All Forum Posts by: Robert Howard

I tell you way I bought my first property. I started letting ppl know what I wanted to do and surrounding myself with contractors and handyman. From there one of the contractors told me they knew about a house and I followed up on it. So don't keep your goal to yourself tell ppl.

So I found a bank that will give be a 30 yr mortgage but the origination fees are like $900. Do you all think that is to much also interest rate is 5.8. Im use to paying about $400 in origination fees but thats on a five year ballon. Im trying to get into longer notes because I don't know what are banking future looks like and will there be another crisis. Note: I invest in $50k and below houses this one should apprise at $49k.

Thanks for the replies.  I see my six isn't sufficient.  She and her husband manage about 150. They tell me all the time how they fire owners. Lol. But they are worth their weight in gold. I was more trying to figure out how to survive 1st couple of month mortgages with ni income; which now I will find another solution. 

Ok. but just to be clear Im adding three, so its a total of six. But I hear what you are saying.

I want to negotiate a new deal with my property manager, but want to get the opinion of the community. I started with one house with my current manager and now have three. Alone with increasing the number of rentals I also have got in better neighborhoods so better rents. I currently have three additional properties on contract that I will be adding in the next 45 days. I want to negotiate the 1st month rent component. I appreciate my manage and they do a great job, but I would like to split the 1st month. So do you all I should try to leverage my growth? Plus Im not doing it just to do but think adding three additional mortgage at one time I can't offer to lose a whole month's rent. I forgot to mention she is also my real estatle agent. Please let me know your thoughts.

I have a bank for the 1st one that I close on the 29th. Conventional loan 20% down. The $35k property I have a friend that has been watching me and asking questions and said next time I have a deal could we do it together.  I told him about the deal and told him he put up $30k and split a/c cost we would refi house apprised for $48k so if we get 75% ltv thats $36k all purchase price and $1000 worth of a/c back. After P&I, taxes, insurance and $100 into bank account we split $200 cashflow. The 3rd one Im trying to figure out. The two off market deals were friends. The $50k house my friend parents just lost there tenant and they live in Va. She was managing it for them but she was tired. So they told her she could sell it. So she called me.  The $35k my mentor bought bc it for a great deal, but it doesn't fit his criteria so he asked me if I want it and he would sell it to me for cost, because he wants to get into another deal; and it fits my investment style. 

Well guys I have a great problem and trying to work through it. I have had a contract on a property that I close on the 29th. Recently I was offered two off market deals. One for $35k and the other for $50k. I made an offer of $43k for the $50k house its rent ready, they told me "no". They wanted at least $48k.  I advised them the most I could offer is $44277.  I didn't get an answer. So I move on to the $35k house that just needs an A/C. I offered full price split closing. Boom accepted. The $50k house just call and said they would take $44k. Now I'm over here thinking hard on how I'm going to close on all three of these houses. Great problems. If I pull this off I'm done for the year. Unless something just comes across my desk but not searching. This is the year of abundance. I did get some bad news today the A/C went out in one of my units, but I'm determined and will figure this out.  Any suggestions I would greatly appreciate it.

Its a full rehab so I figure repairs and capex could be low, but I will raise Vacancy.  Thanks for reply.

I have this awesome deal well I think, but I want to make sure the numbers are right.  Could I get some opinions.   Here is the link.

Thanks for insight. House was built in 2001. The neighbors keep their houses up, but you right numbers don't lie. I just want to make sure my numbers were not to conservative and see where I could go.