All Forum Posts by: Russell T.

Finally closing on my first Investment property tomorrow, SFH Buy & Hold. My offer is $57,000 20% dn & 3% seller concessions. Today I get a call from my loan officer telling me that 2% is max on investment properties. Fortunately 1% = $570 is a cheap lesson (rather have it in my pocket).

Is there a way around this 2% or for future deals do i just ask for the 2% and offer less for the house.

This is a Conventional loan.

This will be my first investment house so what would you call lower, middle & upper as far as SFH rentals go. My house should rent between $1,000 - $1,200 and it's in a desirable area. My guess is middle class. Thank you.

I'm planning a kitchen rehab for a sfh that I'll be closing on in about 3 weeks. The house is 3br 1.5bath 1100sf original 1957 kitchen, no dishwasher & no disposal. I'm planning on RENTING it out. My question is should I put DW & GD in or is there to many maintenance issues with these items when renters are involved?

I was thinking DW yes & GD no. What have you experienced?

[tell us more about yourself. are you just getting into this? rentals? flips?

]
I'm just getting into this but I've been thinking about it for a long time. Recently I noticed I could buy a house (50-60K) for about $500-$600 a month and with some work I could rent for $1000 (approximates to my area of interest). So rentals but I would look at flips.

I own my owe business (FX Company for films) and it's slow in the winter so I looked into real estate to supplement my income and keep me from going couch crazy. Started looking at 30K houses in S.C.S. but they needed way to much work such as basement walls bowing in. 50-60K seemed more doable. Made some offers & one has been excepted. Should close early March. House needs work but nothing crazy.

I'm fortunate to have tons of tools and mad skills to build crap along with my crew thats also not working in the winter. So here I go.

I would be happy to buy lunch and pick your brain on the pitfalls of the business.

I'll definitely compare prices first. Good for less money is key.

KSI in Brighton that's good. I can drive there and actually see them and compare to lowes & depot. I'll watch for a 20% off deal for lowes as well. Thank you everyone.

Wow! This is a sweet web site. I'm new to real-estate investing and currently going though the closing process on my first investment property. Plan on renovating then renting. The house has the org. 1950's metal cabinets in the kitchen along with a check list of things to fix. Has anyone used the RTA cabinets and are they durable?

I paid $250 and I felt like the inspector did a great job, however this is my first time so I have no one to compare him to. The report came in a booklet with a CD of all pics taken. Dates and life expectance of all mechincal items.

The neighborhood is older (1957) with Large Trees so I paid a Plumber $95 to run a camera down the drain to the street. Roots in the plumbing can cost a lot of money. Father-in-law had his driveway dug up for roots in his plumbing and it cost near $5,000. As a first time investor (looking to hold onto the house long term) this would be hard on my wallet.

$95 was good piece of mind.

Thanks for the vote. I just found this website last night and couldn't stop looking things up until late.

The guy I'm working with is Jason Belli Office # [PHONE NUMBER REMOVED]. Huntington Bank - New Baltimore, MI

George,

I'm going through this very thing. Huntington Bank doesn't advertise this but they don't have a min. loan amount. I'm currently financing my first deal & it's under 50K.