All Forum Posts by: Account Closed

@Ben G. well I will do my best to drop you a line when I am headed down that way again. Likewise if you head up this way.

There is a bakery in Broad Ripple called Sweet T's. Great bakery. Love the Red Velvet. It is in strip mall just 2 or 3 doors down from a UPS Store. Same owners. Great people. Not sure why I posted that other than to say, that bakery is awesome!

I will tell you more when we meet, but it isn't for public consumption at this point.

@Ben G. I do get to indy semi regular. My inlaws are in Carmel. But ny wife is due with our first child in two weeks. So not sure how often we will be heading down as opposed to them coming here.

Also why I have been posting more becaise I am staying ckose to home base if you will.

30k all in.. but still a nice return.

A local smaller bank that will keep the loan in house may work with you, but with Dodd Frank there is a heavy emphasis on Debt to Income ratio.

I have never advised anyone to over leverage revolving debt (credit cards) because once you get up over 30% of limit you see a decline in score, over 50% and it really hammers.

But try a small local bank. Find out if the Portfolio loans in house and see if they will work with you. Bringing in a credit partner might be wise as well.

I can only speak of what I know. I do not know the Memphis or KC markets at all. However I know the areas around Chicago extremely well. There are some amazing cashflow opportunities. However you really need to know the areas well. One block in the wrong direction and you could be dealing with some theft, long term vacancies, etc.

I just recently purchased a Single Family home for 9,500. 4 bed 2 bath full basement and 2 car garage. It needed some work. put in 21k. now it is rented for $950/month. Tenant pays utilities. So you can see the potential for large returns.

If you ignore it for now, and don't act upon it, it could be viewed as "acceptance" by a judge. I would send your tenant a letter demanding he comply and remove the pets. This will delay the process. But you are also risking having your other tenant move out due to the noise of the dogs.

This is a business, you will have losses here and there, but you need to view it long term, not short term. This tenant violated the pet terms, violated the additional occupant term and has paid late as of recent.

Sorry three strikes! Ha.

You need to man up and toss him out.

"If you fear making anyone mad, then you ultimately probe for the lowest common denominator of human achievement."

-- Jimmy Carter

@David Krulac you are correct. If it seemed I was saying it would cover damage, that was not my intent. Only that if you are in a multi-unit that the other neighbors are more likely to come across the pets and something could happen. Obviously he doesn't keep good control of the dogs if they bark all day.

Do you have a separate Pet Agreement? Further did you charge late fees for the rent being late?

Also, demand he gets renters insurance that also covers dogs. Meaning, what if the dogs bite one of the neighbors? He obviously can't control them so you want his insurance to cover it and name you as an additional insured.

I would also ask him to move out. replace the floor after he leaves. If he doesn't, I would being eviction proceedings. You don't to risk losing the tenant that keeps the place nice, for a person that pays late and continually ignores the lease terms.

At the auctions, the "opening bid" is first given by the Lender/note holder. If no one bids higher the lender wins the bid or "takes back the property". It then enters into the REO area of the bank.

The last auction I went to had about 50 properties initially listed. Several didn't even come up, but the ones that did only 2 were low enough to get someone in the room to bid on them.

Entire auction lasted maybe 30-45 minutes.

Was this agent the listing agent or just a general agent only representing you?

If the Agent had it locked up already, why send you the Comps after the fact?