All Forum Posts by: Mitch Kronowit

Then good luck with an educated seller taking you seriously. If the cash isn't in your bank account, you don't control it. Unless the true owner of the cash gives you a signed letter granting you unrestricted access to that cash, you're just making an offer based on a promise and nothing more. What if the real cash owner changes his mind just prior to your closing date? What if he gives the cash to another buyer with a better deal?

If you make a cash offer, and don't have the cash in your "pocket", you're risking your earnest money deposit. Are you that confident your private lender will give you the money? If your private lender is supporting you that much, then why not have them deposit those funds into your bank account prior to you making offers so you can show POF in your own name?

Thanks for the update Bill. I was going to call VRM this week and begin the pre-qual process, but is my understanding correct that they're not ready for that yet? Thanks again.

We have a 2 BR SFR and a 2 BR condo in our rental portfolio. Both are doing great.

HUD believes two persons per bedroom is reasonable under the Fair Housing Act. It's not excluding children, it's limiting the number of occupants given the available living space, which is deemed necessary for the health and well-being of the inhabitants.

Of course, this is a general rule. There may be exceptions (perhaps one room is "oversized") or local ordinances that differ based on particulars in that community.

If I'm reading this correctly, you placed a property into rental service about 2 years ago, correct? Yes, you can start taking depreciation on this property regardless of how long ago you purchased it. Your CPA should be able to give you details on how to do this.

50% down out here in California is going to limit me to one house every 5 years! No thanks.

Your bank statements show you have the funds to close, which should be good enough for the seller, but once under contract, should you find alternate ways of financing, go for it. The seller doesn't have any reason to object unless, of course, your alternative is delaying closing somehow.

The same reason anything doesn't sell, i.e., the seller wants more than any buyer will pay.

Still flying airplanes.

As an investor, I don't have day-to-day problems, that's why I like investing in real estate. I spend maybe a few hours a month on my business.

Otherwise, what are my biggest issues? There's two.

1. Locating financing for additional rental properties.

2. Maintenance problems that crop up.

Does that help any?