All Forum Posts by: Medriand Arnold

Just a quick update I paid off the debt, as my car payment was $271 and everything I found was not cash flowing more than $250.

I have been saving all year and with that said I have a good lump sum of money.

With that being said I am wondering should I pay off my current car note? I have found some properties that I am interested in and using those funds would hurt. I am planning on using a conventional mortgage as I am coming to the year maturity of my FHA loan. What would you recommend?

If you need more information let me know. Just asking for your basic opinion.

@Brent Crosby

Have you or someone you have helped ever bought a property at market value?

Update:

I spoke with the tenant and informed them that payments are made at the beginning of the month for that month, not for the previous. Went through the lease with them and informed of payment arrangements. We got payments squared away and the seller is wiring me the missing months rent. BP FAMILY, THANK YOU SO MUCH! YOU JUST SAVED ME $700!!!

Okay, Wayne and Mary. I feel like I know what I want to say but it is coming off wrong. I will givw as much detail as I can with the situation.

So, I placed a fully occupied duplex under contract in November. Worked and got everything done and went to closing. We finished our closing December 31st. The tenants usually make a payment for the month at the beginning of the next, i.e. December 1-31st is due January 1st. One tenant understood this and made the payment beforehand to the previous owner. When introducing myself to the other they informed me they had not yet paid December's rent and wanted to know if I would be the one to collect. So I am wondering am I the one to collect the rent, or does it need to be sent to the previous owner.

 This is what I mean I want to know. I closed on December 31st. I spoke with the tenants after. One had paid for December on that day, the other had not yet paid. They are paying within the grace period. So I wanted to know if they are paying for December in January would it be mine as the property is now mine?

This is where I was confused. I was thinking that because the property was under contract but was still technically his the 31st of last month, that I could chalk that as a lost. But, from what I am hearing because the payment was made in advance and the payment is due on the first of January, it was supposed to be made to me.

@Jonathan W.

And if the previous owner has received them, would I have to do the same to try and get the rent from him. Let him know that the funds were collected when I was the owner of the home?

@Jonathan W.

They paid the previous owner on the 31st, I signed that day. I would need to let them know that I am entitled to those funds. If not, I should seek counsel?

@Dennis M.

So it would be safe to assume that telling the tenant to make the payment to me is legitimate, unless something is mentioned in the documents?