They send the worst third party contractors, authorize the least amount of repairs, and take an unacceptable amount of time to dispatch folks and make decisions on how a repair/replacement is to be handled, while your tenants are without their appliance what seems like FOREVER.

Note that you can open an estate as a third party --- had to do it from time to time when I represented lenders and the borrowers died.

@Skye AndersonSkye, I reccomend buying on performance, not on speculation.

If you think it's a viable option, contact them ASAP.You're kind of stuck with a sub-performing loan until you can figure out a way to fix the problem or become willing to sell at a discount to another investor.

The good thing is that the 2 original houses have equity and the third house would have equity too.House 1 93k owed Arv: 125k950/mo rentTax$2,700/moInsurance $1,200/yearHouse 2145k owed Arv: 205k Rent $1,600/mo Taxes: $4,500/year Insurance: $1,200/year House 3 200k Arv: 275k No rental income Taxes 7,000/year Insurance $1500/year So the total costs would be about 438k.

My partners and I acquired some great real estate in a small downtown and plan to develop a nice mixed-use project to include retail/restaurants on the first floor with condominiums above that on the second and third floors.

However in January the condo on the third floor had pipes bust and flooded my property.

another out of state person who just probably lost a bundle on their cash cow dream U can make those work if you want to be there monthly to nurse it along and a lot of mom and pop landlords do that it is their job.. they look at their properties every week etc etc.. if you think your going to buy low end rentals and sit back and just collect rent well that wont happen.where that works is in Buying great first position performing notes that's REAL mail box money and passive.

My monthly sewage, water, garbage removal, insurance, and pest control is around $450/month Once the third unit is rented, my numbers will be even better!

Because of the repairs, they decided to perform the inspection again to verify everything completed.