All Forum Posts by: Lee G.

I'd do this with hard money and do a lease option for this deal.

I own a 4plex on a flag lot. I just got the property in front of me, another 4 plex under contract as a short sale for 125K. I know it will appraise for 165 or so. The rents will be about 2K a month from the property so the cash flow will be about $350/month.

My goal is to keep the property but my problem is the loan. I am happy to put 25% down but as I've been self employed for a only one year, my mortgage broker says this is a no-go without a credit partner.

My question is - how would you do this deal?

I own a 4plex on a flag lot. I just got the property in front of me, another 4 plex under contract as a short sale for 125K. I know it will appraise for 165 or so. The rents will be about 2K a month from the property so the cash flow will be about $350/month.

My goal is to keep the property but my problem is the loan. I am happy to put 25% down but as I've been self employed for a only one year, my mortgage broker says this is a no-go without a credit partner.

My question is - how would you do this deal?

My company invests in Portland and would be happy to chat with you guys.

You all might also check out the Northwest REIA. They are pretty active

http://www.northwestreia.com

Call the police. They are trespassing! They don't have a lease with you and I assume they aren't authorized to be there.

What are your metrics to define how well you are managing your properties?

How are you gauging how well you are doing?

Are you looking at improved cash flows?
Decreased expenses?

If so, what are those performance metrics?

Welcome to landlording and property management. :-)

My guess on the liability is losing the key and having someone gut all your units.

I use the master key system from landlordlocks.com. It's great.

You should look at Leigh Robinson's "Landlording" -

http://tinyurl.com/landlording

That book is FAT and full of tips on being a landlord and managing property. You might also cruise around Jeffrey Taylor's site, mrlandlord.com.

Good luck.

I always tell people I'm just the manager. It works great when they come gripe about something. When that happens, you tell them you have to ask your boss and you'll be back to them ASAP. You go ask yourself/wife/husband that night about what to do and either approve or deny the request. Best part is that if you are the "manager" and not the owner/boss, saying NO is very easy. You just blame the owner or your boss saying "I'm really sorry, my boss (or the owner) won't do or allow X, Y or Z. Complaints stop right there.