All Forum Posts by: Raj Shah

Thanks so much for the response! This is very helpful. I feel if we don't sell at the price we want, we would be able to rent this on our own like you mention. I agree that right now in the current market, her deal did not provide much upside on our end. 

Thanks again- I feel like we will get more calls like this so your points will provide me with a good base to work from.

Hi Everyone- 

I recently had a strange (or maybe not so strange) request arise. This question is not related to my current real estate investments. I live in buncombe county and we are getting ready to put our current home we live in on the market. We are going to put it on the market and if we are not getting offers around our asking price we will rent it. We live in a highly desirable neighborhood, great schools ( walkable) and walkable restaurants/shopping. While we are getting the house ready, we received a phone call from someone who wants to rent our house  for 36 months (at the rent we requested) and then buy it in 36 months. However, she wants to sublet it to someone else ( she does not currently have a renter willing to do this). While this is not what we would want to do, she sent us a contract. The contract is very vague and has no details around who covers the rent if she loses a renter. In addition, she can cancel the agreement at anytime but we as the owners cannot. It is not clear who would manage the property in the contract as well as multiple other details you would routinely see in a rental agreement. 

Has anyone come across offers like this and if so, are they legitimate? Do these people follow through on their end of the deal?

I am happy to share the details ( or lack thereof) of the contract.

Thanks for your help!

I did not know this!

I am actually planning to have my daughter use this property in a year or two to rent with her friends. She is in school in this area. Thank you for the info, I will look into this.

Raj

Thanks Kevin! I will look into them. I want an easy pre-approval process. I am looking for a lower rate than what I received - I realize it is higher for investment properties but would like to get the lowest rate possible.

Thanks so much

Sent you a DM - thanks so much for this 

Wow! That is great- I will reach out to them. thank you so much for this!

Great thank you for the info- I appreciate the feedback!

Hi everyone! I just want to join in on this forum. I am new to investing in the Raleigh/Durham area. My daughter just started in college there and I would like to buy a few rental properties. Any good suggestions for lenders? I just got pre-approved through a lender suggested by my agent and got a very high interest rate of 4.875%. Does that seem reasonable for an investment property ? I got a much lower rate to buy a primary residence recently at 2.9%.

Any thoughts or suggestions are welcome!

Amazing! New to bigger pockets and I am so impressed with this journey. Looking to buy my first deal and stories like this are so motivating. 

@Allen Wu

Hi! I am new to bigger pockets- I saw a recent post that you invest in Clarksville.

I am looking at the Nashville area- most of my family lives there while I am working on chicago currently.

Since it will be long distance investing, I am working on figuring out the best markets to invest in which will give me some cash flow by buying and holding or Brrrr-able areas

Any feedback on your experience there would be great!

Thanks Raj