All Forum Posts by: John Vietmeyer

Good feedback.  I'll keep my fingers crossed and report back when I get a response.  

Tkx

How often do Banks refuse to ratify contracts after a successful auction.com bid?  

Bid was won this week, signed their paper and submitted  earnest money.  They gave me 24 hours, now they say the bank needs ~10 days to review my offer. 

I'll be frustrated if they reject my offer after I already agreed to their terms.  

risky, but I've been doing 24 hours.  Check out at noon, check in at noon.  I do a walk through a week before and talk to tenant about any repairs that may need to be done before they leave.  

Any recommendations on how to collect a deposit from an out of state renter?  

Given timing/convienience I'm thinking an electronic system would be best.  However, Cozy and the other systems seem set up for rent collection, not initial deposit.  

Great discussion.  Anyone else have experience with the "pre-auction bid" on auction.com?

Is the best strategy to wait for the auction?

great advice.  I agree open communications and solving the problem sooner rather than later is the best approach.  Will let it ride for the weekend but will sit down next week.  Appreciate it....

is it sometimes best to cut loses and let a tenant walk from an annual lease?

I had a nice couple sign a year lease.  Subsequently their relationship fell apart and are changing careers.  I now have a single mom desperately trying to keep her head above water.  She has not yet missed a rent payment (have fingers crossed) and is indcating she needs to find cheaper housing. 

Should I let her walk?  I'm thinking it may be better to do so now in summer as opposed to waiting for things to fall apart.  

Is there not a loop hole that allows investors with a small number of properties to be exempt from submitting 1099s?  

Understand, probably should have kept looking for a better investment but at this point I'm in it for the learning.  keeping the property basic, I think I can keep my renovations to $25k. 

Here are a few pics:

good questions. I comfortable that the ARV number. There is another house on the street that is pending and hope that will drive it up a bit.

I received a 1 year interest only portfolio loan from my bank with 20% down, $150 orgionation at prime plus 1.5% (~4.5%). My plan is to refinance to 5 year arm or 30 fix once the renovations are complete.