All Forum Posts by: John Barrows

@Philip Hy

Make a savvy accountant your friend and bring them in on deals or partner up with one who likes a little risk...

Most generally you'll need the "show me" ROI tools to convince an accountant... they like to hunt, fish and camp as well...

@Jennifer Jackson

Little late now! That clause should be in your leases and whomever should have initiated that clause!!!

People use generic rental agreements without thinking about the consequences... lesson learned.... cheap schooling...

Good luck with your future...

@Charlie Moore

When a tenant makes threatening remarks, that is grounds for a 3 day cease & desist w/ sheriffs eviction! In Washington State I’ve done this twice and was successful with eviction! Sheriffs will trespass the tenant upon eviction! If they re-enter the property they can be arrested and it’s a possible felony depending if they break into the unit...

Be advised Byron, most all appraisals will have a 6 month seasoning. If you do anything within 6 months the underwriter will see the old appraisal or be notified by the new appraiser that an appraisal was done less then 6 months ago. With that said, it will also depend on the bank with whom you are doing business. 

The only reason I am saying this is because I have been caught in this with a client who was trying to buy a place for $30K more then the previous buyer. Their bank refused to do the loan. Of course, I didn't get a commission either but did, learn an excellent lesson.

Tom, you'll need to investigate HML's a bit more. If you have 20% down (in most cases) the HML will loan you the money for most any property especially an owner occupy 4 unit building. I've had several clients purchase this way. In fact, I just sold a 4 unit in Washington last year with the same type of loan. It happens all over the country.

HML's DO NOT CARE what you are buying as long as you have enough down. Be advised with HML's, they do not play the same games as banks so one needs to understand the agreement they have you sign for these loans. You miss a payment once and things change drastically and quickly. There's no committee to go through for foreclosure.

20% down and INCOME PRODUCING is an easy loan to make. Good luck in your career.

@Jon Lee

Hey Jon,

Looks like my place is sold. Will be in LV end of July, first of August.. will look you up once I’ve found a place to hang my hat...

See ya soon,

John

@Erik Schneider

You might be able to go to Lowe’s or granite sales companies to ask for a list of installers?

You can also use like Angie’s list or other online places that have lists of these companies..

@Jordan Hamilton

Check hard money lenders who will do 10% - 20% down. These lenders will generally have pre-payment clauses and early payoff charges BUT, you will get the loan and do a no income verification... food for thought when investing into a buy and hold situations..

@Grayson Gist

Banks believe you're a investor scam... in 2008-2010 banks saw plenty of investor scams. Owner occupied properties are one SFR and one SECOND HOME... anything else is a commercial loan or investor scam...

If you pull it off and you get caught, they’ll call your loan immediately and then look at everything you’ve purchased as a bad loan!!

You are a RED FLAG to BANKS NOW

@Johann Jells

It’s ALWAYS LEGAL TO REMOVE TENANTS TO REMODEL THE UNITS FOR SAFETY & SECURITY REASONS! ( as long as you have a month to month tenants!)