All Forum Posts by: Nolan M.

You can also just call the selling agent directly and have them represent both you and the buyer. However They’ll want to see a prequalification letter before taking your offer to the seller. 

I've got one that pays late every other month or so, they always pay by the 10th. They know even if its a day late they pay the extra $50. Married couple, both work at steady jobs, no kids at home, no bad habits, just bad with money I guess. I don't mind the extra couple hundred a year and they take really good care of the house! A few late payments wouldn't deter me. You might consider asking for a higher deposit.

Can anyone recommend a commercial lender in AZ? I'm looking at a small 5 unit and would like to know what my options are, thank you!

How do you know it was a tenant? Why couldn't it have been an outsider? Charging everyone sounds like a great way to get everyone mad at you, good luck with that!!

Great story! Are you getting traditional financing or using creative means to finance? 

I bought a triplex recently and the seller wrote me a check for the deposits after closing. We had to do it that way because the loan wouldn't allow more that 2% concessions from the seller and the deposits would have been considered part of the concessions. Another thing you want to do is to have the sellers agent get a signed estoppel letter from the tenants stating what deposits they have with the seller so everyone is on the same page. Trust but verify. Along the same lines it would be good have the seller notify the two tenants now that they aren't getting their deposits back. Good Luck!

I see lots of similar deals in the PHX area. Class C 2-4 unit properties and minimal cashflow only on the market a few days, seems crazy to me to drop 75k-100k for a downpayment and not make any money on it. Or worse pay cash and hope it appreciates, yikes!

If you have the education under your belt (ie books, podcasts, blogs), the reserve funds, and the backbone to be a landlord then you should be able to succeed as a landlord. If you are missing any of these three then I wouldn't recommend it. Good luck!

Look at it this way, you only put $2100 down for a house, and you got an awesome interest rate! Hopefully its a 30 year fixed loan? As a rental its tight right now, but in a few years when can get higher rent you'll be in a good position. There is so much good info here on BP. Take some time to listen to a few dozen podcasts and read the forums and blogs over the next year and you'll be much better prepared when you buy your next rental, good luck!

Be careful relying on tenants to supply their own shower curtains. I have a friend who's tenants showered without curtains for a couple years and completely destroyed the bathroom cabinet. Obviously if he checked on the property he could have caught it earlier, but he didn't.