All Forum Posts by: Wells Lange

Brush em off

Would a lender loan 75% LTV if the 25% down payment was covered by seller financing? Also, if I raised or borrowed (say...from a family member) the 25% downpayment would a lender approve a loan? Any other creative ideas are welcome! This is a duplex in South Carolina.

Closing costs look about right, the prepaids look high but that could just depend on your area.

If they signed a year lease I would keep the security deposit. Let them know they signed a legally binding year long contract and broke it.

Sorry to hear man, best of luck dealing with it..

It's a trade off. Cash flow vs debt pay down. The difference though is that you can always pay more but you can't pay less. My first property I chose cash flow because I wanted my income to increase so I could buy another property sooner without selling the first. Also if your cash flow is negative on a 15 yr note I wouldn't even consider that an option

I bought my first investment property this year-- an undervalued duplex. I owe $65k on the mortgage, and I know i could sell it for $100-$110k fast if i wanted to because of the great cash flow. However, I want to hold it. How can I collateralize this property to buy another? I looked into HELs and HELOCs but they weren't really worth it because they were requiring 65-75% of equity to remain in the property. Anybody have any experience with this?

Try eRentpayment.com. I'm a new landlord with only two units and it works well for me. I split the $3 transaction fees with the tenant so i pay $1.50 and they pay $1.50 each time they pay rent. But I don't have to drive there, they don't have to mail rent, and the system will email them and remind them to pay rent, email you when they pay, and shows up in your bank account a few days later. It even tacks on a late fee you decide on automatically if they are late.

I made this decision a little less than a year ago. Best decision I've made. I paid the 10% fee but it's sooo worth it. Bought one duplex and it pays me $10k a year.

I would treat the day the payment was initiated as the 'post marked' day. Maybe have him shoot you an email when he initiates? I would try to accommodate him because he's military.