All Forum Posts by: Tim Herman

@Wendy S. Have you studied the landlord tenant laws of GA? From my quick googling it looks like you can charge $20 or 20% of total rent as late fee 24 hours after due. You might be hard pressed to charge an ongoing late fee. You can look it up in GA state law. Section 10-4-217. 

@Caleb Lyons You can't unilaterally write a new lease with the remaining tenant unless the tenant that moved out agrees. There is still a valid contract. The lease is still in both the tenants name and remains in effect. If mtm then you can do, however many days (usually 30) nonrenenwal of both tenants and then write the new lease. 

@Shayna Adams both @Greg M. and @Andrew B. told you what to do. You tube has several videos on how to repair a plank on a snap together floors. A competent handyman could do it in less than an hour especially if you have some leftover plank.

can't see analysis

@Paul Farley You are posting on a public forum. Put 20-25% down and buy conventional. Otherwise you are asking how you can commit mortgage fraud. If convicted you could get accommodation in the nearest fed pen for up to 30 years and $1,000,000 fine. The other option is to move into the property.

@Nicole Olgiate Texas you have to be a real estate broker or a salaried employee of a property owner. Your first step is getting a re license then there are time requirements before you can become a broker. 

 You will need to talk to an ag lender like Farm Credit. Very little tax benefits as land is not depreciatable. Might be able to depreciate fence and or a well. 

@Sergio Orjuela You just posted on a public forum that you are going to commit mortgage fraud. You need to occupy the duplex within 60 days not 8 months. You might not get caught but the penalties can be 30 years in a Federal pen and 1 million dollar fine. If you want to move in later then buy later. I don't know if STR renting on the weekends would meet the requirements of owner occupied.

@Gonzalo Hernandez can't comment on Spains mortgage. Here it is greater than 6.5 %. Feds are talking about raising interest rates again. So mortgage rates will follow. A fully amortized loan has most of the interest paid in the beginning. You have  downloaded a mortgage calculator. If you input my numbers you will see 172k as the amount of interest paid. 

@Gonzalo Hernandez if he sold to you with zero down and carried at 8% he would receive 172k in interest payments and you are offering 45k. Unless this is your mother not going to happen. Payment would be $770. Why would he accept $300 less. He might end up owing the IRS on imputed interest. Did you do repair and capex budgets. Both look low. My maintenance budget usually works out around $50-$100 per month per unit.