All Forum Posts by: Alex Deacon

@Aleksandra U. Just confirm all the expenses are correct and the rents are correct. Some owners may exaggerate. You need to find out also if all the tenants are paying currently. You may buy the property and 4 tenants are currently behind or being evicted. make sure you set aside enough for repairs also.

Good luck

@Garrett Blanchard @Nathan Gesner@Account ClosedGarrett you should consider all the responses since they all have valid points. You have to be fair but firm with a lease option. You do want at least 10% in my opinion for the renter to have enough skin in the game not to walk away. You dont want to take the 10k and not try to help the tenant get to the goal which is home ownership. Also pre screen them just like a tenant but a step further have your mortgage broker look at their situation to tell you how long it will take them to fulfill the requirements to get a loan. If they are good prospects and truly want the home then they will jump through the hoops for you. They will talk with your credit repair specialist also. If they are not willing to do a few minor steps that not only helps you but helps them clean up their financing and enjoy the american dream of home-ownership then move onto the next person.

@Robert Lorenz Robert my biggest concerns are 1. make sure you leave enough room for repairs and such. That item will kill you on any deal. 2.Where are you abel to secure a 30 year note on a commercial deal? Typically they are 15-20 amortized?

@Alex Rayford Alex i would stick with simple and inexpensive. A magnetic sign for your car and bandit signs. Also some postcards to folks that are behind on their taxes would be quick and easy.

Best of luck to you

@Marc Belisle Marc I would open a separate account for your rental properties and put all your cash flow in there and use the money only as needed until you accumulate enough to go and buy another property. So basically you answered your own question with your last comment

@Michael Osborne Sounds like you may have some leverage. The big question is can you close quicker? If so then use the home inspection as leverage along with her eagerness to sell quickly.

good luck  

@Nick M.  My staff runs all credit and criminal checks. We use two. We do a free county check that's provided by the justice system and is online and we use a service that we pay for. Reason we do both is sometimes something shows up on one and not the other. I personally have never done these checks my staff does them but I do review each and every application before we accept or deny. Check with your local agents and property management firms and go to the local real estate investment group. They will surely advise you towards the right direction.

@Nick M. We run into this on occasion. I would make sure they have good references, good income, good landlord reference, good work history. Also find a number of resources to run a criminal BG check.

@Etienne Martel KEEP SEARCHING. I buy 4-5 properties a month and have been doing this for 25 years and I am still looking for a better bank. The search will never end. As long as you have good credit and a stable income and financials then you should be able to find a bank. Most want at least 6 months of seasoning which is having the property rented and performing. But I have found banks that will do just a few months of seasoning and some as long as 1 year. It may be best to try some smaller local banks and a GOOD mortgage broker. They will help you find a home for your properties

Good Luck

@Jenny Gremillion Jenny we manage over 600 units and we use a software called propertyware. I think what you are using now is fine. Until you get 30 or more units. When I started I managed 30 units that I owned with a pencil and paper as far as the accounting and paying bills. There is no need to complicate things or spend any money on fancy smancy software in my opinion.

Best of luck to you and your portfolio