All Forum Posts by: Kevin Harrison

To fund the rehab you might want to try some of the new P2P lending sights. Otherwise you will have to go with the old tried and true (hard/private money, credit cards, personal loan, LOC Etc.).

I agree with @Jameson Sullivan, I would go with entrepreneur or for those that are not your tenants simply tell them that you have a small real estate business.

This doesn't seem like a terrible deal, you wont make anything on it with the financing she is offering you but if wont cost you much to live there either. I would do it and live there for 3-5 years (or whatever suites you) then refinance the home when I was ready to move. That would allow you to pull your equity/appreciation out and lower your monthly payment so that this place cash flows nicely. At that point you could decide on either a 15 or 30 year term, or if rents have gone up you can keep the 10 year owner financing and just pay the place off sooner.

I would usually go with 6 months PITI, but since that is so low on this property I would do 6 months PITI plus the 2 most expensive repairs, IE the roof and the HVAC system. if you can cover those 2 things plus the 6 months you should have plenty of reserves for almost anything that can happen. Anything over that amount of money should be something you would just pass along and let insurance pay for.

Did you mention to the bankruptcy judge that this is the 3rd or 4th time she has filed for bankruptcy? Also that she seems to only do it right around when you have been trying to evict? That you started the eviction process before she filed?

Well then Congrats! This should be a happy dinner for everyone then. The sellers are getting what they want and you are getting what you want. If it is truly a good deal then go ahead and pay for dinner too (within reason) or at least and appetizer and a nice bottle of wine.

I would feel uncomfortable doing a dinner with them unless it was in a public place. Last thing you need is to be at a dinner at their house when they get upset about something. It makes it a little harder to just walk out. As far as negotiating goes, you do what you feel comfortable with. I would try to make this a win win for everybody, you don't need to squeeze them for every red cent.

Yes I would if you have never done it at this property. But make it clear to the tenant that this is a one time thing (generally only needed ever 3-5 years) and also ensure that they are changing the filter regularly. I had this done at my Current home when we moved in because just a simple look into the ducts showed way more dirt than I was comfortable with.

if you search them in the BP search bar you should be able to find out everything you need to know. they are generally regarded as selling the same information that can be gained for free with just a little research. Like I  said search the forum for other posts about them and make your own informed choices.

I think you are looking at this wrong. Shame on his parents for so willingly taking advantage of him. If you read the post they did not move into his unit out of desperation, they did it as a rental. Then they took advantage of him, do you expect him to support his parents lack or responsibility for the rest of his life? Possibly to the detriment of his own family?

Idk about any of you but even with having ample reserves I would be hard pressed to support one of my rentals mortgages forever as well as the maintenance and upkeep.

OP, don't let this beat you down, you did the right thing and learned a hard lesson. Time will pass and eventually this will a forgotten memory.