All Forum Posts by: Account Closed

@Andrew LeBaron

 Thanks! 

@Jordan Johnson yes you can do this scenario. The important thing to do is find an exit lender, such as a bank or mortgage company, before you buy the property in the beginning. Once you find said exit lender, find out how long they require seasoning in order to use a new appraisal (instead of what you purchased the property for). Lenders will tell you 3 months, 6 months, 30 days, whatever it is be sure you know this ahead of time for plenty of time with your rehab/hard money loan. Rehabbing creates forced appreciation so a new value isn't out of the ordinary at all so as loan as the seasoning the exit lender requires has been met. You potentially can run into a deed restriction such as with Fannie Mae foreclosures but I would concern myself more with the exit strategy. 

Make sure you have a long enough hard money loan term to satisfy the refinance requirements.

Good luck!

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@Shannon I did my real estate agent and Broker training via online at realestateexpress.com about 10 years ago. I was very pleased with it and can recommend it. I enjoy online learning, others enjoy classroom style so it might depend on your own learning style. 

Good luck! 

As an investor and property manager for over a decade I have heard a lot from prospective applicants and tenants... But, just when I think I have heard it all, another day comes and I hear something new. . .  One of the great things about real estate you just never know what the day is going to bring!

Prospective Applicant: "Do you have an application fee?"

Me: "Yes, it's $25."

Prospective Applicant: "Do you accept payments on it?"

Me: (lots of thoughts are going through my mind but of course I have to keep my cool) "Um, exactly what are you proposing for payments?"

Prospective Applicant: "I was thinking maybe 4 payments of $5 each, over the next few weeks...."

Me: (laughing hysterically in my mind but again having keeping my cool) "Well, 2 things. One, NO, I don't accept any payments on the application fee, the $25 has to be paid at the time of applying.  And two, more importantly, is 4 X 5 is 20, not 25!"

Prospective Applicant: "Oh, I guess I can't complete your application then. Do you have any properties that don't require an application?" 

OK that conversation abruptly ended. Definitely my loss I am sure :) , but something tells me if a person can't figure out an application fee the same is probably true for figuring out the monthly rent.  

What are some of the craziest things applicants have said to you in your landlording business? 

I vote for the standard eviction. No pay, no stay. Cash for keys in theory is great. A lease in theory is great too but the tenant isn't doing what he or she is supposed to with the lease (the whole reason you are considering cash for keys) so what makes you think he or she will uphold a cash for keys agreement?

I have found cash for keys works much better in a foreclosure / REO situation versus an eviction / non-paying tenant situation.

Wow

@Devin Scott

thanks for sharing. Glad you didn't get taken on this!  Very tricky.

@Becky Lu I wouldn't automatically eliminate a possible property for my rental portfolio just because it didn't have a basement IF there is enough living space throughout on the main level. One of my own rental guidelines is try to have 2 living areas. If the house has 2 living areas, such as a family room and a living room, and no basement, I am probably okay with it. If it is a tiny little house with very little living space I would probably move on.

A lot of people use a basement for living space and storage.

Good luck!

@Cornell Foster most hmls will want an appraisal, title, etc., which won't allow for an auction where immediate (that day or 24 hour) funding is required. Some online auctions offer the standard 30 days close period where you may be able to use a hml.  You will generally need 7-14 days for closing a hml in most instances.

Good luck!

@David Kirchhoff search the internet for "New York landlord tenant law" and that should be a good starting point. Each state is (a little) different when it comes to this.  When your online results pop up you will want to look for the attorney general site most often (instead of any sales pages) or some other legal site. Follow the law to a tee so you don't get scolded, or worse, lose your case. Landlords are always held to a higher accountability in court.

Good luck!