I'm looking at my next project.Even though I have been a landlord 5 times, only 2 were intentionally. 3 was out of necessity: executing my EXIT STRATEGY.1.

Landlord inherited the property from his stepfather, he has $330k mortgage on it, he just do cash out re-fi this year and got $100k loan out of the property this year, so I guess he wants money.

Out of the $20K, you pay the $10K tax arrears and $10K goes to her.Then, wholesale the deal for $30K to a landlord who would love $1K/month rent.

Most of us are probably not "applicant whisperers" like you so I will stick to income verification, credit reports and landlord references thanks.

The article I co-wrote with him can be found by following this link:http://www.biggerpockets.com/blogs/2997/blog_posts/22522-8-habits-of-highly-effective-inner-city-landlords

Shadrach Palatino Brandon has full mental capacity, therefore; it would be him, the landlord, that would have the responsibility of making sure the tenant was competent, not vice versa.

I still have a BOA mortgage w/ 21 more years on it (technically, but I know I'm ahead on that) that I plan on keeping and paying down as quickly as I can afford.My friends have almost no money to put down and I'm planning financing them.I have a lawyer who I've used twice in the past for traditional purchases (one bank financed, one cash) and she assures me this is not a difficult thing.My friends have agreed to my asking price and my terms of the loan.We are getting a small premium on the sales price of the home and are loaning them the $110,000 at 6% over 30 years.We still owe about $75,000 of the original $91,500 BOA mortgage which is at 5.875%.I talked to my Allstate agent and she said we'd have to switch from homeowners to a Landlord policy.First question, does this sound like a fair deal for both parties?

I started as a landlord renting out a 1 bedroom house that was located right in back of our main home in Petaluma, CA.

I started as a landlord renting out a 1 bedroom house that was located right in back of our main home in Petaluma, CA.

It may be harder to sell again too, great for landlords.