All Forum Posts by: Travis Mullen

I just got wind that an elderly neighbor has died.  Their family is out of state and wants to sell.  I don't know how to get in touch with the family.  Any tips? 

Thank you all for the advice and input.  Not as appreciative of a couple who seem pretty condescending and rude.

UPDATE:  The property closed around Oct 1, and just got rented Feb 5th, so that was about 4 months.  My current PM was telling me that I may need to switch to another company that accepted Section 8, but right as I was trying to switch they got it rented last week. It took a long time, but now its leased up for a month.  I'm very happy about that, becuse it was really bumming me out, and I wasn't sure which advice to follow.  

Thank you all for telling me to let it ride, and keep researching and learning.  I think that was the best advice.  

Yes, its on Zillow.  Its on every online platform I've seen.  Pictures look good.  It has all the info.  There are some tougher criteria listed as "Qualifications- 550 minimum credit score, no felonies, no evictions,
clean rental history with a company, must make 3 times the rent a month."  So I dont know if there's just not a lot of people that can meet those requirements.

Hi All, I'm a new landlord with a duplex in Montgomery, AL.  It closed in the last few days of September. Now we're 2 months in, and the 2nd side is still not rented.  I was told market rent was going to be about $650-675.  We've had it down to $625 for the past month and hardly any qualified applicants according to the PM.  A fellow BP friend told me to post in on Facebook Marketplace, and I probably have received about 150 inquiries, and I would send them the info and the link to apply.  The PM still says nothing is coming in.  I'm concerned, and not sure if this is normal, or if I should be interviewing other PMs.  I did get this PM as a reference within BP so I had a certain base level of trust going in.  

Does anyone know how to find a lender or private lenders who would do a remote private cabin in Greer, Arizona, 2 Bed 1 Bath 600 sqft.

My buddy and I have tried all types of lenders, and can't seem to find anything that would do it because its either too remote, or its too low of a loan amount (purchase price is $145K).  

Thank you!

Hi BP Community,

I have been offered an offmarket deal from a landlord and property manager with over 30 doors in IA. He brought me 8 SFR's he'd like to sell as a package and continue to manage for $50/mo per house. The taxes are $862/mo, and the insurance is $350/mo. The Gross rents are $5,990. The asking price is $550,000 and the value of the properties is around that or a little higher. They're all turn-key, already rented, no obvious deferred maintenance. These are quality.

My question is, should I pass because I'm not in a cash position to buy it, or should I continue to be creative and try to find a way.  My first dead end was a portfolio lender in that local market saying they dont allow a 2nd lienholder, even though the seller will carry whatever amount I need, but he does want to cash out at least half. 

I'm curious if any private lenders will lend around 6% or 7% for longer terms, like 30 year term with 10 year balloons.  If that exists, how do I find it?  I have done what BP authors have said and have networked a lot at meet ups.  Is there anywhere online that aggregates private investors and allows you to search by criteria?   Also, do these type of lenders always care if they record a 2nd lien? 

Any help to move this forward would be much appreciated.  

Thank you!

Hi BP Community,

I have been offered an offmarket deal from a landlord and property manager with over 30 doors in IA. He brought me 8 SFR's he'd like to sell as a package and continue to manage for $50/mo per house. The taxes are $862/mo, and the insurance is $350/mo. The Gross rents are $5,990. The asking price is $550,000 and the value of the properties is around that or a little higher. They're all turn-key, already rented, no obvious deferred maintenance. These are quality.

My question is, should I pass because I'm not in a cash position to buy it, or should I continue to be creative and try to find a way.  My first dead end was a portfolio lender in that local market saying they dont allow a 2nd lienholder, even though the seller will carry whatever amount I need, but he does want to cash out at least half. 

I'm curious if any private lenders will lend around 6% or 7% for longer terms, like 30 year term with 10 year balloons.  If that exists, how do I find it?  I have done what BP authors have said and have networked a lot at meet ups.  Is there anywhere online that aggregates private investors and allows you to search by criteria?   Also, do these type of lenders always care if they record a 2nd lien? 

Any help to move this forward would be much appreciated.  

Thank you!