All Forum Posts by: Peter Petwr

I get that it should've been more throughly looked at and as a buyer I felt a bit uninformed since I never talked to the seller agent or the seller. I couldnt gauge how they were responding very well based on what I was being told. The communication from seller -> seller agent -> my agent - Me and back was very very slow and there were deadlines. I didn't want to lose earnest money so I justified the purchase mentally not the best idea I ran what if number based in what I knew and I tried to be really realistic about it. In the end it should still work and it was the best I could find so I went with it. 

The slow communication was a huge problem and the seller seemed unwilling to compromise on issues Or extend deadlines. Like I said if the tenants don't move out its fine with me as long as theyre paying but I kind of need to move into the unit within 60 days and the previous owner and his broker didn't let the tenants know anything. 

it's definitely a hassle but its worked out for the most part, the tenants are nice people I gave them plenty of time and I know moving is a huge hassle so they can make their own plans and let me know the house isnt terribly expensive on the mortgage so I can hold it. 

The bank said that I shouldn't worry about mortgage fraud since they arent actively  trying to get people   but im still going to try and get in there before the 60 days are up.

even if they stay i let them know , that we could be roommates temporarily of they were okay with it. I'm being extremely Transparent with the situation on the tenant front.

it was on the MLS , but yeah next time I gotta hustle and annoy the heck out of people to get things done. I just didn't want to piss everyone off by rushing them.

the seller agent being a broker. I would think means they have a ton of experience and would be quick and organized. I only got that the feeling that they were slow , busy , and easily annoyed. 

I'm just ranting at this point but its going well for the most part.

I guess i was a bit rushed during my due diligence period. Lots of waiting for resposnes and the owners or broker didnt seem very open to much. Yet, I still bought the house so thats on me. 

I'll try a mutual agreement with the tenant,  explaining what I want and how I can help if that doesn't work i guess its fine ill honor the lease. 

There's a buyout option , as the landlord, can i buy out the lease on inherited tenants ?

the previous owner didn't tell the tenants that the house was being sold i assume they figured it out with the walk throughs and real estate agents. 

one of them has a lease for another year at least. Do I have to let it ride?

the wording wasn't super clear on who specifically the buy out option was for.

if the 2 months rent buyout is applicable to me , how do i serve it ? 

I served a normal 30 day intent to vacate form. Will this one be similar  a 30 day intent to vacate with an addendum of lease buy out +2 months rent? 

They wouldn't mind ending the lease early as long they had another home to live in.

There's two brothers , one has a government job so he would be a fantastic tenant... they have a dog. 

I have other plans for the property at the moment so I need it vacant. 

Theres a lot of info in this post, any ideas?

I can pull stuff off the internet too 

@Peter Johnson

I live in Tooele, Utah the deals are great for housing in Tooele probably for flipping. Cash-flowing seems a bit harder. Maybe Airbnb?

Basically I'm not having a fun time looking for homes on the MLS the inventory is non-existent and the existing deals get picked up over-priced within a few days and aren't even that great.

Anyone in Tooele, West Valley, Salt Lake, Sugarhouse, Ogden, etc. areas have any tips for finding deals?
Could you educate me on what a good deal looks like in Utah? I feel like I'm analyzing numbers and kneading them till they work. 

Do you contact people by mail, finding distressed buyers would make the most sense, there's plenty of pre-foreclosures.

I'd probably shoot for a BRRRR, most likely a buy and hold for 5 years flip while renting, I'll be living in the property since I only have FHA(3.5% down) / Rural financing (0% down) / Home Ready (3% down) loans

I'm clearly very hesitant about the Utah market because it's so overpriced, but people are still buying so maybe I just don't know something.

Side Note* I was looking for a rundown shabby home in the sugarhouse / U of U area because I rented in that area for a period of time and Google Fiber is honestly amazing and Comcast internet sucks. :)

I use rental property calc for a lot of my calculations should I only care of the IRR if the cash-flow is Negative? or should I only go for positive cash-flowing units.

buying the house and reselling it the way that guy mentioned in the post sounds easier than any or facet of real estate.

but

1) seems like a shameless plug to drive traffic to his post

2) Kind of feels like ripping off people

3) If you think about it again it is not really ripping off people if its legal and the tenant-buyer was fine with it...

Now I'm rethinking my approach to real estate... 

anyways I also live in Utah and cash flowing rentals are so very hard to find, Wanna go 50/50 on a property outside of Utah? Maybe a multi or SFH i'd be interested in helping you out by helping each other out :)

Waiting for my credit score to show up for loans, getting funding without loans.

Figuring out what fair market rent is in the area to properly analyze the ROI on a deal.

Finding a good property management company.

I have lots of worries, but I'm mostly just worried about messing up my first deal and turning what should be a good investment into something that loses me money because I didn't know something.

I'm looking in Kansas city , MO

What neighborhoods do I avoid , if I'm going to be living in the property.

I'm trying really hard to buy cash-flowing properties with little to no money down. 
So far I've got DSCR, Money Partners, and really creative financing ideas from other people.

This post is more specifically asking about how I would pitch to a Private Lender/HML for a DSCR 30 year fixed or similar product for multiple units.

So I noticed that some DSCR loans offer 100% financing or really high amounts of financing no income checks or credit checks. They seem to just care about how much profit are you making on your investment and how good are the chances that you won't default on your loan to them.

I want to create a pitch to these lenders for some properties that I think have really good numbers and rental histories, how would I go about doing this? Or what do I need to even qualify to do this?

Does anyone have their own recommendation for a specific lender to go with? 
The reason I want a lender is that I can leverage the loan to make a profit on a deal.

Money Partners are hard to find, especially money partners with tons of cash just sitting around that will also let you in on the deal. Is my thinking on this flawed? 

Currently trying to negotiate for a 300,000$ but if I scale it up I found a 3 million dollar deal that falls under similar numbers to my smaller deal. 
Am I over-reaching, who knows maybe I'm just too excited.

 This looks like bigger pockets trying to give us smaller pockets. You can't average out markets because that skews the statistics so much that what you are showing is just a really bad investment in both of those markets.

Focus on price ranges and separate by zip codes create a heat map and average out comparables.

There's great houses everywhere south 15-60% CoC returns if we're looking at rentals.

The numbers you showed I wouldn't even consider purchasing,  but you could keep those numbers to show how much of the market is in that range +- 10% but what I'm getting at is that I don't think your giving us value with what ive read thus far.