All Forum Posts by: Nicki Shelton

@Joe Splitrock So would you get the lease agreements from the prior owner. Generally when are those expected? Thanks four your help I am still learning.

@Justin Hoggatt Good advice so try to close which part if the month?

@Erik W. Thank you your response answered a few questions for me.

@Tim Herman I am new and I'm in the learning stage. What is the purpose of the estoppel letter? Thanks

@Alex Kovalenko I understand the tenants reasoning, however Alex as being a landlord I think you shouldn't bend your policies for a tenant regarding the background check. There are lots of tenants out there be patient and the right one will find your property. What software/program are you utilizing for background checks?

@Salvatore Lentini this is a continuous add on to my previous post. I am planning on renting to section 8. I know my market rent amount according to the zip code. However, how do I decided on my purchase price?

@Salvatore Lentini I am ready however everything in my market goes so fast. With that being said I have decided the best way for me to get started is through owner financing. I am purchasing to hold the property for cash flow. I have also spoken with a few realtors and have given them my requirements. I am pleased I know now what exactly I want now. I want a property that is at least 10% coc, saving 15% for capx/maintaince, 5% for vacancy, 3% for property managment even though I will do that myself for the time being, also setting aside a portion for propert taxes and the property being pretty close to turn key. Anything else expense wise I need to consider? Also, I'm trying to follow the 2% rule or better. Should I worry about the 2% rule if the property is 10% or more for coc?

Best of luck to you! Melissa is a beautiful city. We are about an 1 or so from there. We go there all the time. My husband and I are just getting started. A little scared to take the first step. I think I'm just over thinking things in my head. 

Thanks @Stan Coley we are kinda getting a late start as well. Better late than never! We are the same can't sit and do nothing. Our kids are still young. Good luck to y'all as well!

@Cassidy Burns our goal is to buy our 1st rental property with hopefully 10 to follow by 2022. I am hoping once we get over the fear of buying 1 it will give us the momentum to keep going.