All Forum Posts by: Wil Reichard

how much would you be able to profit for it each year if you got it rented?

Most will. Just because it covers their butt to cover the first few months in taxes.

Mold is not uncommon. If the seller agrees to fix the problem by getting rid of it, or you can fix it without it costing you an arm in a leg (mold is, for the most part, inexpensive to get rid of) it should not be a problem. Ask your agent if it has to be disclosed.
In a sellers disclosure (what you would fill out when you sell) you have to list off any of the problems the house has that you know of. Now problems that have been fixed I would say no.

I am not giving legal advice, consult your agent/attorney before making final decision.

@Brian Nakagawa, I would suggest spending a couple more months either reading and learning as much as you can, or find a partner. You can get burned bad if you are not prepared when starting your first investment. Spend some extra time learning and reading until you feel confident and comfortable. If you aren't quite there yet and want to jump in now, find someone to work with.  

I've always wondered this. I'd love to hear what others have to say.

Is the population increasing or is it stagnant? What is the land value? Will you be loosing more money than the property is worth with property tax? How likely will you be able to get someone in there?

If the population is increasing and the land value is at least 1k. I would consider the property tax and possibly hold onto it.

1. Add the new bathroom now. If it will be done later down the road, might as well add it and benefit from the extra cash flow.
2. I would wait to replace them. Maybe just some paint for now. If this was a A class property I would reconsider, but being a B property I don't think people will expect new trim and doors unless it makes the rest of the house look very used.

3. Plan for the best, expect the worst.
Good luck to ya

Banks typically stop giving out mortgages after around 4. Private money lenders look at your portfolio instead of the amount of loans you have to see how well you are doing. Lima One Capital is a national lending company I know of that works very well with real estate investors. Reach out to private money lenders and get their opinion. Good luck to ya

I would contact the seller and ask if there are any specific reasons other than just personally seeing it. Only he would really know.

How is the lawyer involved in the deal?