Anyone Buy A Va Foreclosure For An Investment With No $ Down?
I am interested in buying a va foreclosure home with no money down, I know there are programs out there that will pay your closing costs, but how do you get around the down money if it is not a Term offer? Anyone do this? 
I have never heard of that method before, sounds like a line from a sleezy used car salesman "name your price!". Just advertise the rent for the unit, tenants (like any other normal people) do not want to play mind games.
I agree, advertise a set amount for rent. Deposit can vary on credit, rental history, etc. but rent should be a set amount.
Yes, you can legally deny them because of past crimainal activity. In fact, in some cases you can be liable if you rent to someone with a known criminal past and they commit a crime against a fellow tentant.
Yes, you can legally deny them because of past crimainal activity. In fact, in some cases you can be liable if you rent to someone with a known criminal past and they commit a crime against a fellow tentant.
Consider doing a lease option for yrou renters in the future. If your house value is 100K today and you lease option it for 2 years, you can offer to sale it to them for $110K and charge a little more rent, maybe $900 instead of $750. you can also have the renters to do a deposit of $5K or up to 10% of the value. If they choose not to purchase, all of that money is yours, if they do, you structure it so that a certain amount of rent will be used as a downpayment. But either way, you are coming out at least $15K ahead in 2 years. Do a few lease option. A few more rental properties and you may be on your way.
a good way to figure out when you can quit your full time job is when your positive cash flow exceeds what you are bringing home now. I.e. you bring home $4K before taxes on a monthly basis. if you have 10 rentals with $400/ month cash flow, your JOB may be not be profitable anymore..
As long as the units are safe - why are you upgrading them? Your tenants have not asked for the upgrades and you can not raise the rents for 3 years to offset the expense. This is not a smart business move.
Also, with two people using stairs, I would make sure that everything is over the top safe, and gets lots of insurance.
Brenda
Also, with two ELDERLY people using stairs,
I am with Brenda on this one. What do you expect will deteriorate inside of a unit? You can certainly replace some items while your tenants are still there. When you wait until the units are vacant before rehabbing them they will look brand new to a new tenant.