All Forum Posts by: James Fowler

 How did this end up working out for you?

Thanks everyone! I'm looking into specific code requirements with my city; as all the bedrooms are bigger that 100 SQFT. I also was told about a REI group recently, I'm planning on joining in a week. I'm not wanting to push the rules to make an exception, but have often found people give you a assumed or misunderstood perspective on things; and I tend to like to confirm for myself what the standards actually are. I like to be knowledgeable to what is allowed, and defend those things; as well as respect those doing their best to enforce the city's standard.

OK... Maybe I should never question this. But it seems rediculous that the city's required occupancy permit allows for only 5 people in my 3 bed 1200 sqft house.

Through screening people we have found a qualified potential tenant we like.... Except they come in the quantity of SIX! Is there any legal or other concerns to have over doing this?

Big thanks to everyone who took their time! Your input was extremely valuable to me, as I've been struggling with the best response to give. We moved closer to having solidified our qualifications with your help!

I since have given a contingency of a co-signer if not able to meet the net income qualifications; sounds like that was offensive and pushed away a bad situation. :) 

My wife and I just had our first child, and this strategy is enabling us to have her stay at home. So to us, we want to help others out, but this is very serious that we screen well. 

I'm screening for my first rental tenant. Would you ever consider renting to someone based on them paying 4 month chunks at a time, this to be paid fully by their student loan distribution and not working income. This is a 3 bedroom 1 bath house, in a great city outside of St Louis; located in a decent older community there. That being said just, there are much more economical situations to rent for a single mother/student; and I'm uneasy about their understanding of what's best for them financially to correctly judge what they can handle? Also worried that what if the next loan down the road falls through, how is that rent paid. Since I wasn't planning on this being a student rental, once not thought through how to proudly respond. 

Thanks in advance for any thoughts added!

-James

Can you find a local lender to help you buy it without financing from the seller? This appears to be a good cash flow investment on a 30 yr Amortization. I just purchased a similar property for 46,500 putting %20 down; this will rent for $900 after all is said and done. My overhead was $178 (P+I) payment, $100 HoA and $120 for self managed escrow (Taxes and Ins). Now this will either be paid off or refactor the interested every 6 years. For me this required a local bank that lends their own money instead of selling off the mortgage; which was harder to find. 

If I was in your shoes, I don't know if I'd buy it seller financed, like you have arranged. But would be interested in finding a way to buy it at the price. 

Good luck!

Thanks everyone!

I am a IT Professional who has a love for financial planning and passive income. Now... time to find my strategy to build this! I can't consider myself a Real-estate investor yet, as I have only 2 property's and one I'm on the verge of renting. I purchased both in city with an air-force base near by, with a strong demand for families to live in a home with a yard; also has the best school district around! Now hoping this dream will start becoming a reality. :) Love the idea of learning from those who have done this, and actively testing out what I learn.