All Forum Posts by: Chris H.

My asking rent was at the higher end of comparables, I was actually just about to lower it slightly as there has been very few bites and I'd like to get it rented this month. So next best option right now is to lower the rent $50 and keep it out there.

It's a dirt cheap two digit number to file small claims here and I live a few blocks from the courthouse, but I imagine it's still a huge pain.

I have a potential tenant for my rental that didn't pass credit checks.

They have asked if they can have a cosigner.

Is this something I should consider?

This is my first rental- and I ended up getting in an easy fixer-upper that will have cash flow matching the 2% rule (monthly income is 2% of purchase price).

^ I like you.

Some fantastic reeding in here so far.

@ Steve Babiak, I don't see a better option? If the renter cannot get financing, how are you supposed to help? Leaving it the buyer/renter's responsibility seems a very safe protection.

Can you elaborate on this one? "If the house does not appraise" means if the house appraises for less at the end of the lease than the agreed-upon sale price, correct?

What does waiving the financing contingency accomplish?

This is unfortunate, but this is not a downside for the seller, is it?
When you say "cannot perform on the contract", you mean they don't have the money to or can't get financing, correct?

I have a home I have put on the market to rent, using a property management company. Is there any reason I shouldn't offer rent-to-own financing? I got the house at sufficient price that it would make sense as both a rental and a flip, and rent-to-own seems like the best of both worlds (higher rent and better quality tenants if they don't stay, and a sale if they do).

Also, in a rent-to-own deal do I have typical landlord responsibilities? i.e. who's responsible if the hot water heater breaks? (I am in Washington State if this matters)

Thanks much!

- New Landlord

I see! So, how could I go about convincing the listing agent to do it that way?

So in the book I'm going through (Monica's), it talks about the BPO as the most critical part of the short sale.

Some research and googling has this sentiment echoed everywhere; you want to meet the BPO appraiser at the site, show him all the problems, make sure the value comes in low.

This is doubly serious in the short sale I'm looking at to propose (the homeowner has walked away and was planning to let it foreclose as he no longer has an income), which has all kinds of issues and honestly is only a reasonable deal if I can get it for way below market value.

But my real estate agent says that there's no way to do this- that the lender gets a third party appraiser who sends someone out who has the lockbox code, who can show up at any day at any time and whose name they don't give us. So there's no way to meet or contact the BPO appraiser beforehand.

Is this accurate? Anything else I can do besides preparing to appeal it if it comes in high?

Adding!

With a bit more creative Googling I've also found lenders in Seattle and Portland that claim to do Spokane lending...might have to give some calls.

So I'm trying to find a hard money lender in Spokane, WA, but I don't know how to evaluate them.

I'd like to buy houses and fix them up all on hard money loans, then turn around and refi with a portfolio lender from full value.

I've met up with one in person at their office, (CLS Mortgage), but I'm not particularly impressed. They won't fund the repairs, and only up to 65% LTV on the house. Which requires me to raise 35% of the cost of the house + the repairs out of pocket before refinancing, which limits me only to really low-cost properties.

I've had a second recommended to me, The Northwest Group, but from their web site I'm suspecting I'll see the same thing. It notes 65% of LTV, but maybe they'll finance the repairs too. Dunno.

I found a private money listing
on Craigslist. If it's a private individual, can it be trusted?

I'm fairly new to this. Thanks for any help.