All Forum Posts by: Dan N.

Actually, someone can correct me if I'm wrong, but if an agent is representing you, I believe they're obligated to act in your best interests. 

I've done a couple of conventional loans with AMP Lending (two cash-out refis). I've had mostly good experiences with them and was intending to use them on some deals that fell through for reasons unrelated to them. I have no experience with this fast acquisition strategy. 

I've heard you should avoid "Sunrise."

My tenant notified me today that she and her husband are divorcing. They are both on the lease which has about 7.5 months left on it. The list lists them as jointly and severally liable. I believe I have no legal obligation to break the lease for this reason, but I don't want to force a tenant to stay in a situation if it's a financial difficulty. If she's going to struggle to pay, then it seems like it's in my best interest to ensure a smooth transition. 

I have offerred to let them out of their lease if they or I find a qualified tenant to replace them. 

Any other suggestions on how to approach this? 

@Eric Fernwood I would be interested in a link to the calculator and the property manager interview questions. 

I guess what I'm really asking is not how to close, but how to approach negotiations. For property number 1, the advantage to the landlord is that I would buy the property quickly, as is and take on the risks of repair. 

For property 2, If he wants me to buy it for what he owes or what he owes (maybe plus some cash to move), then he can avoid a foreclosure and get rid of the obligation. maybe I should find out who the bank is and try to negotiate with them? Prices in our area did not plummet as in some others, so I'm not sure how the current owner could be so far underwater. If I have to negotiate with the bank, that seems like a lower probability of success, but maybe not as much if it's a community bank. 

I posted in the wholesale forum because it seems like this is how wholesalers handle leads.  Maybe I should listen to the podcast with @Lamar Cannon 

Hi All, 

I have a handful of SFRs but I've never bought anything that wasn't on the MLS.

I've gotten wind of two properties in my area that are likely going to be available soon. One is a friend renting a house whose landlord has said he wants to sell so they have to move (they're on month-to-month). She says the house has foundation issues (not uncommon in our area). The house was purchased about 8 years ago. 

The second is two doors down from her and is "going into foreclosure" Apparently the owner is underwater 30K. Although he's owned it 18 years, apparently he has refinanced and spent all the equity. Not sure if I should approach the bank that would foreclose

I have requested comps from my realtor, but I'm curious how others would approach each owner to negotiate a deal on one or both of these. 

Thanks in advance. 

Lifestyles Unlimited reports getting some pocket deals due to a reputation of closing.