All Forum Posts by: Kevin Harrison

The only other reason he might not want to let you talk to the other investors is that he dosent want you to seal his pool of investors, but if this is true I still don't see why he would not let you talk to one or 2 of them.

I am confused here. Why would someone walk away from a $2000/month cash flow? Are there other problems with these properties? Otherwise it seems like someone has already done the work for you and is just handing you a cash flowing asset, where is the catch?

Although this will tap out your chances of getting any more mortgages until you can pay some of these properties off, or roll them all into one larger loan, if I am reading this right.

If the door and coat hanger were installed in such a way that one can easily break the other I would just eat the $100 cost on that and fix it before the next tenant comes in, no sense in getting into a bigger fight over $100. Do not let them intimidate you and as many have said bring a friend or at least another person. As for the carpet cleaning, if it is in your lease go for it. I have found that some do and some don't require it but if they agreed to it in writing then absolutely hold them to that.

To me it sounds like they are going to try and use the returned deposit for possibly the deposit on their next place, and that would explain why they need it back right away. Yet again don't let them intimidate you, and do what is right. Although it might sound like fun to hold it for the whole time legally allowed I would get it back to them in a timely manner that is consistant to how you would treat any other tenant.

No. Demanding pictures is not normal. and if he does that and then turns someone down on appearance he is leaving himself wide open to a discrimination suit(SP?).

As far was wanting to make sure your are financially able to afford the place that is fine in my book, I don't care where you get your money from but I am going to need proof that you're getting it.

I would draw the line at VA records that do not pertain to receiving disability pay. The medical part of it is between you and your doctor. Discharge paperwork is kind of a weird gray area. Personally the only reason I would want to see someone's DD214 is to see how their discharge is characterized, but I don't think it says anywhere weather or not that is something that he can ask for or that you are required to provide.

following this.

This is why you don't do business with friends or family unless you are ok with losing that relationship or the money. unfortunately you are in a position where the only thing to do is to evict, otherwise you are just going to keep paying for her to live there for free.

Give an offer price like you are going to have to keep paying the utilitys, if they take it great! them as soon as those people move out go to a RUBS systems. if they don't take the offer then walk. Either you will get a great deal or keep yourself from making a bad one.

I absolutely agree. As well as the fact that you were not given notice of the "problem" or a chance to fix it. this seems like a scam to me, but it is a little harder to get out of since the city seems to be running this scam.

For example of some lawn and garden company came and mowed my yard without my permission and then demanded payment I would tell them to shove it.

This does sound kinda hinky.

1. is this guy going to make you commit to selling back to him at a specified price? so that if the home appreciates significantly he can buy it back and sell it at the new market value?

2. is he going to make you do a bunch of work to the home because its not up to code then buy it back at said price?

3. to me it just sounds like this guy needs a loan and cant qualify for it. if this is the case thought it means he probably can buy the property back from you anyway and you will end up with it free and clear

4. Transaction costs, I would be absoloutly sure the price you agree to maybe sell it back to him for is higher than what you are paying him for it, and that it is only good for a limited time (IE. option only available for the next 5Yr's)

As everyone here has said, we don't know you exact situation, but...

Here is something to consider. Either walk them through the process or have them sign the house over to you, refinance it and put a renter in, only refinance what its worth for the income it brings in (so that the income covers vacancy, CapEx, etc.), take that money and pool it with what you plan to spend on a new home in Denver and then do as @Jean Bolger said and try to find a property with a mother-in-law suite or one that has enough land for you to build one on it. 

The upside to building it is that you can make sure it has easy access and all the things for your father in-law's declining health. Its a win win for everyone and technically y'all still own the old house and someone else is just paying back the loan you took out on it.