All Forum Posts by: David Lambert

Providing more information will let everyone help you better. What type of loan or you looking at? Where is the property? How does it cashflow?

I am assuming by your title you are asking if your neighbor has any responsibility about the leaves that blow over from his lawn. Typically leaves are considered a by product of nature and the owner of the tree is not responsible if the leaves fall onto another property. From my understanding this is usually covered by state law so there may be variance.

If there is language in your lease assigning responsibility to the tenant for lawn care, I would hold them accountable to the lease. 

If there is no language in your lease addressing the issue, I would just hire a lawn care company to dispose of the leaves after all the trees have shed in your area.

I agree with Charles. When you first find out about REI it is easy to let the enthusiasm get the best of you. Patience is key to successful investing, especially early on. Take your time, build your credit, build your reserves, build your team, and find the right deal. Good luck Shannon!

There is a pretty common strategy many investors use to avoid having their capital tied up in a deal like this long term. You can use private/hard money for a short term bridge loan. This loan would provide for the purchase of the property but probably require at least 20% down. It would also provide you all the needed funds for the renovation. Once the project is complete you can refinance the property into a long term rental loan and pull out some of the equity generated by the rehab and free up your capital for another purchase. If you stick with the same lender for both loans you typically get some discount on the second loan. We do these types of deals regularly at my office. Feel free to message me directly if you have any questions. 

Can you approach the son directly and in person? Being a neighbor provides you a great opportunity. I would approach the son and provide condolences. Discuss memories you have of the neighborhood and his father. Then transition into being interested in the property. I would make absolute sure that all of my communications with him were genuine, honest, and of a casual nature. I would want him to leave the interaction with the accurate impression that I was a kind neighbor looking to help the family during a difficult situation. I would NOT mention any interest in this property as an investment.

Well tell us how you did it!! Did you make any changes or did you just wait it out and find a renter? Congratulations either way!!

@Nithya D. This is just a first impression. I think your PM is right and you need to lower your price. What you are asking is not in line with comparable properties and there are a lot of comparable properties in your area. Basically there are plenty of other options to choose from and they are cheaper than yours. Property looks great though.  

Can you post the link to your zillow listing? People will be able to offer more relevant advice if they have more information about the property.

Are the deals you are trying to pencil out coming from listings? Have you thought about trying to wholesale and then rehabbing the properties into long term rentals?