All Forum Posts by: Travis Guyer

 That's a good call Joe; I never said I had a professionally ran management company, though.

I've got illegal immigrants renting one of my houses. They're awesome! 

They keep the place immaculate; they never miss a payment; and they're very kind.

I had a pretty good idea initially that they were illegal because of their background info they gave me. The SS# was for a guy living in Texas, and even though I was tempted to not let them rent because of that, I'm glad I did even though the risk may have been higher.

I appreciate your responses @Matthew Paul, @Costin I., and @Nathan Gesner! I showed her your guys' answers and I think she's done some soul-searching since then. I'm not sure if she's going to give up her cats, but I think she sees her personal responsibility in a different light and what can be expected when you're a young person with no credit.

Thanks again!

Thanks @Nathan Gesner! That makes total sense. 

As to my niece, I couldn't agree more. I actually told her maybe she should get rid of the cats just so she would have more options for apartments to rent, but she's a crazy cat lady already at age 20 so I knew my advice would go in one ear and out the other!

Thanks again!

Hey everyone, my niece and sister are in a predicament and I'm not quite sure what the answer is:

So, my niece just signed a lease for an apartment and she apparently initially never told the management company that she had two cats and apparently the property manager never asked her if she had pets.

After a week or two I think she made it aware to the manager that she had two cats, so I think, the manager essentially said, "Ok" and sent her the pet agreement addendum which equates to $100 per month per pet extra in rent and a $450 non-refundable deposit. 

My niece said she didn't know about any extra rent for pets and told the manager that she can't afford an extra $200 per month and that even though the lease is signed she won't be able to move in.

So now the management company said that since she signed and my sister co-signed the year-long lease that she is still responsible to pay the rent for the year. My niece thinks she should just look for another place even though the lease is signed and she hasn't moved in yet, but she's worried about her mom's/my sister's credit taking a hit for cosigning and bailing.

I think there's fault on both sides, but I also think if they're not going to work with her on the pet agreement that she should just look for another place and just say screw the lease.  

What do you guys think?

Thanks!

Travis

@Kody Foster that's awesome! I'm definitely looking for holidays to fill up for this house. There are a few short term rentals about a half hour from me and they do pretty well from what I can see The local hotel is pretty slummy (bad ownership) and I think having this home available as a option will be huge for the community. I'll keep posting pics on the progress!

Investment Info:

Single-family residence buy & hold investment in Madelia.

Purchase price: $6,000
Cash invested: $6,000

I bought this house to attempt an Airbnb in our small town. I'm going to throw about $70,000 into the project through a fix-up loan through a local lender and then refinance after completion. Sort of a BRRRR scenario. The house is a 3/2 with decent square footage and an awesome sized lot.

What made you interested in investing in this type of deal?

You can't beat that purchase price.

How did you find this deal and how did you negotiate it?

This house is three houses away from my own and has been a complete eye-sore for years. The owner lived in a different place and house was rotting. She told me she had a lien on the house and back taxes. We agreed I'd pay those off and I'd take the house off her hands. She was incredibility excited that I offered to buy it from her and remove that stress from her life. I'm looking forward to cleaning up a tough looking property and seeing if an Airbnb can work in a town of 3000.

How did you finance this deal?

Straight Cash Homey

That's some awesome info, @Jennifer T.! I was mulling around using a heloc for my down payments, and based on your experience will definitely dive deeper into the pros and cons. 

Thanks @Ed Emmons and @Charles Kao! I think "subject to" would be a good option, I'd just need to explain to her what it was so that she would be comfortable with that route. Charles, could you elaborate on the "tenancy in common" option? I'm not sure I've heard of that.

Hey Guys! So I'm currently working on trying to purchasing rental property from my Grandmother. She's got a dulplex and 2 Single Family Residences ( 1 - 3/2 house and 1 - 2/1 mobile home set on it's own lot). She doesn't want to sell the 2 houses at this point, but keeps toying with the idea of selling the duplex because her turnover rate is ridiculous (pretty much every other month) and vacancy & repairs are nickel and diming her to death. She's always managed the properties herself and needless-to-say she's not good at it.  

To make matters worse for her, her only income besides SS are the rents from the properties and she's barely scraping by. She's 75 and  I think she feels like she needs to keep owning these properties to get by even though I can tell she hates it. I'd like to purchase her whole portfolio in one shot with seller financing so she'll still be receiving a check without the tax his, And I'd like to get her out of her daily headache of owning these properties.

She owns the houses outright but has a $35,000 mortgage on the duplex. I offered to purchase the duplex with seller financing, but she told me she had that mortgage on the property. I think she's depreciated all the properties completely as she's owned them all for about 30 years.

So my question:

What financing options do I have to try and stick with seller financing but also take care of that $35,000 portion of her mortgage?

Thanks in advance and let me know if you'll need more info on this situation.

Travis