All Forum Posts by: Stephanie Hardy

 @Sunny D. There is no tenant at this time, but $1050 is probably even just under the average price in the area. The cash flow 1050/m will be really only like 1.5% after taking all the vacancy/capex/mortgage/etc. If we put the money into it, our CF goes up to about 6.5%, so I guess there is my answer to that one.

For the sake of numbers: Purchase price is $155k, P&I is $675/m. I'd like to get a 2-year lease to have our return go up, but am doing numbers for 1-year leases, just in case.

So, my step-father-in-law has decided he will seller finance a home to us! This will be our first investment property. We are still trying to figure out if we want to spend $15-20k to redo the floors, kitchen, & minor bathroom items or if we should keep it as it. If we rent it as is, we could get $1050 or so for it, but renovated, we are thinking ~$1300 and that it will attract a bigger crop of people since it won't be so dated. Opinions on that?

Also, and more importantly, because we are seller financing, I am very scared of the whole process. I've bought homes regularly, but this is slightly overwhelming. I am planning on getting a real estate lawyer for help on the contract, but after the home closes, what do we do? I've been listening to podcasts, webinars, reading the forum and now that it's all happening, I feel like I know NOTHING! Is there like, a checklist out there of things to make sure we are doing? Any advice would be great, please!

I like using Trulia as well to see the neighborhood crime rate. You can see the reported crime in the area as well as the schools that homes are zoned for.

@George P. In defense of the applicant, I can see how that conversation could be misunderstood. If you say you don't maintain anything below $1100, that, to me, sounds like you might have something just above $1100. Just saying... =)

@Omar Merced thanks for the clarification. I knew people had vacation rentals, but wasn't sure about Airbnb. Vacation rentals still don't sound very fun to manage, to me, so I think I'll stay away from that...at least for now!

@Eric Fernwood Thanks for the information. You provided a lot of good things and ideas.

 There is an app called "CamScanner" for android (I'm sure apple has either the same or something similar), but you take a picture of the paper with your phone, through the app, and it will convert it to a pdf. It's pretty cool. 

Welcome to Bigger Pockets! Looks good so far. Good luck!

@Dan Mumm Thanks for all your insight. I really appreciate it.

@Robert Adams  I haven't followed the real estate market here long, so I appreciate your input on where you think Vegas is at with your knowledge of where it's been. I hope the cash flow gets better in the near future. I need to get at least 1 rental before interest rates go up!

@Ross Greene Good to know not everyone is almost 100% leveraged! I'd love to do all cash and not even worry about lenders! I've got enough saved for that 20% down, but not for all cash in Vegas' market. Oh well. I'll get there someday. One day at a time =)

@Alex Tillman I like how you separated the categories! Makes it easier to see what I would be more interested in when the topic of the book doesn't really give you enough information of what it's about.