All Forum Posts by: Kelley B.

I know each state is different but are there simple ways to protect your investment interests in case a tenant files bankruptcy?

@Mehran K.  yes, definitely a learning experience for us!

Two days before closing my lender advises that neither FNMA nor FMMC would buy my loan. Only financing 70% of appraised value. 81 of the 86 units are non owner-occupied so they didn't want it. Non-warrantable.

Of course I'm out the $500 appraisal fee and $150 for some condo cert or something. Seems like the lender would have known up front that Fannie and Freddie didn't buy that paper. 

Should the lender have known or are the guidelines constantly changing? (Their story)

Wow. High nix rate. Where did you buy the list? Help your fellow marketers out.

Are there any very large dorm developments going on near that college that are very near completion?

i expect those will crater the ASU rental market.

So, you plan to set up an internet connection and router in your vacant properties?

There are many better areas of Dallas Co. to invest in. There have been at least two previous efforts that I know of to revitalize that area and the smart money abandoned both. 

75% of ARV is always good ;)

That would work if it appraises out.

I went through something similar in a deal in Texas many years ago. Original '40 acres and a mule' freedman's grant at the end of the railroad line. Had to get agreement and signatures of 16 descendants in order to make the deal work. Took nearly a year. The last holdout wouldn't budge even with an upped offer. The sticking point was finally determined to be that they didn't want a check, they wanted green cash. Cash was shown, they signed. It was a great piece of property. Black walnut trees lined two borders of the property. The trees alone were easily worth double the purchase price. No, we didn't cut down the trees!