All Forum Posts by: Frank Jiang

@Tony Ardison

Can you please ping me details of the deal (location, CAP rate, NOI, etc)?

Sorry, just saw your subsequent post that it's for a single trailer.  Just FYI, typically the trailer owner does not own the land that the mobile home parks on, they rent the lot space.  You should clarify with the owner exactly what it is he is trying to sell to you.

Are you this guy's girlfriend?

https://www.biggerpockets.com/forums/52/topics/301317-should-i-make-my-girlfriend-sign-a-lease

In all seriousness though, it seems like he is being protective of his assets.  In this scenario, you would have no claim to the house if things do go south, you're just a tenant.  I am usually a proponent of doing things this way since at the end of the day, you guys are not married yet.  If he were a friend of mine, I would advise him to do things exactly as he has done them.

Whether or not this is "fair" is determined by your individual relationship.

Nope.  Happy to help if they discover their own interest but one of the most fruitless activities in the world is to try to push someone with no drive or no interest.

Also a Millenial. 

https://arpola.org/can-say-no-guns-rental-property/

You actually can prohibit tenants from possessing firearms in your rental in certain states (TN).  There are also other states that specifically do not allow landlords to prohibit firearms.  It's a mixed bag.

I'd recommend against adding this clause to your lease even if it seems legal simply because it's generally unenforceable and you could potentially end up getting sued.  Beefing up your tenant screening process is a much more effective deterrent.

Don't do it.

I assume option A also increases the loan term length in order to reduce the monthly payment.  You will pay drastically more interest over the course of the loan if you choose option A.  The ONLY time it may make sense is if the increase in cash flow will allow you to make an investment that you wouldn't have otherwise been able to make to pay off your student loan in 1-3 years (it won't, it's not enough money).

Please don't take offense to this, but you need to cease all contact with the tenant and allow your PM to handle the situation per GA law.  If they are unable to, you need to fire them and find a less incompetent PM.  You have already made several unforced errors (making habitual late payments of 3-4 days acceptable, not sending an immediate pay or quit notice upon non-payment of rent, communicating with the tenant directly) and you seem to lack the constitution required to handle the reality of landlording.  You should have posted pay or quit last week, not this Friday.

And no, it's not "rude."  What's rude is your tenant not paying rent.

There's nothing inherently wrong with the loan.  In fact, without further details, it looks light a great loan.  It's hard to pay less money on a monthly basis than on an interest-only payment.  A variable rate loan should have also been highly favorable to them as we moved into an ultra-low interest rate environment.  It's likely that your friend didn't get a "crappy loan" but bought far more house than they could afford.  Perhaps they're one of those people who took out a loan at a greater dollar amount than the value of their house.  The answer is then simple.  Stop trying to claw onto an asset you cannot afford.  Allow the bank to repossess.  Use the interim time to live rent free and save enough for a place you can actually afford.  It's not like they're losing out on a great deal of equity in the home if they put 0% down and paid no principal at all over the years.

Agree with your advocations but from a legal perspective, I'd be truly shocked if this charge stuck.  The wording of the influencing a public official statute seems to be more geared towards the prevention of bribery and coercion, not lying on a form.

@Tony Marcelle

You need to refine your own judgment abilities.  You should not be "leaning" towards no.  This is not only a no, but a resounding hell no.

What exactly does this "partner" bring to the table anyway?  Sounds like you guys haven't even been through a deal together.  That would mean this person isn't even a partner, more like "a guy you know".

Are you aware that TSLA only has 10 months of cash burn left to continue existing as a company?  I believe they are required to hold 5 years worth of parts for existing cars but I can't even begin to imagine the problems that you would have to deal with if you buy a car from a company that no longer exists in 5 years.