All Forum Posts by: Russ Draper

First I would offer a deposit, if it is MLS then they should do a regular offer to purchase contract with you, you can say your offer is contingent on financing like almost every other normal deal out there. Then post to marketplace once you have it tied up. If the seller isn't willing to do this is a red flag to me.

I don't know that market, but keep in mind that not all areas are "worth" investing in.  Meaning they may not meet the 1% rule or 2% rule or whatever metric you are using.  It is possible that nothing near you is very profitable.

Why not?  You are using a closing attorney and got title insurance correct?

Oh that is sad, on the positive side for you I bet the children don't likely want to manage the buildings, so maybe you can negotiate a good deal for both parties.

Any good pest management company will take care of it.  I would expect more than 1 visit to be sure they got them all.  Can you describe the area around the property?  Are they in the houses nearby too?

Extreme solution like set it on fire and run?

Fire them.  They should be able to give a response by at least the next business day.  Waiting 10 days without any answer is unacceptable, I would fire them ASAP and change to a new PM.

The amount you make is irrelevant, they look at your debt-to-income ratio and determine how much they would lend you based on that.  I have had issue finding banks willing to give loans for under $100k though, but it can be done.  Good luck!

My wife went and got her license so that we could do just what you are talking about. She ended up joining a brokerage because we plan to list our own properties also. Just getting the license didn't give direct access to MLS though, to post you need to join a brokerage I think. Not 100% sure on that one though.

Boy I am not sure how to answer this one. There is part of me that sees the ROI and screams at you to take it, but there is a whole other side to the coin here. I can see this property having trouble getting insurance, having trouble renting in the future, having very high damage, you essentially become a slumlord if you keep buying these. But even if you buy all-cash and get your money in 2 years it could be a fantastic deal.

Are the utilities paid by the tenant at least?  If not I wouldn't buy it, my experience with Sec 8 was not very good overall and I wouldn't do it again.

Well when making offers a pre-approval letter does help, but it is not always necessary.  I know that repeat credit inquiries do hurt your score, even "soft" pings hurt it.  Try to find a lender that will give you the pre-qual again later without hitting your credit.  They can put whatever limitations they want in the pre-qual anyway, so they will inquire again once you get an accepted offer.