All Forum Posts by: Doug Pintarch

If this is at all accurate I would NEVER, under any circumstances, EVER, be a landlord in New York State.   What a crock of sh**.

Cody - 

Shake down a friend for $8k that you keep in your account until after closing.  Then pay him back in full plus a couple hundred bucks for his trouble and patience.  Then you can build your reserves up without scrutiny.  If you don't have the extra cash to toss to him take it from your grandparents proceeds and pay them back later.  Easier to owe them a couple hundred or so than him.

Yes?

Plus without an operating agreement and EIN I doubt you'll be able to open a bank account for the LLC.

I'm going to speak on this topic from the only angle I have..but it's a 30+ year study.  The car loan business.  Forbearance always has and always will have a credit impact to the negative on your credit bureau, despite what we're all being told during this crisis.  When our lenders now pull your bureau the first words out of their mouths, (IF the application even gets past the major blemish filter), is "These folks can't pay for the roof over their heads and they're looking to get a shiny new car?!?!   NOPE".  

  I am not oversimplifying this.   They sit in my office and start crying and giving me a litany of "Why's" and absolutely no one cares or can help.  The few banks that will consider it are going to get their pound of flesh from them.  In 2 or 3 years when you are sitting in a lenders office for your rental property mortgage trying to explain why the forbearance and/or late payment record "Shouldn't even be there" you 'll regret not flipping the sofa cushions for change to make those payments on time.

 Saw that little tidbit also, Natalie...yikes!    No thank you!

Oh I strongly doubt we'd need higher, nice to know we don't have to take it all.

Got it, thank you!  You're the first person that I've heard that from, good to know it's done with some choices given.

Joseph, I'm curious.   When, if at all, did you discuss an amount with them?  Was it in the portal they took you to in their email?

I'd say give him a pile of money up front, 5%?  10%?  Whatever he would agree to, obviously less is ideal for you, and then workout a 3 or 5 year amortization at an agreeable interest rate to give you room to run it for a few years while paying it down, then a refinance so he can cash out and you can get long term conventional financing locked-in.

We do the bed bug bags on every bed, and all pull-out sofa beds.  Check them weekly for tears during the summer season and monthly out of season.   Haven't had any issues, thankfully.   Good Job jumping on it with the inspector right away, all you can do!