All Forum Posts by: Krystal Watson

Newbie investors, my husband and I just got a foreclosure under contract for $57k while the last appraisal in 2019 was $125k.  It needs a new roof estimated at $8700. Our plan was to buy cash, fix the roof get a renter and take to a lender but I’ve asked numerous lenders and all need 6 months time to recoup the appraisal cost since the purchase price less 15% downpayment is the only thing we’ve found offered on this deal... it’s going to take 3 months max to make this happen so we are looking for a lender that will lend us about $70k on this house before the 6 months. Is this possible? I’ve tried small local banks, mortgage lenders, everyone says the same thing. Thanks for any recommendations 

@Pat L.  Interesting about the kitchen! I think that the color is awful but our plan was to get our first renter then when they move out get rid of the bright yellow in the living room and awful brown in the kitchen... but now that we have time maybe the change needs to be now! 

Thanks all for your advice!! I still need to post in the local paper (since a lot of people use that) it’s a small town and has its challenges we just have to figure them out. I will hold out a little longer without as much anxiety and do some foot work around town.

@Kelly N. Thanks for your input, the $300 per pet was just what my husband and I paid when we rented in a more expensive town. I’m not set on it.

@Caleb Heimsoth valid for sure, but there is a known shortage of rentals in this town, we have traveling nurses, border patrol and FBI who end up buying to live here just a couple years. I do need to remind myself that the pool of people interested at any given time is limited but the competition is also less than in larger towns. We plan to diversify in our locations.

Hi all! We just put our first rental up and I’ve gotten a lot of action but no bites!! 2 showings and one incomplete application in 4 weeks! I’m getting a little discouraged. I’ll leave the Cozy link which is the same wording I put on Facebook, Zillow and Craigslist. The pictures are from my phone and I will admit not the best. The town population is 2500 and there’s only one other 3br home for rent right now and a couple 2br’s. The first couple weeks (when I had the most traffic) I was asking $250 pet deposit and $25 extra a month, which I have since changed to $300 per pet deposit and no pet rent to see if that was just not working in this town. I know there is probably some small town gossip as the previous owner was trying to get it rented at $600 before we bought it and most of the changes we made are not esthetic. Ask me any details I might be missing and tell me what you think!!

https://home.cozy.co/apply/#!/658376

thanks all for your responses. I analyzed the numbers again and we just offered too high, no big deal just glad they didn’t take it.  Back to searching!! 

just put in an offer on our first property! Yay! But... I’ve been absorbing BP content for about a year or so and I don’t know why the whole cash out refi didn’t make sense to me. But here we are with basically a turnkey renal. House is worth about 75k, counter offer came in at 75 after we offered 70k (original price 79.9) rent is 700 a month and we don’t want to go over 70k for the 1% rule. We could do minor things to bring rent to $ 775-800. Our goal is to scale fairly quickly and sensibly and are willing to buy outside of our market if we need to. So seeking advice on whether we should A) except counter offer and learn what we can from our first rental as we save for our next downpayment with our full time jobs. Or B) hold off, decline offer, look for a fixer upper and do the BRRR method properly to have our downpayment pay for many properties to come. Thanks for your input