All Forum Posts by: Joel NA

Thanks Stephen...

The property is vacant. A lease option sounds like it might be a good idea. I need to read up on those in any case.

I like the contract sale because I want my name on the deed from the get-go. Again, I'll read up on lease options.

After reading some old threads, I still had a question about buying on contract.

I'm looking at a rental-- owners are open to selling on contract. Of course I will have to ensure that it is a "buy right" and that I get a good contract written. I think I have a bit of a grasp on the ins and outs of contract sales, but I plan to do more research on here as well as to speak with a lawyer.

Is it reasonable to assume that typical buying-on-contract terms will require less down payment than the 20% or more a bank will want for a conventional investment property mortgage? Obviously the interest rate will be higher with a contract sale, but if I can put down a low percentage as dp, I should be able to lesson my cash output, correct?

I plan to refi once I've rehabbed and rented the property. Any offer I make will allow for a healthy spread between cash outlay on the rehab and ARV, so a cash out refi should be do-able. I'll call my bankers and make sure they are still doing those in my area (just did one this summer).

Thanks in advance...

Thanks Josh,

I just didn't want to have him fill out another one after he'd done the paper version of a rental application. I'm paying for the background check anyway.

I do like the program, though. I've got an account set up and plan on using it in the future.

If there is a way for me to enter info as a landlord, you are welcome to have a rep email me. No worries, though.

Thanks and happy holidays everyone!

I've got a prospective tenant that filled out a hard copy app for me....is there a way for the landlord to enter info with this program? I didn't see a prompt or anything in the tutorials. Thanks...

We used American Modern Select Insurance Company (1-800-543-2644, 866-709-8738) a couple of times...expensive but easy.

The last rehab I did was insured through an agency in town that finds appropriate insurers for me...much cheaper...

In the experience of me and some of my close friends in my town, REO's priced decently from an investor's perspective do go at or above list....

should say..."And I agree that is a very individual decision."

Thanks for the replies everyone! Some excellent food for thought.

For now we'll concentrate on building up reserves...my thinking is that fat reserves will provide the same security that a paid off property would give us.

And I that it is a very individual decision!

Yeah I checked out the Chou page and it seems great...bookmarked it. I'll do the same for Guttentag's site. Thanks both of you for the input.

The question does indeed seem to come down to risk tolerance and personal choice.

Thanks for the thoughtful response Bryan!

I agree that I need some overall guidance as far as asset allocation goes...good suggestion. Also thanks for the clear opinion about paying down a low interest loan versus further leveraging.

Any other thoughts anyone?