All Forum Posts by: Account Closed

@Dennis M.

I don't have any social media...although my sister does let me look st hers from time to time.

No credit checks? That concerns me since I literally had to evict "family" recently and they stiffed me the last 2 months rent.

Tried to work out a payment plan with them to which they came up with and agreed and of course they didnt pay. So I'm taking them BACK to court for it.

I'm sure had I done an application with a background check and credit check I wouldnt have rented to them...family or not.

I know I could get a renter faster but not checking these things but I dont want people living in my home rent free while I'm busting my butt making sure the mortgage is paid.

This was my first home and I and my family loved it...but it's really starting to look like I should just try to sell it to another investor who is more experienced with areas like this.

I cant afford non paying tenants destroying my home.

How long on average does it take for you to rent a property in a D class area?

How often do you show the property?

Do you do open houses or personal showings?

How many people dont fill out applications in full?

How do you advertise your property in a D class area?

@Nicole Heasley I was thinking the same thing recently. And with finding a new tenant for my property with the people I'm getting because of the area. It is like a D area...the next towns over are better(better schools, better communities) but higher home costs and taxes.

Although that's to be expected in a better area

I have been renting out my home to extended family for the past 2 years making ALL the mistakes 1st time landlords usually make.

I've kicked them out and am in the process of cleaning up the damage they've caused and renting it out to someone new.

I've been thinking of buying more rental properties seeing as how I feel I can handle it.

I recently found a deal on craigslist in my area...if I had to give it a grade...I'd give it a D. I personally wouldn't live there but I dont like row homes and it's on a 1 way street...plus the schools aren't great and it has a bad reputation.

However it's a prime area for Section 8. Which is why I'm interested.

My (partner) however thinks I should just focus on my property and "wait" before doing anymore deals.

I understand what hes saying but at the same time...its a FSBO so I could probably get SELLER FINANCING. Which would make the deal hard to just walk away from.

I can afford to buy the property but now arent sure if I should or not. I wouldn't want this to cause a problem between us.

Am I moving too fast? Should I focus on just my property? What would you do?

I may get a look at the property today and that could help with my decision...just want other opinions from seasoned and new investors.

@Frank Chin thanks for that. Her daughter(who I forgot about) is at her home for now and I think I'll leave her a letter with my Information if she wishes to sell.

@Andrew Postell ok so I cant do am FHA loan unless I live in the property? That sounds fair...since the downpayment requirements are so low.

@Anthony Ward not sure how much equity I have in the property is enough to buy another place. I refinanced a few years back.

I was thinking of taking a loan from my 401k...but I dont neccesarily want 2 loan payments...unless 1 is really low and I can still make a profit each month.

@Christopher Phillips I'll start looking for lawyers in the area where the home is to help with this.

Thanks

I need to draw up a new lease that's pretty iron clad.

A template that I can add too.

Where is the best place to get one? Does cozy.co do leases on their site?

I havent signed up yet so I cant see everything they offer. Will have a new rental property available soon and want to be ready.

@Jonathan Greer good point