? In process of purchasing 1st rental property - Posted by Chris
Posted by Chris on September 15, 2004 at 08:31:31:
Well, what makes you think you are getting a good deal? Please share the market rent / neighborhood / demand for this type of housing… Financially, what good will the purchase do to you, unless you can raise the additional $ 15,000 needed? ** Personally, I wouldn’t cut corners and do quick fixes. But you might be handy and able to do a lot yourself? ** I’m selling >30 units and man, it’s not all profits and roses ;-((. COSTS: escrow, fire insurance, mortgage fees, taxes p.a., the unexpected (Murphy’s Law) and always the very imminent danger of bad screening. Screw up and it may well cost you thousands! ** how long has the house been on the market? Would the seller carry paper? Have you shopped around? Do your homework and expect it may take a few months to rent. So be careful and don’t go bankrupt over it - you may wish you had kept that 10% downpayment and your present credit score11… BUT if it’s a rare deal, if you get a huge discount to FMV, you might consider just fixing it up nicely and flipping.