All Forum Posts by: Mitch Kenney

Thanks for the reply's everyone. Very helpful.

Hello everyone!

I looked in the message boards for my answer but could not find it. My wife and I live in the bay area and are looking to buy our first apartment building (appx 8 units) in fresno. Fresno is 188 miles from us so we would need a property management company.

Does anyone feel that on this small of a building that the property management fees would eat too much into our cashflow and it would make more sense to buy something closer so we can manage it ourselves? On our first property and it being rather small does anybody feel we should manage it ourselves? We have thought about moving back to Denver to invest where it may be more feasible.

My wife and I were having a discussion the other day. She feels that we cannot count on short sales as a long term strategy (for the next 10 years) and I believe we can.

I believe we can because as long as the banks have the non-performing asset ratio and need to get a property off their books then they will always be willing to do a short sale.

I also believe that when the market picks back up and there are not as many foreclosures then there will be less competition, but homeowners will still be willing to work with real estate investors.

How does everyone feel about this?

Sorry for my mis-communication. He is not upside down, he may have $2k-$3k in equity if that.

Also if I were to tell him to wait to go into default is that fradulent activity if he was going to consider it anyways? Also since he is an inlaw, is there a conflict of interest.

Also there is negative cashflow.

Thanks for the replys!

I do not want to do a subject 2 because there is no equity in the house.

This will probably be his last month that he will be able to pay on the mortgage. He is out of work and has been using his savings and retirement to pay the mortgage payments. So it will probably start to go delinquent this month. Also what if he files for bankruptcy, wouldnt that be a motivator for the bank to do a short sale?

He is not upside down but he cannot afford to keep the payments up because he has another mortgage on his primary residence. This is a second house for him, which makes it a sort of vacation property. He is also looking into filling for bankruptcy.

My Uncle in law owns 2 houses in Washington state and he wants me to do a short sale on one of them. He is not in arrears on the property and the loan is with BOA. I have heard of short sales going through even if the loan is not in default. He does not want to sell the property with a realtor because he wants me to get the money from the short sale.

Any advice?

Thanks Justin!

Hey guys,

This is my first post. I have been reading the posts on this forum for a while and I appreciate everybody!

In regards to the LOA do you know if the lender will allow multiple people or an entire company as a whole to be on the LOA. The question also goes for the POA

Thanks!