All Forum Posts by: Vonetta Booker

From what I understand, Fannie Mae & Freddie Mac actually both have the same business model; the difference between the two is that the former primarily buys bank-issued mortgages--and the latter buys mortgages issued by thrifts (banks that often have access to low-cost funding from Federal Home Loan Banks, allowing for higher savings account yields to customers and increased liquidity for mortgage loans.)  

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Good point, @Michael Nemeth .  I think as in everything else, communication is the key to both parties staying on the same page. I, as the client, would be clear on what I expect from the PM--and in turn, they'd be upfront on whether they could deliver.  Straight talk makes for straight understanding, I always say! :-)

@Thomas Elam --I actually decided to move on from the property. In addition to my update post above, my private lender didn't have a good feeling about the oil tank either, and opted not to get into the deal (which I totally understood).  We both though this could be a bit much, since it would be my first deal.

I had "oil tank" as a specific inspection contingency option, so I'll be getting the EMD back & moving on to the next. Oh, well!

Thanks, guys--much appreciated!

 I agree..."these people" are the ones lining investors pockets!

What the heck is with sheets strewn across windows?  I never got that--like, at least cut the sheets down the middle & make curtains out of them, lol.  Blinds only cost a couple of bucks at Walmart...but hey, that's just me.

Great advice, @Brant Richardson --I think that's the way I'm going to go. I think I'll outsource services as needed--such as a realtor to handle the initial listing/vacancy filling, and a handyman service to take care of any repairs--but I'll deal w/ them directly.

In my area, there are a couple of half-duplexes on the market for about $40-50k. Rentals that size (3brs, 1-2 baths) tend to go for about 1300-1500/mo.

Thanks, @Thomas Weir and @Michele Fischer . Michele, I'd most likely outsource the vacancies to a realtor colleague; I wouldn't mind them handling the showings, applications, etc., in exchange for a month's rent if they can fill the vacancy quickly w/ an MLS listing. (Since I'm licensed I could do it myself, but again I don't mind outsourcing to free up my time for other things & avoid some stress.)  

Thomas, that being said, I'm looking at your realtor-PM-referral suggestion like, "Duh! Why didn't I think of that?" LOL.  I will reach out to some colleagues & see if they have any recommendations. :-) 

@Bryan N. , you're right--I can totally see how finding/purchasing a property is easier than finding a good PM, which is kind of a shame!  But hey, it is what it is.  I also agree now that it would better serve me to get educated myself--I'm still open to finding a good PM down the line, but I'll feel much more in control & empowered if I know what I'm doing myself.