All Forum Posts by: Calvin N.

A Realtor that is also an investor and understands what we are looking for.

Kladno, Your post sounds just like all the "gurus." Why not just go get a signature loan for $9,000 and avoid all the problems of buying a property and dealing with the tenants? You still have to pay back the money. In your senario you owe 105,000 on a property that is only worth 100K at retail. That is not investing nor is it a deal.

Congratualations Brad! Welcome to our world...my wife and I have spent many lunch hours driving and looking at homes. We found the one we are rehabbing doing that very thing. Now we are enjoying our evenings rehabbing a home after we get off work. One day, we may be able to do it fulltime. Right now, we are really enjoying doing the work ourselves and learning more about it. We have three rentals and this is our first rehab.

As far as how to concentrate on your job....well, can't answer that one. Just remember what is paying the bills for now. Once you get a solid footing in investing then you can take that step to financial freedom and leave your job. Best of luck!

You have asked questions that we can't possible give you answers to without a lot more detail.

How much can you afford to spend on a home? Is this for your personal residence, a rental, a rehab? Yes, you can sell before you pay off the mortgage. The monthly payments depend on how much you borrowed, interest rate, terms, etc. You will utilities, maintenance, and many other expenses assocaited with maintaining a home. Without knowing how much you purchase a home for and how much you sell it for no one can give you any idea of what you will make and how much when you sell.

Give us some details and then you may get some answers.

Ask. Just ask the current owner if you can have access for showing the properties. Don't have a potential tenant sign a lease until you have closed on the property or include a clause in the lease saying it is void if the closing does not happen. That may prevent any problems with a tenant if the closing hits a snag.

It sounds like a solid rental to me. However, with any tenants remember they will not treat it like it you did. Your memories of that house will fade quickly with the wear and tear of tenants. As long as you don't have any real emotional ties to the home and you don't need the equity in that house to purchase your new home then I would say rent it.

Best of luck to you.

Contact some of the local title companies and see what they charge. You could do it yourself, but unless you are very familiar with all the legal terms and familiar with researching title information at your local courthouse I would advise against it.

Title search should not cost more than $250-350 depending on your area. As Charles said this is completed before closing. You need to make sure you are buying a property with a clean and marketable title.

Your lender will most likely require a title search that will uncover any liens. If not, then I would certainly pay to have one before making the purchase. Best of luck.

My wife and I are in the middle of our first rehab. We are doing a lot of the work ourselves. We do have a contractor that will take care of the sheetrock install and repair. Some say you should spend your time looking for other deals but I am not worried about another deal right now. I will worry about that after this one is near completion.

Like landlording, it helps to do it a while before you hire a property manager so you personally know the excuses, headaches and issues that come with dealing with tenants. I feel the same way about the rehabbing. I will hire it out next time if I find it too time consuming. Good luck!

Check with your local building inspector. In my county I have to have a permit for almost anything...just a way for the county to collect more money. You may get away without having one, but if you are required to have one and are caught without it you will pay alot more. I figured it was best to have it. As far as the extra bath I would say yes, complete it. That is, if you have the room and the costs are not too high. Your plumber can give you an estimate and then make your decision. Good luck!