All Forum Posts by: Logan Zanki

I'm trying to get all of my ducks in a row from setting a budget, having multiple marketing techniques, properly pricing and building a list of end buyers.

I think the contract will play a big factor in this especially for my first few deals. Being that it will be my first few deals i want to make sure I'm protected with my ways out of the contract.

Does anyone have the contracts used for double closings and used for assignments. I would feel safe if the first contracts would have an out by saying contingent on buyers financing, just in case i cant find an end buy or the end buyer fails to get financing. THEN the second contract i would use for my end buyer wouldn't have a finance contingency so the end buy cant wast my time.

Javier,

It's funny that you say renatus is the reason why you found BP, because it's the same reason why I did also. One thing I liked that renatus did was they had everyone play the game cash flow. So..... I took their idea and purchased the game my self. Like you, I want to form a networking group in my area so I plan on using the game in the group.

Good luck and welcome to BP

Ps

If anyone close to north plainfield New Jersey wants to form a networking group please message me.

i thought I was required to legally inform the tenants. I guess I'll have to do a little more homework on my landlord laws in New Jersey. Their lease did expire and now their in a month to month. I gave them a 60 day notice, so we will see what happens. During that ill do more research on my state laws.

so..... I presented the letter to my tenant and he didn't want to sign it. What do I do, to show I gave them a notice of the rental increase?

still sounds interesting, Shawn if you do anything please keep us posted.

Christopher, congrats on graduating college.

If your going to take out a loan to purchase your first property here are a few things to think about:

1) Your credit (you will need at least three trade lines and they need to be open greater then 12 months each).

2) If you have a job that you went to school for, then you will need to be at your job for at least 12 months. Some brokers might be able to pull it off with you being their 6 months. If you have a job that you didn't go to school for, then you will need to show 24 months at that job or 24 months doing that same line if work.

Being that your still young and probably still have friends at college, I would suggest buying a Multi family near the college and living in it. Doing this would allow you to do an FHA purchase, because it would be your primary home. With the FHA it's only 3.5% down.

So..... Let's say you find a home for 200k, have the seller do a seller concession to pay for the closing cost. After the seller pays the closing cost that means you only have to come up with 3.5% which would be 7k.

Wish you luck, here's a link about student housing:

http://www.multifamilyexecutive.com/student-housing/revenge-of-the-nerds.aspx

David, welcome to bigger pockets and congrats on taking your first step into real estate investing.

I'm a vateran also and purchased my first 4 family house last July. I was planning to use the VA loan, but after I was under contract the broker dropped the ball and had me switch to FHA last minute. The lenders he was using wasnt doing VA any more.

So...... I suggest if your using a broker do your search on the bank their using and whatever home you looking to purchase use the analyzes on bigger pockets:

http://www.biggerpockets.com/real-estate-investment-calculator

what kind of loan are you getting where you only have to put down $500?

Hector,

You bring up a good point, I hope Josh the owner of biggerpockets.com reads this. Maybe they can add an option that allows the users to auto post their analysis and add a voting widget on it along with comments.

Both parties win on this, the user can see what people think about their projects and biggerpockets.com will have more people signing up to use their analysis.

Aly,

I not to concern about them moving out, because they were inherited from the previous landlord and they dont take good care of the apartment. The vacancy rate in my town is 3%, so it wouldn't be hard to replace them.

Tanya,

I installed motion sensors in the hallways and every light fixture is using an energy saving bulb.