All Forum Posts by: Bryan Coomer

You don't sue for damages?

I appreciate it.

Originally posted by Michael S.:

bryan, can you be a little more specific? what are we talking about hoarding like trash/clutter? broken cabinets/holes in walls?

Paint inside, and out, they've painted on the brick exterior and the new shed I put in just for them, they've ruined the carpet/vinyl and decided to rip it out thus they've stained up the hardwood floors, the kitchen and new appliances are toast, busted a new window, torn out and lost new screens, the bathroom WAS new, they've ran a leaking clothes washer and soaked the floor which is probably ruined, that leak has gone into the heating duct work and has pulled away from the furnace, they tore off every down spout which has resulted in what used to be a bone dry crawl space being wet, I cut the yard yesterday(when I saw all this), and they are three weeks behind on rent.

Human trash is being kind... I'm a rookie still taking bumps and bruises because I didn't do enough homework. Hopefully I'm learning and won't repeat my ignorance. These tenants were placed by a management company who went out of business. I can only imagine why...

I'll evict and move on. It's one thing if it's just paint and carpet because you still come out well ahead, but it's all that and then some. The house is basically one big pile of trash inside. I can almost guarantee you the toilet has never been cleaned. There is literally crap chunks everywhere.

You guys/gals had any luck with having their wages garnished? He'll easily have a $7,500 bill.

They are also behind on rent, but I have little doubt they won't pay once able. The father lost his job and is trying to get his finances straight(has a new job), however that's not my main concern.

I completely rehabbed this home and now it's 10 times as bad as when I purchased it as a foreclosure. There is not a single aspect that's not trashed... My question is, should I kick out the human trash or should I continue renting to them in order to recover some money I can use towards repairs? I mean the damage is done.

The damage is so extensive it's wiped out the years rent I've already collected, but I can not permit such treatment and behavior. I want to boot the trash, but by no means do I have cash reserves built up for this. I'm a newbie and have my life savings in the three homes I own.

Federal is a credit union. I had over $35,000 in my account(at their bank), zero debt, a job, and asked for a 80% loc and ended up getting a no. They told me everything looked great and then pulled the rug from under my feet. It was great of them not to mention this upfront, but they wouldn't lend to me because the property hadn't been in my name for at least one year. I pulled my money out and just gave up on loans after that.

I agree with you however. I can't see the reasoning behind limiting investors to three loans as long as they keep them current. I've never been able to find any regulation on the internet stating such. I have seen banks limiting the number they'd lend to one person, but oddly enough I was told about this at each and every bank. Maybe it's a local policy, I don't know, but I doubt it.

I'd like to get my money back out, so maybe I'll talk with a bank or two tomorrow. If this is mentioned again I'll ask for documentation and post it here. I haven't tried in about a year or so.

When I was just starting out on my own I was hoping to find investors to flip homes to at a discounted price. That would have been a dream scenario for me. It's win - win.

I've been asking $2,000 down, so that seems about right. The larger down payment was a very attractive feature of rent to buy deals. As far as banks go, I tried Huntington, two Regions, two Chase banks, Federal Credit, and 5th Star. They all had the same thing to say. I was told it was now a lending regulation to limit a customer to just three loans. It didn't matter if I did three here, or one there with two here, etc. Three was the max. I'm not wealthy by any means, but my credit was 789 at the time.

Those comps are all foreclosures, short sales, etc.. When I bought Priscilla comps were $65,000+ when rehabbed and Hartman had recently sold for over $80,000. Timing was not on my side and I certainly missed seeing the crash.

Initially I did buy these to do rent to buy, but after things crashed the banks stopped giving out loans. They limited me to just three loans. I had plans for 100+ homes and doubles. I had to weasel out of three doubles I'd just won bids on. So with my plans crushed, I just tried dumping the homes to get out.

Imo the prices are stupid low, and whenever I tell someone the price they are quite pleased to say the least. I actually offer them at $59,900 on rent to buy. I imagine most investors are still selling their rent to buy homes at three year old prices.

I truly appreciate the advice guys. It's been a rough start and I just hope I'm able to hang on. I certainly won't invest in these areas again, but I had to start somewhere. Just really bad timing.

I've put all my cash in these homes to lower the payments, so that adds a bit of urgency. I'm a big believer in other people's money, but only when you have money coming in to carry the cost. Hopefully I can fill these homes soon enough. Both are rent to buy.

Question for you Malhar. How much do you charge for down payments excluding rent in these areas? Everyone who sees my homes seem to be very excited about moving in, but it never seems to happen. I'm wondering if I'm asking for too much down. I appreciate your time...

This market is a joke so I've decided to do rent to buy on these properties. Any tips on being successful with rent to buy deals?