All Forum Posts by: Bill Schrimpf

@Linda Roberts , @Theresa Harris has it right in my view.  The deposit is to protect the property from damage and unpaid rent.  If she cannot pay, gracefully "let" her out of the lease and get a performing tenant.  Consider your upside versus your downside risks.  Are you running a business?  What would your mortgage company say if you could not pay because a tenant didn't pay rent?

 Thanks for the update.  I missed this change, so much appreciated!

 OH - that sucks!  Am I reading this right?  If a lien already exists, but hasn't aged, to where it can be converted, then it's worthless?

@Will Sifert - Guess I was lucky to buy some liens last year without paying a premium, didn't even get down to zero!.  FL is super efficient, and not a bad model from the investor point of view.  What you describe sounds more like NJ.

@Rosemary Earl - the first obvious question is what does your competition offer and are they sitting vacant too?  You can pm me the link and I'll offer you my specific feedback.

@Krishna Rana - My aunt was an ICU nurse for 35 years and my mom was a surgical scrub nurse for 40.  After lots of dinner conversations, I can promise you, buying real estate is much less stress than your day to day.  Take a look at house hacking, if your open to a roommate or can get a duplex.  House hacking is a great place to start!  Good luck!

@Jeff Daring - I'm not familiar with your market, but at a high level, house hacking is a great place to start.  You get someone else to pay all or part of your housing expense for the immediate future.  Not a bad deal.  

Down the road, you either refi or sell.  Nobody has a crystal ball to predict the future but, generally, rates will likely go down, property will appreciate and rent's will increase.

Getting experience as a landlord is valuable too...

Worst case scenario, you have your mortgage payment significantly subsidized for a while and sell when your ready.  You will like tax time too.  Depreciation is cool.

Best case scenario, rates drop, property appreciate, you refi.  Rents tend to go up over time too.  I don't know your market, but that's been the headline here in Reno.

Make sure you're working with a realtor that has their own investments in the town you moving to, preferably has their property management license too.  

I guess the absolute worst case scenario is you hate being a landlord.  It can be a drag if the property needs lots of work and has a tenant.

Hi all - I'm looking for a lender that can close on or before April 12. The loan is second position, secured by a seasoned, cash flowing, sfr. Hopefully 80% LTV. PM or email if you have a product. Thanks in advance.

@Caleb Graham - great questions.  What's better, sfr just you or the small multi fam with a significant percentage of the mortgage paid by tenants?