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All Forum Posts by: Brandon Johnson

Brandon Johnson has started 13 posts and replied 32 times.

Hello,

I was wondering if anyone had any advice on my situation. I have been involved in a wholesale deal for over a month now, the contracts have now expired and the seller won’t answer the phone for myself or title or sign closing documents. I am the wholesaler, am I able to take any action against the seller or force him to comply and sell to end buyers? Any advice on next steps?

I'll state a bunch of facts and then ask my questions:

-  Tenant lives on the 2nd floor of a 3 floor house that is a legal duplex

-  My father occupies the 3rd-floor space of the duplex, which is basically an efficiency

-  The electricity for the 2nd and 3rd floor are on the same meter

-  After moving in, the tenant could not put electricity in her own name due to credit issues

-  I setup the electric account in my name and added to the lease that the tenant is responsible for anything over 50.00, which my           father  pays as part of the electric and is more than his fair share of the bill

-  The tenant lied on her rental application about having an eviction, which I did not know was underway when she moved in.  Yes, my     screening process failed!

-  The tenant has done nothing but cause problems since she moved in, damaging the garage door, leaving trash on her balcony, refusing to keep home clean, verbally abusing my property manager, refusing to allow for repairs to be done, late rent payments

-  The tenant recently raised concern that my father's water comes from the water heater that she pays the gas bill on

-  This concern never came up in the last 10 months, but now that she does not have the money to pay her rent she has sent my property manager her gas bill, which shows a $900+ balance.  She hasn't paid a gas bill since she moved into the place

-  Because she cannot pay her rent she is threatening (or has called) the gas company to investigate (not sure what they will find, other than that she has not paid her bill) and has called the housing inspector because my father is living on the 3rd floor-

Looking for advice here, what should I do?  

Hi Aaron, no restrictions.  If I were crazy enough to blow it on a watch I could. They just want it repaid. Thoughts on how to use the funds?

BP folks,

I'm getting access to a 100K unsecured business loan.  Looking to use it acquire more rental property.  Thought it would be a good idea to leverage the loan to use as down payments on multiple properties, to meet the 20-25% requirement.  What are your thoughts on how I can maximize this opportunity?


Thank you in advance!

Ryan, I am working to secure a loan with Bankers now.  An unsecured business loan.  Did you ever close with them?

Received most of it, including full rent from a tenant that I did not expect to pay it.

Need to close fast

Looking for a loan to purchase a single family rental property in Garfield Heights, OH. Garfield Heights is a suburb of Cleveland. I can qualify for a conventional loan but need to close fast. The loan will be for between 60-80k. I have a qualified tenant for the property that will pay $1200/month rent and sign a 2 year lease. The tenant will also put down $2400.00 for security deposit.  Message me if this is something you specialize in. 

My PNC HELOC has a debit card. Is that what everyone is asking?