All Forum Posts by: Nate Smith

A landlord evicted her once. Don’t be the next one!

 I couldn't agree with you more. Not everyone is destin to be a landlord.

It seems the utility cost are high so the seller is trying to cover up actual cost. This could be reason for the sale. I would dig deeper.

I wouldn't lower the rent, that is only going to get you a lower quality of tenant. I would just wait it out until the right tenant comes along. You will be in a far worse situation if the tenant turns out to be slummy. If the property sits on the market for an extended length of time I would reconsider rental price, quality of rehab, and so on.

I have and do often. They were a funding source I connected with on Linkedin. I had decided to give them a shot. I have used overseas money before, it is typically cheaper money and they will lend at a higher LTV.

This is what I received when I asked about not being registered in the UK . “We are registered in Abu Dhabi, UAE. We only have a bureau office in Birmingham, United Kingdom. Companies listed on the list are companies originating from and originally registered in the United Kingdom. We originate from the United Arab Emirates.”

He said it needs to go into a LOC because of overseas taxing. If it goes in there it is taxed differently is what he was saying. There is no money requested up front. I have talked to them several times and they have not asked me to fly over there. So those two things weeded out a lot of my worries. I sent it over to my lawyer to review and he said it was fine. They have asked for my 20% for the loan but when we close on the deal at my title company. They are planning to come to the US to look at the property. Something just does not seem right and that is why I have asked for your opinion.

I have been working on a few different loans with them. They said we are all good to go. They have not asked for any money up front. That would have been my first hint they were a scam. It came down to transferring funds to my account. They have told me they cannot transfer to a checking or savings account it must be a line of credit. This does not seem right to me. They say it is because of taxes and suck. What do you think?

In box me and we can talk!

I own a old school building that is 60,000 sqft. I have converted part of it into a apartment for me and buddys to go hunting. I am looking at getting a loan on it, so I can be done with this pesky land contract. I owe $20,000 and would like to get a $50,000 loan for repairs and payoff. But the building has asbestos and lead paint. The asbestos is in the boiler area which is in a sealed room with a door that says warning asbestos. So im assuming this is fine and schould not hurt me getting a loan. They only closed the school two years ago and it was fine for them. Again this school is located in the upper pensila of michigan. Just wondering if this asbestos and lead paint will hurt me getting a loan. It is zoined R1.

Thanks, Nate