All Forum Posts by: Mark Fitzpatrick

Paying off a rental property is a good strategy because it will mean you'll get maximum cash flow in the future, but in the meantime you need to make sure you're building up a reserve account to handle repairs too. A slightly cash flow positive property probably won't accumulate enough of a reserve for you to replace the roof, AC units, do make-readies, etc. without having to dip into your own pocket. I think a good strategy is to do a 30-year fixed loan, then pay extra on it every month. You can always reduce your payment to the regular payment if you need the extra cash for something else.

I'm of the opinion that we'll see deflation first, then possibly high inflation (if not hyperinflation) down the road when the economy starts recovering (whenever that is). The Fed has created a lot of money, but it hasn't been circulating in the economy. If a recovery takes hold and the money starts circulating, the challenge will be for the Fed to withdraw the stimulus in time to stop severe inflation but not so soon that it hinders the recovery.

I don't think you did anything wrong, but I would definitely make it a point to ask open-ended questions that get a conversation going and help build trust and rapport. People like to work with people they like, so being conversational and personable will greatly help you get your foot in the door.

With that said, I think the core issue with this seller was that he just wasn't motivated.