All Forum Posts by: Cheryl C.

Glenn Espinosa, thanks for the great thread. I've spent time reviewing master plan's as well. It's a great source of information that very few take advantage of. I'm excited for you and your upcoming "adventure". Best of luck!

Hi Wade. I'm sorry to hear of your bad experiences. Perhaps a local mentor could be of assistance - there might even be one here on BP that could help you determine why things are going south. Not everyone starts out with money. I was one of the "Nothing Down" people in the 80's. I'm quite sure ALL of us have some horror stories that we could tell - just not a string of them such as those that have befallen you. After a recent "disaster", I decided to meet the prospective tenant at her current rental to sign the lease. I rarley have ever done this but the pain was very fresh in my mind. I have never had an hvac system (or anything else) stolen from a property. I handled 12 rentals while working full-time until I quit the rat race when my son was born (age 32). I did alot of painting, cleaning, etc in my 20's and early 30's and then realized it was better to get a crew in there for a few days and get the place occupied. I was "working" for no return or cost savings. I am selective where I buy. I won't buy anything that I wouldn't live in myself (I don't require much - just a clean, safe area with good schools and neighbors). I also screen for long-term tenants. It's the turnover that kills you just as much as bad tenants.

Hope it works out for you.

Rich Weese, inventory is clearly pushing prices as demand is robust. In my region inventory is down 34% YOY. I think it will be a good couple of years+ for price appreciation and rent increases.

Inventory is extremely low in Northern Viriginia. There are bidding wars on anything decent for a buy and hold, let alone flip. I went to the court house a couple of weeks ago and saw some large crowds. I think the court house is good for buy and hold and owner-occ. I was interested in a new personal residence (downsizing). My sale was cancelled.

I've pretty much "had it" with shorts. I got a call tonight that one I've had under contract for 8 months came back with a new bpo 35K higher than their approved price. I was in at list for 130K. Bank came back at 140K. I took it. Then the bpo expired (after title issue delays made it more than 90 days old). So now they want 175K. This has happened on several. It's a total crap shoot at this point.

Bienes Raices, no I don't worry about that at all. I check them out pretty well and if things go south, I'll straighten them out quick or evict depending on the issue. Turnover is a killer and a tenant on a one year lease can trash a place or be a pain just as easily.

Here is a recent example of me giving a rental applicant a pretty decent break. I had some tenant bail on me (he said it was a military transfer but wouldn't provide the orders). I had an older couple look at it and the wife REALLY wanted it. They had been at their last rental almost 30yrs and only moved because someone died and the heirs were selling. Since they were staying with their son they could move in in 4 days (little lost rent), no upgrades and no agent fee.

The husband is a retired postal worker and a very handy guy. The problem is that the husband is the type of guy who wanted a "deal". I took 10% off for a three year lease. They have been there 6 months and love it - it's a small beach community with alot of retiree's. I know (and knew) that they will stay for as long as they live.

This is a topic of interest to me as it is my anticipated exit strategy (and has been for decades). I have a good bit of knowledge of the foreclosure process in my jurisdiction and I think this is very important. I just hope rates are higher in about ten yrs. One risk that I see is getting paid off early! My mother recently took back a mortgage (not her first time) and she sure doesn't want to be paid early. I inserted a pre-payment penalty in the mortgage.

I think some of it depends on your individual situation. I see holding a mortgage as much like holding a bond in terms of your asset allocation. I don't see buyers who want a seller to hold the paper as dubious credit risks. There was a time when the only financing that I could get was an owner takeback. I had about 5 places financed that way at one point.

I have some once in a while. I may give them a slight discount for a 2 yr lease or if I believe that they will be an exceptionally good tenant. The rental market is very tight in my area (amazing for November!). There is no need for me to discount or negotiate. There are many excellent applicants.

Poll turn-out? What are you all seeing and in what County?