All Forum Posts by: Joe Moore

Yes 8a329714086

I just close on a house. Why? Because I got a decent deal without worrying about appreciation.

The 1% and 2% rule is determine by the market the property is located.  I invested out of state so I can make this rule work. 25 years ago this was possible in L.A., but today that is a pipe dream. 

I guess it depend on how much damage would cost to repair, how much time it will take to repair and your plans for the property. More information about the property is needed.  Is there anyone you know who can help you with the project.  I have use Thumbtack to find good tradesman, but sometimes, go through a few frogs to find the prince.

I can give you some mistakes I had in my early stages.

1. My first personal resident, I lost to foreclosure and I lost it because of pride. I had lost my job and couldn't meet the mortgage.  I had friends who wanted rented it and I could have move to the detached garage in the back which I had already turn to a rental space.  It took me 6 years before I was able to own another home.

2. I bought 4 homes in a flood zone in less than year because I had the cash and knew nothing about a flood zone.  i never would have bought in that area if I knew about flood zones.  Yet all have been good investments for me.

3. At the beginning I was more a slumlord than not.  Lost some good tenants in the beginning.  Experience has taught me much and well. 

Read an article that stated that the rich is cutting back on their spending.  When consumers are cutting back more and more on spending, and less money is circulating throughout the economy, a recession becomes eminent.  Covid-19 has become a cataclysm for the world economy.  This bumpy ride will continue for a while and probably will get much rougher.

                                                          

599 isn't that bad.  Those with really good scores will stay 2 years and then become homeowners.

Writing it off on your tax return is your saving grace.  

Vinyl planks and no complaint ever from a tenant.  It is a once and done investment.

I have done several subject 2s.  Get with a reputable title company to get the property with clean title.  Ask for the title company to draw up the contract.  Never, never buy a property without title insurance.