All Forum Posts by: Adam M.

From everything I've researched that would trigger a due on sale clause in the original sellers contract and you would have to come up with the principal. Also Dodd-Frank comes into play on this.

Can you clarify you last post? To me it sounds like you are going to ask for selling financing to acquire the home and then turn around and 'seller' finance the home to another person. Is that correct?

Also when are the tenants leases up? You have to occupy within 60 days. Depending on the state you can't just buy a property and kick them out you generally have to wait till the lease expires.

I'm assuming since you have to get PMI you are not putting much down? There might also be stipulations in the PMI contract. Just a thought.

FHA loans tend to have occupancy requirements. Probably outta make sure you are compliant and don't leave before those are met.

Agree w/ @Account Closed sounds like he is trying to give you the end around.

As far as passwords go just use a password manager. I use Last Pass which generates a random password hash and saves all my passwords for me. I use 2 factor authentication on almost all my accounts. At the end of the day all that won't protect you from phishing scams like this. They use social engineering to trick you. They use emails addresses that have domains similar to legitimate ones. But yes call and verify.

At the end of the day cash on the balance sheet is the biggest protection. As long as you can afford the financing the bank will not foreclose. Ride it out. Had a family member take a $300k hit on their appraisal which amazed the banker as well as my brother who has 15yrs experience as a commercial real estate appraiser.

Not familiar with the market but it sounds like he overpaid, which isn't your problem, but at the end of the day you can't force the seller to eat a loss like that. As long as the numbers work for you then its good. Like Austin said the $1k swing in expenses is huge. You should take into consideration though that you are living with tenants and that brings about its own issues.

Brownback did exempt KS income taxes on passthrough entities in KS but I don't know how that affects out of state investors. Obviously talk to a CPA