All Forum Posts by: Timothy Cervantes

Welcome @Christopher Cooper , I'm in Fresno as well.  There is a group on MeetUP (559 Real Estate Investors).  I went to my first meeting last month and they are a great bunch of people.  Unfortunately I won't be at the workshop tomorrow but look forward to maybe meeting you at the next meeting!

@Bill Gulley   - Estate planning is definitely on our minds and we'll be crossing that bridge just as soon as we are clear of this little hurdle.

 Exactly.

Interested in seeing the responses. At some point I'll be going to a HML :) (popcorn in hand)

 I've heard that line in everything but real estate (still looking for my first deal) and my response is "What's the most you're willing to pay?"  Most people don't have an answer, and those that ask the question have no idea how to negotiate.  You answered PERFECTLY!

Stay consistent in your practices.  It will save you potential heartache, do for one do for all.  Sometimes you'll be surprised on what comes back, the one you like may be a good liar and the one that gave you a funny feeling could have a spotless record with great income.  I'd rather be paid by someone who I didn't like than NOT be paid by someone who is a nice person.

@Jeff Zimmerman  - Thank you for the link!  I'd not seen this before so I'm going to dive into it.  Gotta LOVE BP!!

@Brian Mathews - The suggestion of moving into one of the rentals is definitely an option.  But only if all other means have been exhausted to get him out from that mortgage (83k upside down).  We need to let the modification apps run their course and we can decide on his primary at that point.  Renting it now he'd still be negatively cash flowing that one.  We do not have a realtor involved but the office he is working with for the modifications did a comp review of his primary.  I'm fairly confident on the current self assessed value of the rental units based on the research I've done.

@Mark Freeman - Yes, that is one of the two programs he applied for.  We're hopeful this his ticket and his couselor at the Community Housing Council stated it looks solid.  We should know within the next 30 days.  The application was submitted this past Friday.

@David Dachtera - Yes his primary residence is on the table for a short sale should he be denied for the principal reduction he has applied for.  I appreciate any contacts you could share with me that are in my area should we come to that point.

For other readers of this post, I appreciate any further innovative/creative ideas you may to share.  With the hundreds of thousands of problems solvers on BP I'm sure we can come up with a solution!