All Forum Posts by: Tony Savage

Can't we all just get along..LOL.  Karl l believe in you man, you have the experience you can find a solid tenant that will take care of your property.  Think about the best case scenario of leasing your property!

Karl, You're living your worst case scenario right now!  You say you've been a Landlord for 20+ years in three different states.  Get your house rented out!

Good Luck!

I also raised rents this summer.  I don't do that every year.

All of my leases expire at the end of July. My rentals are in Lansing, MI, I do not want to worry about leasing them out in the winter.

Arron, did you go out to Memphis before you bought your properties?  Did you work with an agent that new the market?  

I went out to Memphis in late July to set up a network of agents and contractors. I got a chance to drive a few of the neighborhoods to figure out where we want to buy. We're flipping these properties to investors and or first time homeowners.

I have a flip in Chattanooga that we just put on the market.  Once it sells, my partners and I are going to buy a flip in Memphis.

I see you're from South San Francisco, I'm from San Francisco!

Hey Arron,

What zip code are your rentals in?

You have to get out of your head Logan and take action!  

On your own, you simply can not buy in the place where you want to live.  Do not let that stop you! You need to step out of your box and check out other markets where you can buy a home and flip it for 150K.

I have a flip right now that my partners and I are in for 200K in Chattanooga,TN.  The key word here is partners!  You can accelerate your goals if you have someone that you trust that you could partner with.

Good luck on your real estate journey bro!

1. - Loan to value (LTV): 80%: Why does the seller care what the LTV is as long as he nets what's expected from the purchase price
2. - Earnest money held by seller's recommended property management company: Do not let the sellers PMC hold your EMD even if the company has a licensed broker. Wire the EMD to escrow
3. - Final inspection within 1 day of closing: With the home being occupied I would want at least three days before closing to conduct the final walk-thru. You never know what a tenant will do to a place
4. - Commission paid by to buyer's agent is 2% of final sales price: There has been a change in the industry as to how buyer agents get paid.  The seller is willing to pay a 2% commission to the buyers agent, that's not bad.  If you are represented by an agent. You should of signed a buyer broker agreement stipulating how much you're going to pay your agent.

Good Luck!

I have had to take my rentals out of my LLC's to acquire a second on one rental and a HELOC on another. I make the payments for about 8 to 10 months then I have my attorney put the rentals back into my LLC's which are owned by my trust. I will be putting my rental that I got a HELOC on back into my LLC in a couple of months.

The lenders are not in the business of foreclosing on properties.  They just want that monthly payment. 

Good Luck!