All Forum Posts by: Liz Rogers

@Kyle Gregg

Yes we did. It is a long story but we were living in Louisville and commuting to Lexington to work. We were not eligible for financing for the amount of money we needed at the time so that was another reason for the 1 year deal. Plus we were originally working with a commercial bank who was not very helpful and we did not get to the community bank until the end. We decided to move into it to save money to throw at the renovations and work on it pretty much 24/7! 

Liz

Thank you Frank! This helps a lot!

Liz

Angle, 

My husband and I did this with our house.. However, we lived in it with no running water, no heat, and no walls through a winter. Talk about house hacking! But we were able to do this because we did a contract with the seller as a rent to own. He gave us a year to make it "livable" by bank standards. We found a community bank who told us if we had running water and one usable bathroom, a heat source, and the drywall up with the walls primed it would be considered livable. We were able to do that within the year and then got a 203(k) loan to finish the rest. Would the seller be willing to work with you on that? Maybe you don't need a year, but 6 months. The seller makes some money, you save some money, and you get the house. Good luck!

Liz

Welcome Zach! 

I live in Lexington, but am from the Louisville area. My husband and I are fairly new investors, but we like SFHs as well. Reach out if you decide to expand your market to the Lexington area! There is a lot of great opportunities in this area too!

Liz

Hello everyone!

Can someone explain the difference between rent to own and seller financing? On the surface it sounds like the same thing... I believe the difference is with a rent to own the renter gets financing from a bank to purchase the property, and with seller financing the seller is the bank. Is that accurate? Just want to make sure I understand them correctly. 

Thanks for the clarification!

Liz

Thank you @Jeremy Tillotson and @Jim Wilcox!

It is a single family home, completely open floor plan. The downstairs is a living area, kitchen, and half bath/washer/dryer. The upstairs is one big bedroom/loft with a master bathroom. 

Jeremy, no we do not have a backup for heating. Does it not hold up in colder temperatures??

Jim, yes that is the issue. It is an older home, no room for duct work and so the HVAC guys are having to get creative with where everything will go, that is why it is more expensive. My husband and I thought this system would work in this particular house if we had one downstairs and one upstairs because it is more open. I appreciate the feedback!!

Liz

Hey guys!

For those of you that are flipping and/or fixing up and holding..  We are renovating a house to rent out. The HVAC estimate we received was more than we were expecting because there is no crawl space/cellar and there is not a lot of room between the houses to put the unit. We started looking into other alternatives, but don't want to put in window units.. We came across these zone systems that boast being able to heat and cool a large area, have no duct work, are energy efficient, and are less than $2000. Have any of you seen or tried these new systems? Opinions, reviews, and any information would be greatly appreciated!!!

Thank you!!

Liz

Hi Grant!

Welcome to BP! I would consider going to a local REIA meeting or see if you can do a meetup with other people on BP who are in the Chicago area. This will help you to start networking in your area and maybe even find a mentor.

BP also has a book for sale for investors with no or little money that you may want to read. 

Have you bought a house to live in yet? If not, you may want to look into buying a house with multiple rooms and rent out the other rooms. Or even a duplex or triplex that you can live in and rent out the other spaces. If you are a first time home buyer there will be tax credits you can take advantage of, so make sure you look into these and take advantage of them! This way you could have a little cash flow to save up and invest in something else. 

My best advice is to start learning! Read everything you can and ask a million questions! There is so much information out there and BP is a great place to be! I hope this helps! Good luck!

Liz

William,

Going along with Royce and Linda you could offer to waive any late fees if the tenant can provide documentation that they were in the hospital. This would not violate any privacy laws, you are showing compassion, and you would have proof. If they can't produce the proof, which would not be difficult for them to get, then you can put on the late fees or move forward however you need to. Good luck!

Liz

Good question Jared! My husband and I are considering purchasing our first duplex from a FSBO. So far we have done everything the same as a SFH as far as our due diligence is concerned. I.E. is the roof new, the utility sources, appliances, etc. Since the duplex is already rented we are reviewing the current leases. We do feel that the rent needs to be increased by $50 to $75/month so we are already planning the strategy for that and looking for ways to improve the property to increase the value. I hope this helps!

Liz