All Forum Posts by: Matt Ziegler

@Tina Lee. Why don’t you find out the cause for the late payments? Perhaps you can adjust the due date to fit their pay schedule and satisfy both parties?

Chris, 

If a property has 126 DOM that says something… not priced right, needs work, location…I would think that gives the buyer leverage. 

Check out Altos data for a source of nation wide as well as localized info to better determine ‘balance’ in your area…..

Congrats on getting this property turned around. What is your long term plan for this one? 

Kenneth,

Randy offers sound advice and suggestions. Do you have a relationship with a local banker, or a mortgage broker? Start with either and ask questions, they are in the business of ‘renting’ money. If the numbers work, and the tenants can ‘pay’ for the properties, you should have no problem getting funded. If the first person you ask turns you down, look for someone else. Best of luck….

Congrats! Good luck on your journey…cheers

Jordan,

We had a tenant early on during the pandemic flushing baby wipes, as you can imagine, the plumbers loved us!

People do the damnest things!

That being said, I encourage you to check with your homeowners insurance folks, and see about sewage/water damage coverage.

Cheers!

We had a similar issue, but good insurance paid for itself. The business policy covered the rehab and also covered loss of income! Check with your agent and educate yourself on the options.

Best of luck going forward

Does the seller want to lease you the property? That is the basis for the conversation, if yes then the”master” lease structure needs to be put in place… if not, does he/they want to seller finance? Otherwise do you have funding in place, or a partner who does to make this work?

Not sure on the rules for section 8 in your state, but at this point, move on. Learn the rules, section 8 of that is the direction you plan to go. Get the place rent ready, and get it filled with pre screened tenants. Do you have documented rental criteria?