All Forum Posts by: David Stone

@Justin Hannah I was successful with a similar 3 option strategy... option 1: cash (lowest price), option 2: owner financing 0 down and option 3 owner financing 10% down 0% interest. I was hoping for the 0 down option but they accepted the much lower cash offer :) But when they are all a win in one form or another, you really can’t go wrong. Keep it up!

Your job is to enforce the lease, the tenants need to solve their own issues among themselves.  You do not need to be involved in this situation.  If the other tenants complain to you, let them know there has been no lease violation and taking any action would violate fair housing laws.

If it will help you purchase your next rental now (that will bring in even more cashflow), then I say go get it! 

Short answer:  Make sure your offer includes an inspection contingency, then you have X number of days for inspection/due diligence and can submit in writing to terminate the contract and get your earnest money back.  

But... ultimately you need to educate yourself on the process and read the contract to know what you are signing and agreeing to.  If you aren't sure, you need to hire a professional (agent, attorney) to get you through it.

Good luck!

I had an appraisal on a property with a garage we eventually tore down and the appraiser explained since it has no value and actually costs to tear it down, it affects the value of the home negatively.  

 So, using your example, if you use $0 of your own money to purchase the house, because you funded the deal with private money, and then you rehab>rent>refinance you would have $15K cash in hand and your private money lender would have been paid in full.  You would be paying a 90K mortgage payment (which should be better terms then the private money deal) and you would have 15k in hand to reinvest in the future.  Now, do another similar deal on house #2 with the same private money lender... now you have $30k to play with.  If the properties cash flow, then you are not paying for that money, your tenants are.  

I won't hire a property management company because there is not one that cares more about my investments than me.  I outsource almost every other aspect of the rental properties, but when it comes to placing tenants, inspecting units, and responding to tenants I really don't trust anyone else to handle that job.  

Unless you're also living separately, I'm pretty sure that's loan fraud... but worth a shot :)

Zestimate...no, but you can use Zillow to to search recently sold homes to determine value and you can look at what is listed on the rental market, how long the property has been active and how much they are asking for rent to help gauge rent value.

You might need to sell your home, rent a place for a bit, build, and then move in... if you explain your situation to a private landlord, you may find someone willing to work with you month-by-month