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  #1  
Old 09-11-2006, 05:08 PM
barbiedoll1973_tn
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Default Hello from Indiana

Hello I am a stay at home mother to three wonderful children. My husband and I have been thinking about buying some rental property to make some money on the side. I hope that I can learn alot here.
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  #2  
Old 09-13-2006, 09:33 AM
REIBusiness
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Default Hello

Hello and Welcome to the forum.
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  #3  
Old 09-13-2006, 11:03 AM
phoenyxstarr
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Hello barbiedoll. We sound so much alike... I've also been thinking about buying a couple of rental houses to make some extra cash.
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Old 09-13-2006, 11:20 AM
barbiedoll1973_tn
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Quote:
Originally Posted by phoenyxstarr
Hello barbiedoll. We sound so much alike... I've also been thinking about buying a couple of rental houses to make some extra cash.




I have got some property in mind I hope that we can get it. Have you looked at any proeperty yet?
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  #5  
Old 09-14-2006, 08:42 AM
phoenyxstarr
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We were looking at one place, but our usual financers said they couldn't finance it because it wasn't a high enough amount. The 3 bedroom house was selling for $35k, and they said their lowest amount was $50k. We've never had a problem with them before, so I think this was a recent change in policy.

We're hesitant to finance through another place right now because we have a good relationship with this company, and get a slightly better deal because we are previous customers.
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  #6  
Old 09-14-2006, 04:50 PM
barbiedoll1973_tn
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Quote:
Originally Posted by phoenyxstarr
We were looking at one place, but our usual financers said they couldn't finance it because it wasn't a high enough amount. The 3 bedroom house was selling for $35k, and they said their lowest amount was $50k. We've never had a problem with them before, so I think this was a recent change in policy.

We're hesitant to finance through another place right now because we have a good relationship with this company, and get a slightly better deal because we are previous customers.



Wow 35k for a 3 bedroom home that sounds like a steal how much is the house worth? I hope that you can get this home it sounds like a great deal.
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  #7  
Old 09-15-2006, 08:03 AM
phoenyxstarr
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Around here, the average price for a 3 bedroom house is between $35k and $50k, depending on the location. The house was worth I think $33 or $34k, so it wasn't a bad deal at all.
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  #8  
Old 09-15-2006, 07:00 PM
r8rpwr
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It's not too unusual I think for banks not to want to mess with loans less than $50K or so. I had trouble getting a small business loan for $30K one time; however, that was for an unrelated business to real estate.

They just don't earn enough interest to make it worth their time. That's mostly true for larger national or regional banks though; I would think you could find a local bank to do what you want.
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  #9  
Old 09-18-2006, 08:17 AM
barbiedoll1973_tn
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Quote:
Originally Posted by r8rpwr
It's not too unusual I think for banks not to want to mess with loans less than $50K or so. I had trouble getting a small business loan for $30K one time; however, that was for an unrelated business to real estate.

They just don't earn enough interest to make it worth their time. That's mostly true for larger national or regional banks though; I would think you could find a local bank to do what you want.



This is great information for both of us to know thanks.
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