All Forum Posts by: Robert Bacher

@Matt Mitchell  meet @Peter MacKercher

Peter, This is Matt.   :-)

@Lora Bostic

I am a newbie as well so what I know is from reading here on the forums.  From what I've read and studied is that Hard Money is a very expensive loan strategy.  High interest rates, short terms, points to be paid on the front end and the back end of these types of loans.  These Hard Money loans are usually funded at 70% of purchase price, so you'll have to have "skin in the game".  You'll have to interview Hard Money lenders for their rates and guidelines.    One option in this situation I would think of is asking the owner to seller finance the property to you for let's say 12 - 36 months, then you could refinance it to pay him off after the end of this term.  Seller financed terms, price, interest rates are all negotiable so think outside the box.  

Keep us posted on how you move forward with this property.

Robert

Play around with the calculators here on BP.

https://www.biggerpockets.com/buy-and-hold-calcula...

@Peter MacKercher  on the South Side.

I totally agree with @Sean Webb and @Randy E. also IMO the landlord needs to file a police report so he can be the one getting in front of the judge as well to ask for compensation from the boyfriend.  Landlord may want to impress upon the tenant to file for a restraining order, also landlord may be able to get restraining order also from his property.  IMO

Do you qualify a prospective tenants application first; job, income, references then have them pay for a credit report, background check, etc.? For example, have my potential tenant pay application fee, I do my due diligence and determine the app is okay so far and then request the tenant go online to my back ground/credit check, eviction check provider were the applicant can pay for that there, and then make my decision? Should this be done one tenant at a time? Evaluate one, determine yea or nay, then go to the next one. I don't think having 5 potential suitors all pay app fee and then pay for back ground check for only one unit is a good idea.

Thanks,

Thanks for sharing @Justin Smith.

http://www.biggerpockets.com/rei/online-property-m...

Found this on the site.  I do not have any experience with any of these yet.

Have an electrician wire the fan and lights together for the one switch.  When light is on, the fan is on!

Joe, Can you refi fairly quickly with a 30 year fixed rate and at what LTV?