All Forum Posts by: Joe Miller

A tenant wants out after two months of twelve month lease.  Does anyone go after tenants to collect on rent for terms of the lease?  In the past I just assumed it was tough to do.  What do you do?  Have you ever been able to collect money through garnishments, judgements, or law enforcement assistance?

Thank you.

Thanks in advance for any assistance with this.

I am considering buying a house from a family member.  We get along well, he is willing to "self-finance" which is a big part of why the deal would be compelling to me.  I would like to make sure this gets done well so the interests of all parties are met.  How have folks done this kind of deal in the past? 

Some of my thoughts:

1.  I can't pay cash but can pay a down payment and would likely pay extra, especially after the next few years go by.

2.  I would be more comfortable with the property being in my name and having a contract.

3.  Figuring out the balance owed over time seems like this might be best left to a third party.  Is this true?

4.  Is there some easy way to self calculate interest vs principal payments?

5.  Just so respondents know, I already have rental properties in this market.

Hello BP.

First off, a general thanks for the support given a few years ago as I progressed into real estate investing.

Here is my story and what I am looking for. I have 5 years left on HELOC at which time we could easily retire (could do beans and rice retirement next year). Three rental homes with mortgages. I've searched a little bit for next rental property but think the deals I am most comfortable with are more difficult to find. My focus as well as the focus of my local mentors has been smaller single family homes. It might be wise for me to stick with this market.

I'm in my mid 40s and questioning what direction to aim.  Having 3 homes is very manageable.  But I'd like a new project, certainly would enjoy more income, and would enjoy learning new skills.  Things I've considered are below:

Motel- around here it would likely be from scratch.

multi family properties- many directions to take this in.

Commercial- buy existing, buy and develop, redevelop?

So my questions for the BP community, how could I best approach and learn about these?  My guess is paying attention to the mathematics mentioned in real estate books becomes more important.

THank you for your assistance.

I am looking for my 3rd SFH, many in my area are near a university.

If renting to students, are similar landlords finding a 12 month lease really ends up being 9 (for the college year only, skip out on summers)?

Any college town advice?
Thank you.

My tale:

Thank you Mr Beard for the reply. What I recalled was that you told me Citi would handle this kind of thing, they seemed to offer a loan. I started dealing with them.

As I'd been shopping for a month or two, I asked questions up front about cash out refi, they said they could help me. I filled out many application materials, scanned and sent many one page documents (my frustrating technical limitations) and waited 2 months to get the loan before the decision makers. By that time I'd already spent 2x the local appraisal amount to satisfy them. So a week ago they tell me since the loan application date was not 6 months after purchase date they could not make the loan (there was something else funny but I forget it now as the 6 month thing was a direct question when I'd started).

They told me the original application could continue with purchase price amount financing, not cash out refi, or I could reapply now at 8 months for new loan. Argh, the paperwork again....

So I buy a new scanning faxing printer to get over my limitations. I am excited because my appraisal is nice, allows for sweat equity if I sold at the price, but now I can apply for 80% LTV-more money. I send them all the requested data only to get phone calls and emails a couple days ago. The underwriter says that the property has to be held for 12 months for cash out above purchase price. They offer to finance the purchase price, but I do not need that, already carrying it on HELOC.

The good news is that they are refunding my appraisal and I am out no cash.

Very frustrating. But somehow I expect I will be back at this again after 12 months is up.

If anyone has other ideas for cash out refi please share.

I am learning some things the hard way. Looking for some help. It seems that the local and online lenders I've spoken to do not do the following:
1. Loan <50K
2. Cash out refi<50K
3. Cash out refi > purchase price (I've done lots of work).
4. Give 30 yr notes on investment properties.

So I have one house that I am looking to get cash out refi on so I can pay down the HELOC that was used to purchase it. A 2nd house I close on next month might get financing via credit union or else through HELOC. Does anyone have ideas where to turn to obtain financing that breaks the barriers I've found so far? If I can get these loans I can buy more homes....

I am purchasing my first rental cash. I want to improve it, then get a mortgage. I've talked to some institutions and have heard a few things.
I can get 2 or 4 properties financed at 30 yr best rates, get resold.
After that rates change based on financial strength.
One place told me they will only loan up to 80% what I pay, not improved value.

What am I likely to find as best scenario if I shop a lot. Ideally I'd like to find one place to keep my business at.
What interest rates?
What LTV? After I improve it or before?
Any suggestions or pointers?

I aim to get several properties as soon as I can. I have very little debt, good credit rating, and can afford to pay 30 year notes on 5 properties at least.

THank you.