All Forum Posts by: Nolan M.

@Chris Lopez I’ve done 3 seller financed deals, the most recent being 4 years ago. They are all in a small town where houses are cheap. Since the prices are so low, buyers need to come with cash, or the seller must be willing to finance. The reason for this is because banks won’t finance properties worth less than around 70k. My advice is to look in a small town within a couple hours of where you live, likely you’ll find cheap properties that will cash flow. You’ll have to deal with older homes, and the headaches they can bring, but it’s worked out nicely for me.

@Jesus Bravo I use Facebook, but not marketplace. There are “social” group FB pages and classified pages in my area. I post there and have people message me via messenger. Then I can look at their FB profiles and pre screen them. If they are obsessed with weed, posting about drinking every weekend, espouse communism, complaining about always being broke or have prison tattoos I don’t message them back :) good luck!

@Alecia Loveless.....Nathan G hit the nail on the head. Don’t stress so early in the month. Give your tenants a grace period and make sure you charge a late fee after the 5th AND serve the 5 day notice by the 10th. They’ll get the message. I have 9 tenants and a couple of them pay late a few times a year and I enjoy the extra $$! I don’t stress and I don’t even look at my bank account till the 6th.

@Tiffany Loftus I’ve purchased three of my rentals with no interest owner financing, and only a small down payment. There are homeowners willing to do these types of deals out there, you just have to beat the bushes to find them.

@Jake Noreau A few years ago I inherited a tenant with no security deposit. We came to an agreement and she simply paid me an extra $50/month until the deposit was paid. She was a great tenant and didn’t have kids damaging the property so it’s not exactly the same situation as you are in but it worked for me.

@Simrun Mirchandani. I have a heloc at 95% LTV with Navy Federal. I'm not in the military but my brother is in the national guard so I was able to join.

@Nick Seginowich. https://fordbergner.com/legal-practice-areas/texas-probate/alternatives/

Check this out. Here in AZ I bought a house from three siblings after their dad died. Since the house was worth so little it didn’t have to go through probate. I paid the attorneys fees and back taxes since the siblings were broke drug addicts. The deal worked out very well for everyone. I hope this deal works out for you!

Hi, I live in Mesa and we are thinking about buying a cabin in Forest lakes, Happy Jack, or a similar area. Is anyone wholesaling or scooping up pre-foreclosures in that area? I'd rather get a deal on a cabin and refinance it in 6 months than pay full retail. 

As an police officer and a landlord I’m going to go with the hands off approach with this question, unless it’s an ongoing disturbance to other tenants. Domestic violence cases are rarely cut and dry and far be it from a landlord to determine who is guilty or innocent days after the event. I often see that today’s “victim” is tomorrow’s “suspect.” If any of my tenants asked for my advise is let them know That state law requires that a DV victim can be let out of a lease early without penalty. Victims can also easily get a restraining order and force their partner out. Other than that I let people live their lives and make their own decisions.

Slow down tiger! It's impossible to BRRR if you don't have any income to show the bank! Why would they lend money to an unemployed newbie? Keep the day job and don't jump off the pier till your ship comes in!