All Forum Posts by: David Cruice

@Holly Bixler , it depends what state you're in but most states require a landlord to give their tenants a reasonable (days wise) Notice to Cure.  If the tenant complies there's nothing you can do.  However, in your X-Day Notice to Cure, you would state that a future repeat infraction would result in the termination of the lease.  

@TIM HUGHES in nearly every case it is best to pay down debt first.  It really depends on the interest rate for each form of debt you have.  If you have any debt with the interest rate above, say, 8%, I would pay it down first.  Definitely any credit card debt, etc.  

@Juneau Dahl I would say you've got zero chance of getting financing for such a deal.  Sorry!

@Derrick Gordon I"m not sure I follow.  As @Chris Ellis pointed, 3 weeks is pretty standard for most lenders.  Don't see a problem there.  Are you getting your target properties under contract straight away or are you expecting to line up financing before putting in an offer?  Remember that your offer to purchase is always going to have an exit contingency for financing should you need it. 

Fit it in when I can.  Not always easy but good Karma comes to those who pay it forward.  If you want the universe to be good to you, you have to be good to the universe!

@Zac Gavin, to quote Warren Buffet, "Don't invest in what you don't understand".  At this point, the question of seller financing is irrelevant until you know whether the price the guy is asking for his buildings is fair, a bargain, or over-priced.  I would suggest you start out by asking a commercial realtor to give you a BPO (brokers price opinion) from which to start.  Yes, seller financing would be an ideal situation - nearly always better than traditional - but know what you're getting in to beforehand.

P.S. Don't want to come across as too blunt, but does yourself a favor and save the backstory on future posts.  I"m sure you'll get a lot more responses.  There are a lot of people on BP only too willing to help out but most would pass on your post so they can move on to something shorter than can easily digest.  All the best.

@Peter Hightower , you, as the owner, are responsible for the HOA fees. Investors don't explicitly pass them on to their tenants but rather implicitly factor them in because they factor that it when conducting their acquisition analysis. Market rent is market rent and that's all you're going to be able to charge. Hopefully, the HOA fees won't eat up all your cash flow.

@Michael Breedlove , @Stephanie P. is spot on. Take a deep breathe and refinance out with an owner-occupied FHA loan. Find yourself a good mortgage broker who specializes - or at least has experience with FHA loans (not all of the do) - and you should be good to go.

@Kelly Moniz, open a HELOC and pay off the cc debt ASAP. By far the best interest rate you'll get. Then use the rents you receive from your other investment properties to pay down the HELOC until another deal comes up.

That's great news @David Campbell.  Best of luck in your future investment career.  Onward and upward!