All Forum Posts by: Marc Winter

"My dog ate my homework!"  "The check is in the mail!"

Look at their bank statements and/or deposit receipts from the bank.  If they come up with any excuse for not being able to produce that proof, I'd bet a donut they are just plain lying.

The problem here is that our new president has extended the non-eviction moratorium until the end of June for non-payment.  A solution would be to go and inspect the unit and find something that is a lease violation.  Perhaps you could evict on that.

You've got to Ask for what you want. "Do you have an IRA or savings account that is not getting you the return you want?"

You can take it from there.

Perhaps discuss the situation with the seller.  Maybe they'd hold a 2nd for a short term until you can get better financing in place.

Also, you can contact all folks you know from your local real estate meet-up to see if they want to partner either with cash or buying as a wholesale.

Good luck.

Nice back story.  

My advice:  have 6 months to 1 year's living expenses saved, get your real estate license, and get training.  Do some listing and sales.  Learn the ropes.  Inspect properties every day.  It's the only way to really know market values.

If you do the above and inspect faithfully, you will come across a bargain and know what to do with it.  

In the meantime, you may earn a nice chunk of cash as a sales agent.

good luck

Have your numbers worked out in a spreadsheet and ask that the spreadsheet be presented with the offer.  You want to show the seller (and agent) how you arrived at the offering price and not just PFA (plucked from the air).

Best speak with an experienced, knowledgeable mortgage broker.

You don't say what market you are in, however, unless you can raise rents, why buy a negative cash-flow property? 

If I understand your remark that if all 4 units were rented out, it is barely a break-even.

Remember, there will be repairs, vacancies, etc.  

If you can't talk with your neighbor, write down your concerns and give them the note.  Wait a day, and if no response, then consider your next move, like giving them 24 hours to put your property back to it's original condition: unplug the hole and remove the bricks.

Your lender might disqualify you if you borrowed the downpayment by tapping a heloc; it would throw your qualifying numbers off.  If you don't have proof of funds, you have a diminished chance of actually closing the loan.

Move to another rental or buy your own home.