jonathan George secondly i would say if your not a licensed real estate agent what you are doing might be considered a crime so tread carefully 

have they considered seller carried financing? 

the incentive to this is they can ask for 10-20% down payment which might help them get into another home for thier dp also if they list the previous property as a source of income for cashflow increase as well.

the next option would be short sale, sometimes extremely difficult to get the bank to agree to. if their main priority is moving, do they have additional properties or need to reserve credit to enter into a new mortgage. 

leasing is another alternative but depending on local rental pricing/ mortgage payments/ insurance and taxes, are they at profit or break even?

law depot or legal templates for CT? congrats on your property :)