The only hope is to convince the daughter to cooperate....a foreclosure on her credit won’t do her any good.  

You can find duplexes in those areas that need some work for around $150-200k that will already be cashflowing and with some renovations can increase cashflow.I've done this and on my first duplex, I was able to get a $25k line of credit which I used to purchase another duplex. 

I have done over 100 deals without any of my own money and credit so you dont need funds to start.The other thing you can start doing is start looking for money partners to joint venture with.

Depending on the quality of the property, location, and tenant history I would consider upgrading to ceramic tile.

If she won't pay the extra money just explain to her that as long as she gets out when she says she will and leaves it broom clean, you won't take her to court and ruin her credit.

Hi everyoneim curious to know, for all of you New Jersey investors, what do you use to perform background and credit checks on your tenants?

Currently, I have a good credit and we are working to increase his.

I plan to get a 30 year commercial loan and my broker is telling me that 6.5-7% is more realistic for an interest rate using a complete underwriting process (3 years tax returns and credit check).

Long Term Option would be the best bet since the repairs aren't really for a major value add Loan Amount 187k Rate 6.7% (Depending on credit score) Origination 1.5 to 3 points30 Years Amortized 3 to 5 year fixed

In fact, I think it helps in terms building relationships with banks when you open accounts with them, especially when you are ready to apply for lines of credit or commercial lending.