D asked:


I was invited to an open house by a broker. It was more of an investment property. This is what the broker told me about the property:

1*** Unionport Road, $119K, CC $543.33, tenant paying $940

The tenant that lives in there is renovating the apartment himself. Does this sound like a scam or am I viewing this wrong? The broker advise me if I am interested, the property could be mine but the tenant included and she will lower the price to $114,000. What do you guys think?

Howard

mbenetx asked:


We have a rental property in AZ and live in California.. I know that when you drive there, you can claim the miles and gas on your taxes.. But we would rather fly.. If so, can we include the expense of our plane tickets on our taxes under our investment property?

Jeffrey

Jigsaw007 asked:


Property Investment?
I was invited to an open house by a broker. It was more of an investment property. This is what the broker told me about the property:

1*** Unionport Road, $119K, CC $543.33, tenant paying $940

The tenant that lives in there is renovating the apartment himself. Does this sound like a scam or am I viewing this wrong? The broker advise me if I am interested, the property could be mine but the tenant included and she will lower the price to $114,000. What do you guys think? What questions should I ask the tenant?

Samuel

thegodfathertwentieight asked:


I recently did some repair work on a investment property I own (it is rented). Do I need the original receipts (let’s say from Home Depot) on the materials bought, or can the person that did the work put it all on one receipt with his labor charges?

Earl

Will asked:


I am considering a purchase of rental property and would like to know how to properly screen and select tenants.

Rhonda

eddieaz1983 asked:


I just bought a home with the VA. I want to buy another property a year from now. Can I use an FHA loan to buy it and rent out my VA property?

Christine

Alex Hiep asked:


I own a property that is worth only $140,000 when I still own $170,000 to the bank (Indi Mac). After the foreclosure, am I still liable for the difference – $30,000? Can they do anything like put a lien on me or my bank account to collect the short amount?
I live in TX.

Mike

Suresh P asked:


I own two condos one, I live the other I am renting out. Both dont have any equity yet. I already have 51% debt to income. I can still afford MXM 5K down including closing costs and tax prepayments. My interest is to buy foreclosures and sell after ~2 yrs. I am aiming at high end units that can currently be bought at ~200K but will apraise to ~350 in about 6mos. Is there a way to find finance in this situation.

Larry

Maria M asked:


i have a 1st and 2nd mortgage on my home but i have enough equity to purchase or place a down payment on a second home. i’m looking at refi the 2nd mortgage for a line of credit but i’m being told that is not a good idea because if something goes wrong with the second home i could lose my primary home. am i better off getting a separate loan for the investment property?

Mitchell

A P asked:


If i foreclose on my second mortgage on an investment property can the bank come after my financed car and wages if the auction does not produce enough money to satisfy both creditors?

Veronica