All Forum Posts by: Matt Jones

Thanks for all the great advice so far! The house is about 2400 sq ft. That $40k repair estimate doesn't assume any full system replacements but accounts for a few plumbing/electrical issues and a lot of Sheetrock, rotten wood, flooring, fixtures, ect...

I have the opportunity to buy a 3/1 in an older neighborhood that is becoming a high demand area.  The house will easily convert to a 3/2 and I don't see any structural issues.  The property meets the 70% rule as I can buy it for $90-100k, I think it needs 30k in work, so lets assume $40k, and the comps suggest that it is worth about $205k.

I'm still concerned about buying a home built in the 1940's for my first major project.  I don't have a ton of experience but I have bought and fixed up foreclosures for my last two primary residences and turned a profit on both after living in them a few years.  What pitfalls should I look for with a house this old?  As a relative novice should I stay away from a house like this until I have more experience?

Thanks Shaun, that is great info!

Thanks Jordan. After my house closes I won't have any debt. I guess what I'm asking is if rentals count against your income until you have an established rental history and if so what constitutes "established"?

I am about to sell my personal home, a foreclosure I bought two years ago, for a nice profit. I want to buy some rental properties and I would like to buy another undervalued home to live in and flip again in a few years. My question is what is the best way to get started? If I buy a rental now(there are two I like the numbers on) will it make it harder to finance my personal home? Or, if instead I buy a primary residence that takes up most of my available income will I still be able to finance a rental house in a month or two? I have good credit and 20% down on rental and primary but I'm concerned about the timing. Would it be smarter for me to buy a less expensive primary until I can show a steady income on my rentals? I was ready to jump in until I started thinking about the timing of all of this but I suppose there is always a reason to hold off on taking a risk. I'm ready to jump but I could use some advice on which way to go! Thanks!