All Forum Posts by: Michael Clay

@Account Closed Great information. I should be good to go as of now. Thanks again!

@Account Closed Thank you all so much for the feedback! All of these tips make this new business venture far less daunting. 

I have a couple of different closing attorneys that I do a lot of business with, it sounds like they will be able to take the point on the specific contract forms? Also, would I make sure the deal closes through my attorney or does that not matter?

I'm going to be hard lending money for the first time and I need some pointers. I've inspected the property with the lendee and I'm comfortable lending her 80% of the value. She's buying the property for 125k and I'm lending her 100K.  She hasn't given me an appraisal or inspection. She is going to be flipping the property and expects to repay me  within 6 months.  Here are my main questions:

-Should I be getting an inspection report and/or an appraisal from her?

-What type of contract should I use to write up the terms?

-What type of background info should I be getting from her (if any) ?

-What type of interest/points are standard for this type of deal?

I'm probably leaving out a handful of pertinent questions. Any additionally information would be great. Thanks in advance!

Awesome insight. Much appreciated!

In my opinion living in the same building as your tenants changes everything. In that case I would say becoming friends with them typically will work out in your benefit. Good luck!

Becoming friends with your tenant instead of making the relationship a more businesslike, tenant-landlord relationship. To a younger, newer investor this seems like the easier/more appealing route to go. The majority of the time this happens the landlord ends up bending over backwards for the tenant and loses money.

I'm looking into buying a property with 2 separate mobile homes on the property. I would own the mobile homes after the purchase of the property. The are both being rented and they are from 1969/1962. Not knowing much about the lifespan of mobile homes the age of these homes seems concerning to me. Does anyone have any input on this topic? Thanks in advance!