All Forum Posts by: Malika Boudreaux

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*This link comes directly from our calculators, based on information input by the member who posted.

Yes, only the banks can make money by charging people interest. 

I'm familiar with Dodd-Frank, I'm not asking for a large down payment only 1st and last months rent, Nor I'm asking for anything over the rent each month. They have 24 months to Buy the home for a price we have agreed on, (fair market) I'm not here to take advantage of anyone. Of course, they can inspect the property, it will still need to qualify for the bank loan. The house was fully remodeled with a new roof. They don't have to buy the house at the end of the term, I just want a better quality of tenants who are less likely to destroy my place if they have the option to buy. They have 24months to get a loan for a beautiful home that they get to rent 1st. It has worked great in the 3 years almost 4years   I have had the home, no damage the tenants just move out and don't flex the option. In California, you can charge up 3x times the rent for deposit and once they move out they get every penny back. 

I did live in the property for 1 year but in all that time no one came to my door checking. I refinanced to a 3.2 interest rate and the bank is ok with me renting it out.  

Investment Info:

Single-family residence other investment in San Bernardino.

Purchase price: $245,000
Cash invested: $6,000

As a 1st time buyer, I qualified for down payment assistance.

What made you interested in investing in this type of deal?

I didn't have to put a down payment only closing cost

How did you find this deal and how did you negotiate it?

online, I used a realtor to close the deal but I ran my own numbers

How did you finance this deal?

Calhafa Downpayment assistant

How did you add value to the deal?

$245,000 comps are now in the $330,000 and rising. The home is a 4-bed room 2 bath

What was the outcome?

I'm currently renting the home out with the option to buy, once I sell I will buy 3 units

Lessons learned? Challenges?

shortly after buying the house I need a new roof, inspection is very important.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Real Estate agent, and lender