All Forum Posts by: Paige Rommel

Could we do a triple close? 

Hi All, 

My husband and I were setting up a deal in Texas. The deal was a vacant lot that a cash buyer was going to turn around and build a house on. We were going to do a double close. As we progressed through the deal, we found out that the person we were acquiring the lot from had a contract for deed. Our attorney informed us that we cannot purchase on a contract for deed property. Can anyone explain why? Is there a way to still make money off of this property?

Thanks so much for getting me started @Andy Bankston and @Sharad M. Do y'all know if the FHA loan can qualify for any first-time homebuyer tax credits? Actually, do y'all know if those tax credits are still in place? It's been a long time since those were enacted in 2008.

@Joe Fairless , are you a Nittany Lion too? Thanks for the tips. What are some operating costs that you think a first time investor would not consider?

Hope the humidity in Austin is treating you well today @Corey Jahn . Do you know of good locations in the great Austin area to find multifamily homes? Most of the locations I know are kind of sketchy. And I would absolutely LOVE to get that reference from you. I don't know if I can come up with 20% down to avoid that PMI; are you considering another loan other than the FHA for yourself?

So glad I found this forum; y'all are fantastic! Thanks so much!

Paige

Okay, I need some advice from you veterans out there. Here's my lifestyle and financial breakdown: I'm 22 and have just survived my first year teaching high schoolers all about the Krebs Cycle and mitosis. Within the past 10 months, I've been able to accrue a little over $12,000 cash. This is all the money I have, so all you rich silverbacks out there can look at my bank statement and play the "I remember when I was that poor" game for a good laugh. I still owe some money for college (We Are Penn State!...and we are broke!), but I have no other debts. Credit score is as great as it can be for my age. I was saving up my money for a house, but have come to a fork in the road as to whether I should invest this money better.

Here are my questions: Do I have enough money to actually do something here, or should I keep saving? I'm still relatively young and poor, so I don't want to rush into anything too extreme for my first go around.

Should I buy and flip a house or buy a multifamily home and lease the other part? Perhaps something else?

What are going to be some pitfalls that I won't even think about when I get into residential real estate investments for the first time?

Thanks so much for any advice!

Paige