All Forum Posts by: Shannon K.

I am going to have to disagree here with the "tenants are like children and try to get away with things." That has not been the case with this particular tenant. That may be the case for some tenants, but this guy is struggling financially. He's not taking advantage. He did pay the rent but couldn't afford the late fee. He needed a grace period. He doesn't seem to be abusing the situation. He's not avoiding your calls or dodging you. He let you know up front he lost his job. Have some compassion.

Its a business for sure. But its also about PEOPLE. You're providing a service/place to live for a human being... A human being that has previously been a good tenant, paid for 3 years, and respected your property. You don't have to hit him with an iron fist while he's already down. I would work with this guy on a weekly payment plan or allow him to pay smaller increments of his balance... Or take the late fees out of his security deposit at the end of his tenancy. If he becomes a jerk or starts dodging you, change your tactic. But jeez, 3 years of good tenancy is a long time to then throw the book at the guy. Karma might not grant you such a good tenant next time...

I just went through a similar situation. HUD will not budge. In my experience, they are very strict on most things and I also had to cancel the bid I won and resubmit.

My house bid was put in the wrong person's name and HUD wouldn't change it or accommodate me in any manner. Made me cancel the whole sha-bang and start over the next week it was relisted.

Thank heavens it worked for me and I got the house $3K cheaper the 2nd time. (I won the bid by 9am. By 10am several other offers higher than mine poured in!) I lucked out big time. You may risk losing this house to the waiting competition...

If your backup plan is section 8 homes, what are you trying to do with a million dollar home? I'm a bit confused as to the direction you're trying to take here.  Those 2 opportunities seem to be completely opposite in my mind...

As you admit you have no experience here, but you seem to be excited that you now have access to the MLS. That's good...but its likely every other investor in the area has the same thing. It would be good to crawl first with some baby steps before you run to million dollar deals. Figure out what your strategy is. Are you going to assign contracts or buy section 8's? Do you want to be a landlord or deal with high-end homes? Once you have an objective clearly defined, the next step with what to do with the MLS data will be apparent. Good luck!

I just celebrated my closing with several slices of my favorite Hawaiian pizza for everyone. LoL. Cheesy, pepperoni, pineappley, cherry, almondy, mmmm.  Today was my heavy leg day at the gym and my carb up refeed and I lost count how many slices... maybe 6? 7? I was plenty happy with that, hahaha.  (I'm on a bodybuilding contest diet and rarely eat carbs so a meal like this was a big deal to me!)

What things are a big deal to you? Find something you love but rarely get to indulge in. Trip to the casino? Fine bottle of wine? Go detail and wax your car all nice. New suit?

Fix & flips! I'm not interested in overseeing tenants at the moment and having to accommodate their needs, repairs, phone calls, complaints, etc. I've always been very confident managing people, projects, and money and I have a partner who has completed hundreds of flips. Once he found out I was interest in real estate, we built a company. Easy choice for me, haha.

In the future, I would be open to some sort of commercial tenants as a developer of a strip mall or something though!

Why are hard money lenders turning you down?  If you have that answer, you know what you need to work on to be able to get funding from them.

I am going to have to agree here that HML would not fund that deal. The waters are a bit muddy here and I also read it more than once. Every HML I've ever talked to had fairly stringent requirements for borrowing. It wasn't as easy as people make it seem to just "go get hard money."

Finally closed a deal that's been a hellish nightmare and dragging along for 6 months. I'm never using a bank loan ever again! I'm glad I stuck with it because the house has amazing potential and I got a GREAT deal in a nice Buffalo suburb... And boy did I fight to get this house!

4-bed, 2-bath, 2000 sq, all brick, 2.5 car garage, PP = $81,000, ARV = $180,000

2 comps on my street came in last month at $210K, newer build than mine, but not updated... So anything could happen in the spring when I have it reassessed and pull a HELOC!

Already started demo. Everything is getting ripped out and replaced plus a new heating system. Its a live-in flip and I can't wait to make it gorgeous and live here! What a relief to be able to get started on this project!

As Steven said, hudhomestore.com is a good resource to learn about the property. Definitely look at the property condition report and any other docs they may have uploaded. I wish I knew about the website last March when I bid because I never got to see the property condition report on my current house deal til last week! Once you put it under contract, they pull the house off the website and all the uploaded docs go with it!

Hi everyone. If anyone has recommendation for a RE attorney in Buffalo, NY familiar with CLOSINGS, I am in need!

*(203K rehab loan) Closing disclosure has been issued & signed already. Can a lender now require additional $4000 repair cost added to my loan, additional 3 inspections with fees that were not discussed previously!?

Looking to go see a new attorney!! The one I have now is a HUD attorney closing both sides of this deal.