All Forum Posts by: Vee K.

@Beau Pearson, if an applicant is good on paper, good reference check, and good credit, and you are alright with the temporary cat situation, I can see a few options. 

1) You can have this person move in. BUT you charge for pet fee and some kind of non-refundable fee for allowing pet. This way if the cat becomes permanent then you already have your fee to cover for damages. 

2) You have this person move in, give you a hefty deposit for having this temporary cat, and specify a move out date in your rental contract. When it's time, you inspect the property to make sure cat is gone and no damage was done to your property. You can give back the money minus whatever fee you two agree ahead of time. 

I had to do the same thing a few years ago and didn't ask for anything as she was great a great tenant. However, she took in one puppy then 2 then 3 and the whole thing went south from there. You should do whatever legal in your state to cover for yourself. 

Good luck!

Vi

@Daniel Helm Glad I was able to help. Good luck to you!

Vi

@Daniel Helm have you compare cost and return for both options? How much does it cost to make it a 2/2 vs the ARV for 2/2 in the area. Same with the 3/1 option. Once you have done that, the answer should be very clear.

Good luck!

Vi

@Account Closed seems like a lot of headache there right? Hang in there if you can. These turn of the century houses are problematic. You have to get some good inspectors who know these type of houses to help you with the initial inspection. Without knowing the market, I don't know if you can negotiate much with the seller. But typically you have to budget the fix up cost when you make the offer as well. 

After every storm comes a rainbow!

Vi

@Brien Ables, you better off dialing for dollars. When you call mortgage brokers, banks and credit unions, you are able to build a relationship with these companies and contacts which will help you tremendously later on.

@Brien Ables, welcome to BP. Yes, there are lenders who loan out on 30 year terms as well as 15 year terms. Alright, next question :)

Vi

@Jordyn Rodriguez, it makes perfect sense and that's exactly what most agents will tell you. Are you trying to buy a commercial building?

Vi

@Braden Smith: You should make it clear as day that the owner sold you the property he's your renter. If it makes sense, get conventional financing. The downside with a deal like this is when you have to evict the owner. If you got owner finance, when you evict him, he could try to call the loan. He might fail but it will create a lot of headache for you. People don't reason well when they are upset. If you went down this route, do get council to help you craft some statement for both side to declare everything you discuss.

Good luck!

Vi

@Sarah Kennedy welcome to BP. How did your deal go?

Vi

@Christian Prince welcome to BP and the real estate world. As someone new, you absolutely will be overwhelmed with the amount of information out there. They all work as long as you invest the time. Start with defining your goal, then you'll be able to narrow down your path.

Vi