All Forum Posts by: Tim Johnson

Not to throw cold water on an honest and interesting question.....but if you think about it for a moment I think you'll realize that there isn't really a simple answer to that question.....any city will work if you find the right bargain.

@Aaron Maxwell...  perhaps I misunderstood your original question. If you need boots on the ground for a specific property and need help with pictures or finding some information and running numbers.....then I (and many realtors) would be more than happy to help. But this would assume a relationship being formed and the intent to purchase an investment property - with me putting together the offer for you.

If all you are looking for is someone to take photos and gather information for a nonspecific list of off market properties - then perhaps you do need a bird-dogger who you can simply pay by the hour. 

Aside from personal or family reasons.... is there EVER a time (from a purely financial perspective) when house hacking doesn't make good sense? Go for it.

You might want to read this recent post and then scroll down and check out the comment from BP forum moderator @Nathan G. He has often commented wisely about this OFTEN appearing topic:

https://www.biggerpockets.com/...

I would readily do that as a realtor for a serious investor. If it's an area where you are actually considering purchasing a property I would definitely build a relationship with a good REI-savvy agent.

Hi Cody, it's a bit hard to follow your thinking..... is there any reason not to.....

Purchase your upgrade / new primary home now (with a 3.5% FHA or 5% conventional?)

Turn your present home into a rental.

Look for your 2nd rental unit after you've stabilized.

Hi Anna, wow.... I guess the first question would be.....why would you give them the cash without them giving you the keys? (That's sort of the point of that exercise......)  I can't speak for NY laws in regard to suing your tenants over the cash... but in terms of your earnest money deposit on your other offer...... it should all be VERY CLEARLY spelled out in the contract. No one here will be able to help you clear that up. In most cases, the obligation to follow through and close on the NEW deal is CONTINGENT on your selling the initial property. If you have not breached some other clause of the agreement you should be able to get your earnest money back. 

Hi Samantha, for your final check..... forget the 50%, 2%, 1% or any other "rule of thumb" - that's all they are. If you're actually running numbers, use real numbers and dollar signs. Since you haven't provided the actual numbers for us, we can't do it.... but if you include the following, you should be fine:

FINANCING: terms and rate.... (this will get you the principle and interest)

INCOME: 2300 / month... is this everything? (laundry, storage space, etc.?)

EXPENSES: taxes, insurance, CapEx, maintenance, vacancy, landlord paid utilities?...(maybe none), property management fees

Should be easy from here..... consider using an investment property calculator - it makes this super easy and you'll be able to run the numbers in 5 minutes. Best luck!

Welcome to the forums Patrick. Why not consider taking your VA loan at 0% down, or an FHA loan at 3.5%, or a conventional loan at 5% or 10% down? Then you could get started a bit quicker.... time is money......best wishes....

There's no right answer....agree with the above....but how about a conventional with 5% down? You get the low downpayment, the PMI can disappear in 2 years, and the listing agent may favor your offer (as @Chris Mason had mentioned).