All Forum Posts by: Kel S

I'm so irritated right now I could choke my husband. Anyway, the gal who was willing to pay 1 year in advance met with him tonite. He had called her last night and she said paying the 1 year wouldn't be a problem and she sounded very excited. Well, tonite she tells him that she can only pay 6 months in advance because she needs to buy furniture. He said no and the best he could offer her under the circumstances was 10 months. She agreed and wrote a check for almost 6k.

Now, why am I so peturbed by this? For one he didn't call me to consult. Second, this is a guy who is very business savvy and has always taught me to walk away from a deal. Then he compromises. I guess I'm just disappointed. I think this gal would of paid the 1 year if he insisted. He says he doesn't know if she would of but she was positive on the phone last night...uhhg! So in any case he is in the dog house....at least until he cuts me a check for 3k (HALF!!) LOL! :mrgreen:

Hi Kirk,

The only recent pics I have are the before and after of the kitchen. You can see those here: http://www.biggerpockets.com/forums/67/topics/36904-before-and-after-pictures

Wow, I wouldn't of known that about that tree. Is it because it split in two sections as it grew? There is another giant one in the front yard too, but you can't see it in those pics. I just love those trees! I hope they won't fail ):

Well guys we have a tenant that got some sort of settlement. She's about 40 and told us upfront that her credit is not good. She was right. I ran it and it's not. She apparently is suppose to go back to work for this one company in a couple months. I think she has a workers comp or some sort of accident settlement. In any case, hubby wants to go ahead and rent to her. I'm nervous, but her paying a year upfront doesn't sound too bad. That's about 8k. She's suppose to meet with hubby tomorrow and bring a check.

Would you all take the year in advance from a tenant with bad credit? Good thing is she has no evictions from what the report showed, so that did make me feel better.

Rich,

It says Portland, OR as Homeowner vacancy rank: 75 of 75. What exactly does that mean? Wouldn't that mean 100% vacancy rate or am I having a brain burp?

I was a little surprised to see Seattle on there. It's expensive there and didn't expect to see it on the list.

Even though I'm a novice, I agree that cash is king. Out of the 3 homes we have bought (one yet to close), two of those homes were REO's and our offers were cash and we got them. The third and most recent one we are going to finance and chose to do that with this one because it's an actual owner. Well, it's an estate situation but there wasn't a risk of getting out bid since they accepted our offer and no bank involved. I say definitely see if there is a way as the others have suggested where you can be in a position to offer cash.

Our next REO we'll offer cash and will be able to do that because we are financing this most recent one and keeping the cash in reserve for the next bank owned.

Wow Dustin, 3-4 a day?? I'd be scared to get accepted offers on all of them LOL! But then again we wouldn't be in a position to afford 3-4 at one time. Right now we are just going after one at a time and so far I'd say since we started this we've only put in maybe 6 offers and ended up with accepted offers on 3 (one a non-REO). So not too bad I think :D

Just posted an ad on CL last night and received 3 calls today from that ad. As at the end of the ad I asked if callers could mention they saw the ad on CL and those three callers did mention they saw it there. Tells me the ad is getting interest :D

Josh,

Me too! However we bought the stove and fridge from a friend and his brother for $75 total. So couldn't pass that up. If one goes out eventually I told hubby we'll try to find one that matches.

Hi Mike,

It's going to be a rental. Although we would also consider selling on lease option if the right party comes along (:

Thanks guys.

Just curious for those that are doing rentals, which is your preference? For me I think for the long term I'd prefer SFH just because I think they would be easier to sell if need be.

What about you?