All Forum Posts by: Maria Vogel

I am an investor in Kalispell. I have some cash and am looking to buy more investment properties. Let me know what your thoughts are and maybe we can work together. I have a few realtors I work with but two in particular. 

@Michael Lee Thanks for your response! If they were evicted in another county calling one county wouldn't be very effective though??  I do thoroughly screen my tenants but always call the last few landlords but I've never done a paid for eviction look up. 

I guess I should clarify the question, Are the online eviction look-ups accurate? If you evict someone does it show up on a database that these sites can pull from? 

Thank you, 

Yes I did take them to court. Their wages were garnished and I won the judgement against them. So the courts are the ones who report to these databases? Thanks for the explanation! 

Hey everyone! 

Is it worth it to do a screening for eviction on clients? I have evicted one tenant and have other renters who pay on time and I have never uploaded their information to anyone. I'm wondering how the information can be accurate? Is there a database this information should be entered into? I'm guessing there's a lot of landlords who also have no idea about this also and the report wouldn't be accurate anyway. 

Thoughts? 

We have a buy-sell agreement on a six-plex here. It has great income potential. The sellers have agreed to finance part of the down. We need to come up with 25%. We can come up with about $50k and the owners will finance about $100k. The banks aren't too keen on a balloon agreement and the sellers would like to be paid off in 1-2 years. So we're looking at alternative options for getting this $100k financed. We haven't been able to locate any local investors, friends or family that have that money. Any ideas for finding a lender for a second or an investor that would be interested? We live in Montana. This 6 plex is about 20 min from Glacier National Park. Its a hopping rental market. I am experienced with rentals and have flipped some houses too with success. No one here can find rentals and when I advertise my rental I have about 20 people the first day who want to look at it. 

Ideas for getting that 2nd financed or to find an investor? 

Thank you, 

Maria

Thanks for your advice everyone! I talked to our lender, it doesn't sound like it will be a problem so we are applying now. Since its a 6 plex its commercial. I haven't done a commercial loan before. We looked at the place, Its the owner's son-in-law that is the realtor and they are elderly. This is why he was being so protective. However, they are willing to finance $100k at 5% interest, 2 year balloon. We are doing an offer now. Has anyone does this? Owner financed part of the down? What particular terms do you recommend? Interest only? Amortized over 30 years? We are doing a 2 year balloon. I'm interested to see how this works with the lien on the house. 

Thanks! Any advice is appreciated! 

Maria

You're right Wayne. Its stupid but apparently allowed. My lender is the person who suggested I look for a multi family and ask for the buyers to owner finance. Not on the specific property-he was looking over my portfolio and giving me suggestions. 

It seems ridiculous to make our agents go through the whole offer process if the owner isn't willing to owner finance any of it. Its more work for the agent but if he wants to go that route and create more work for himself...I guess its his call. What's ridiculous is so many investors have the seller owner finance part of the down payment. It is pretty common, so just because the realtor isn't familiar with this doesn't mean he should stonewall the sale of the home and create more work for himself. I'll remember to never recommend him!

Wayne--if the real estate agent is a good agent and is trying to sell the home, I would think they would be more than willing to answer any questions the potential buyer has in order to get a sale. Isn't that their job? 

Try Opportunity Bank of Montana. They did a HELOC for an investment property for me. They only do about 70% LTV though. First Montana-Terry Falk in Kalispell also my be able to advise you.