All Forum Posts by: Bryan Devitt

How did you proceed with the applicants?

Everything is worth something to someone. Rent won't be as good as a comparable place a mile away, but it will still cash flow of you get it for the right price. To me, almost anything is worth buying for the right price unless it is a giant liability (i.e. abandoned or burned down house in Detroit)

Do a search and you'll find endless pages of this question and many answers

Concerns = risk 

Risk = lower price

Offer what you're comfortable at given what you think is worst case scenario and if they don't take it, move on to the next one 

Repair money should be in the bank, not coming out of your pockets when it happens. If the money in that account isn't large enough to cover the cost and the second person can pay a larger share, then pay for the repair and first person's future profits are used to pay back the extra with interest as if it was a short term bank loan.

I am torn on this one. I have been in his spot so I know that lots of things were out of his control before, during and after the divorce. If they were your best option, I would probably approve them. Of you have a better option then pass. To me they are a very small risk worth not losing another month or three of rent to vacancy.

Leave the floors alone and caulk any major gaps to get you through. Even if the dog is behaved, their nails will scratch and dent new floors.

I know a company in MA does it and I believe they're licensed in FL too but I dont know what other states. Google Drew Mortgage and they might have more info on their website. Their rates aren't the best, but they have creative programs for investors

Price the deal as if you had to demo that area. Best case it stays and you make a little more. It really depends on the inspector in each town/city with what they'll let slide. 

Thank you for posting this, I hadn't heard about it yet and will definitely be looking into it