All Forum Posts by: David O

It's too hard to predict the market. Buy good deals and you will be okay. All my deals will cash flow well even if I take the rent down by 20-25%. I work in the mortgage industry, specifically in default. I am not seeing anything out of the ordinary.

From my experience in the stock market, don't try to predict the market, just work with what you have. A recession will be a huge buying opportunity for me, but I am not waiting for it.

Yes. I've bought on MLS for a couple of my rentals.

@Keith Jourdan Nice, are you buying in Detroit proper or suburbs?

That is intense...

I look up everyone who applies on social media, but I would never ask for their permission to access their accounts.

If you have to ask then you probably can not do it. It's not hard to do, but it's hard to do it right. I would get more quotes.

I would 100% ditch the LLC and refi into 30 year rates. It's a shame you didn't when you could get locked in for 30 years at 4%. You willl be looking at closer to 5% now, but rates are still good historically. I'm a big believer in using debt to my advantage. 30 year loan at 4-5%? I'm in no hurry to pay this off.

What kind of numbers are you looking at on eaxg house cash flow wise (rent payment - debt payments) with your current arrangement?

Confusing post...so confusing I'm curious. I think you are talking about floor joists? What is the context behind this question? Define cut, so they are literally cut in half? I assume it is a basement or crawl? If so how would you not see or feel floor joists that are this bad? 10k to fix a few floor joists seems crazy high...we must be missing something here.

So many questions...a picture would help.

Honestly speaking from lender experience, it doesn't really matter, it's all about the money offer and the investor (FHA, Fannie, Freddie, etc). It also depends on who is servicing the loan, most servicers are garbage and super slow. I know FHA accepts __% for 30 days then it drops a few percentage points and there is an absolute minimum they won't go past. If you don't meet the minimum for the time period they will reject. I forgot the specific percentages but FHA is pretty strict. Fannie/Freddie is more lenient and their guidelines have more common sense. If you have a cash offer a Fannie/Freddie backed loan will take this into consideration more.

I would put the offer together for $75k and see what happens.

Yeah it's a decent deal but a bit risky for your first deal. I'm not a huge fan of Inkster though and I don't see that city ever getting better.

I expense anything under $600

Evict. If he happens to pay you in full, make sure you send an eviction notice the 2nd of each month going forward (assuming your lease states rent is due the 1st). Do not give him any leeway.

When his lease is up do not renew.