All Forum Posts by: Scott Anderson

Started late November reading, learning. 

Close next week on #1.

Made 4 offers over 4 days. 3rd was countered and came to find out seller distressed. Move in ready.

Paying $161k, appraised at $183k.

Should Cashflow $200 with capex/maint/vacancy.

Zero out of pocket.

Think I did well for my first.

Cleaning fee, smaller portions. Problem solved.  

Craigslist free section. Set the ad say it’s at the curb first come.

I’ve gotten rid of things in 20 minutes that way. But smaller towns may take longer. And junk may never disappear.

There’s also rent a Home Depot truck and take it to goodwill. 

I made a blind offer on the property I’m buying right now. I had a 10 day inspection period to look it over after I got a deal that made sense.

Looked awesome inside, glad I did it.

On the other hand,

If there’s obvious repairs needed I’d rather see it in person first so I can estimate repairs. You never know what the pictures are hiding. And what you think is a lowball may be way higher than its worth. 

I had my lender get me 4 prequals in $10k increments in my price range. 

 Are you going through your broker or are you just storing them personally?

Those of you who are Both agents and Owner/managers what forms are you using for leases?  AAR?  Modified AAR?  Your own?

 As said here, find a lender that knows the grants available. Get set up for using it and know where and what that allows you to buy. Some of them will pay your down payment and closing costs.  Anything more the seller can pay. 

 This is also a good lesson, the Lender knows only numbers. Make sure you hold their hand and walk them to COE. Only after many deals can you let them have some breathing room. Assume everybody knows nothing.

1. Decide what type of property you’re going to buy.

2. Decide who’s living in it.

3. Talk to a couple mortgage brokers to find the best type of financing available to suit.

4. Get an agent. Don’t use the sellers agent. They’re not there to help you.

5. Find property.

6. Run numbers.

7. Verify numbers here.

8. Buy or pass.