All Forum Posts by: Abhilash Joseph

Being the first rental, and to avoid anxiety and future RE investment growth I would seriously consider seeking the help of a listing agent to assist with the tenant location and application. They can help with listing, applications, screening etc all for one month's rent, but if that is pricey then start out with a good ol sign in the front yard and you will be amazed at the responses you get.

Craigslist is a good resource, although I am yet to use it myself.

All the best...

@Mark Hutchins - I like the month-month idea to start out.

To buy a house - 

a. if a desirable/investment property is found/located, Is it necessary to have an RE agent representing a buyer?

b. Can the buyer get in touch with the listing agent @ zillow.com or har.com and negotiate directly? Is this possible?

I ask this, because the houses short listed with RE agent's help has not motivated me to action...What could I be doing wrong? I am saving up money to do a deal as soon as it comes available, but...the question above haunts

@Aleks Gifford- Thanks for taking the time to respond. I am at leas hoping to hold the property for another 5 maybe 10 years. Since its a fair distance from my place, I may sell it in few years time. That said, I have put in lot of upgrades including new roof, granite in kitchen, bathrooms, double pane windows, New HVAC and such, at least 30K into the property. So that property barring any foundation/structural issue should last a while to come.

My cash-our refi came at 5.17% for 30 years, but i am at 5.25 now, so was not sure if this is better or a HELOC would be better. I need to look into some calculators to do the cost analysis as you stated, as I am not sure I know or understand completely. Thanks again for any insight you can share

@Steve Babiak - I don't deny your evaluation. And, I have been told that I am not investor material in terms of my approach to tenants and personality. :-) Therefore, I am seriously considering property management for my next lease term, whereby I start treating this as a business than a charity.

@Adam Hedio- I would suggest/recommend that you speak with a mortgage broker who should be best suited to advise on the approach depending on your personal circumstances. I do know that investment properties will be financed at a higher % than the regular primary residence 15 or 30 yr mortgages. 

Start out with a mortgage broker imho from my limited experience.

@Bill GulleyI was advised by a RE that charge hefty late charges and for worthless NSF returned checks to deter such moves by the tenant. So though you are sky high :-), you have the right intent. My tenant is late now by 3 months, BUT thus far committed to staying and catching up. I am nearing the end of my patient wait with the tenant.

@Mike X. I think, you should be able to type it in your lease agreement the means of your rent collection and that is definitely reviewed and signed by them. So imo it should be an easy fix to do.

BP mates,

I have about 45K Princ. balance on my rental investment  (appraised to ~ 140K) ; it was @ 5.25% for 15 yrs. Now, I am almost ready to lock a 4.625% for another 30 yrs to get some cash out for another property investment. Few BP mates recommended the longest term is preferable over the rates, since the tenant is paying it which I agree as well. SO decided on 30 vs. 15 years. Before I dive in deep, one last quick check to get any other feedback...

I should have another 50k to invest if this goes thru....

Gustavo,

I am a fairly new investor and with limited RE experience. but imho, if that is the only saving you have, i will first try to shore up some savings before jumping headlong into the rental unit. With limited to no cash on hand, i think its really hard to attract any attention from RE agents and no one takes us seriously. I know the desire to own and hold properties, i share the same sentiment but without cash it will be really difficult. the saying, cash is king, is for a reason because it gets to demand lot of others to its tune...

So saying, if your analysis and research proves that you are getting a GREAT deal and that your payment back in the 401k is surely met (unless you decided to pay the early withdrawal penalty and tax) and your risk for any health/life event needs are less to none, then i say go for it...I encourage you to go forth and prosper...but if you are having any second thoughts on your course of action, then HOLD back and save up as much as you can till you are not held back with any second thoughts... just my 2 cents bud...all the best

77471 Richmond, Tx ... $119,900.

Interested and looking at a property in Richmond. I am considering putting an offer for this house,3/2/2 1542 sq.ft. It says it had a prior foundation repair. Any thoughts suggestions on this one.

Opinions on Richmond, Tx from an investment perspective.

chris,

please include me in your buyers list