All Forum Posts by: Karen O.

This is a great thread with great advice. Good luck in your endeavors.

Did you contact David Van Horn Re: The PPR Fund? If so, what was the outcome?

This is a great list.  And perfectly timed.  

While you appear to pay the fees associated with the loan, is it common for the borrower to pay all the legal fees associated with the transaction or should the lender have their own atty to review everything done by the borrower's team?    

This is a great list.  And perfectly timed.  In your experience is it common for the borrower to pay all the legal fees associated with the transaction or should the lender have their own atty?   

I liked Chris Goodson of Goodson Law Offices.  

Goodsonlawoffices.net

He has offices in NY and NJ. 

I really enjoyed this thread.

I don't know if this will make a difference for you, but rather than looking to save every dollar, plan to spend a set dollar.

With my biweekly wages, once I figure what my net take home will be each yr, I round it down.  Usually to a # that ends in 00. Then every $ over that goes to savings.  I can spend all I want or need.  And the savings can be tapped for investment, home improvement or emergencies.  If the net after savings builds up, I make a one time addition to savings, a larger than needed payment to debt (heloc or mtge) or a charitable gift. If it gets a little low, I cut back on some things (dinners out or shoes) until it gets back to a balance I'm comfortable with.

This works for me because I find if I'm depriving myself for too long I get cranky.  And the savings was there when I finally got a good price for a new fence, found an end of season deal on a new storage shed and was helpful when a sick relative needed some assistance. 

In short, stuff happens. Being able not to stress too much when it does is priceless.

Good luck finding your happy place.

Yes.  To your calculations.  And you could offset the higher rate with a lower priced property

However, I don't think the Fed is the devil. 

I would say the Fed kept rates low overlong and many benefitted. Myself included as they've been forecasting the increases for months.  Now, we'll see how resilient the economy really is.

I agree with David Dachtera. 

I think taking some time to understand the inherited portfolio is necessary.

Also, there's a general rule about not making serious financial decisions for 6-12 months after losing someone close.  

So taking her time, learning the business before jumping in more seems like a good idea to me.  

And finally, at 7k/mo, she's in a pretty good starting place.  It won't hurt her to take her time.  

1st, congratulations on your decision to invest.

2nd, don't broadcast your $.  You may attract pests and rodents.

3rd, find a local REIA meeting in your area. Network. maybe find a mentor, a broker you feel comfortable with who is also an investor. A GC, a lawyer. They can be invaluable and you're going to need them.

4th..know the area you want to invest in.  drive and/or walk around.  Talk to people. Ask about the neighborhood. Research properties for sale, recently sold, avg rents.  

5th, educate yourself.  Read books, blogs, listen to podcasts, webinars...

The more you know....the better.

Hope this helps.  Good luck.

Looking is a requirement.

And if you have a broker you've  been working with, ask them to run comps for you.  For the purchase and the rents.  As others have said, these may overpriced and the owner may be unwilling to budge. there may be problem tenants or long term leases at below mkt rents.

So, don't get attached.  The #s have to make sense.

And consider paying a licensed inspector or GC to go with you on walkthrough if you can get one.