All Forum Posts by: Tommy B.

Isn't the law a funny thing? We good guys spend our entire lives trying to stay on the right side of the law and do things right just to see unscrupulous characters live freely in the vast gray between right and wrong, or even being clearly in the wrong with no consequences whatsoever! It disgusts me. I don't have the stomach to live like that. If I even sense a possibility of being in the wrong it eats at me.

Unreal! That would have chased a lot of people out of the game. What's to keep the nation's homeless from occupying foreclosed properties everywhere with laws like that on their side?

I see. The tip I spoke of is to always post the notices. Sounds like you did that. Sorry, I got that confused with filing for eviction. The second tenant was there illegally, right? Does she have rights too?

Sorry to hear about your situation, but it's been a great lesson. I'm trying to learn all I can before buying my first SFR. One of the tips I have read is to always file for eviction as soon as legally possible, even if you have a verbal agreement. This way if there is no attempt to honor the agreement by the tenant then you have lost no time and can proceed with the eviction ASAP. Thanks for posting and keeping us up to date on the developments. I will use this situation as an example of why business and emotion need to be separate. You sound like a great guy and I will probably struggle with the emotional element from time to time as well.

Great info! Thank you!

Thanks Andre. Definitely something to consider. I have a very low DTI ratio @ less than 15% with a good annual income. This would be my first investment property. If I can have a property rehabbed and rented with a 1 year lease within 3 months or less then I would hope that a bank would finance a mortgage for me, but I will definitely talk it over with a lender before pulling the trigger. Thanks for the advice!

I like the idea of buying with their money, rehabbing with mine, and then permanent conventional financing within 3 to 4 months, returning their money with a nice lump sum interest payment for their troubles. Assuming they are even interested.

Very good point! Something I haven't even considered. Thanks!

Hypothetically speaking, how much flat interest would you offer a wealthy relative for a 90 day loan of $60K? $3K for a 5% ROI? 6K? Less? I'm curious what others have done to make it worth it for the relative.

Thanks for the feedback.