All Forum Posts by: Chris Sweeney

@Jim. Yeah, could be worse. Owner finance could be an option but they are pretty checked out.

@Fantasm. Coastal OC.

@Steven. Thanks for the input.

@Aaron. No refi at all both have 2nd HELOCs but are purchase money as they did 80/10/10 on both. I think their RE attorney combed through the notes and that's probably why he wants to negotiate the HELOCs first.

@Jeff. I like the combo of subject too and owner finance. Nice creative input. Since they are ARMs the increases could mirror their adjustments I suppose. I'm guessing you're thinking of a wrap to do this and probably a doable option if they weren't checked out on the whole deal. That being said their options are pretty limited.

Thanks for all the input. Hopefully some others chime in. Really appreciate it.

@Jon & George. Yes, optimistic appreciation was a big player here.

@Aaron. Thanks for the detailed feedback.

Given the notes are non-recourse what are the repercussions if they stop paying and go straight foreclosure?

Yeah I've Googled tenants before and found interesting stuff. Got a call at 10pm from a "friend" of the female applicant saying "what can I do so you'll take her but her not know I called you." I went on Google and found out they were arrested at an MTV party in OC for being drunk in public. I wonder if him being 20 years her senior had anything to do with the late night phone call.....

There probably is but it'll cost you and probably outdated. Hit up a Realtor or check craigslist and make some calls and see what the landlords give you.

This reminds of a builder who told me that he gets approached by doctors looking for a space to open their own practice. He said he doesn't get paid to find the space but wants the building business so he does it. He said that when the doctors work in a group their income is quite limited and once they establish a patient base they want to branch out on their own to make real money. Perhaps you could market to doctors that work in these groups.

Have you tried to rent the condo and if so what have been the results? Rental markets are rather strong in most places right now.

You can get in the game wholesaling, bird dogging, etc. all of which don't require big $$ and can start that now. You might regret dumping the condo in exchange or a small loan.

If maybe you had a job lined up in Jersey it would make sense to pull the trigger now. I just sense there are few unturned stones you need to try first.

Go to bartender.org (just found it) and see if that association can help. What about a temp agency? Lots of those jobs turn into permanent? What about those bartending props (fake bottles) and walk into some bars/clubs and ask the manager if you could show him a thing or two on the fly? These guys are in Denver http://www.bartendersandmore.com/. Go start wholesaling and bird dogging right away.

If all else fails yes it's better to live rent free unemployed than paying rent unemployed. But, at the end of the day, the cash flow needs to start coming in so if you want to stay in Denver exhaust all options on the job front first.

To be legally compliant and for peace of mind consider objective criteria for every applicant. As Mitch indicated credit is one piece of the pie and it is not rock solid by any means.

I look at many factors including credit, income, rental history, pets, term of lease desired, references, etc. If you do a thorough screening you should be able to make an educated decision if the person is going to work out.

Keep your 6th sense in overdrive as well. Maybe a 21 year old wants a 3 bedroom house all to themselves but their siblings are at the showings and keep calling you? A tenant says he needs a place and is ready to sign the lease today before he sees the place? Applicant lists several junkers on the application and swears they are only in storage and won't park them at the rental as lawn ornaments?

Just to throw another option into the mix Jersey has some expensive RE so depending upon what you want to do in RE could Denver be better for you? I'm saying this because you need to exhaust all options to stay where you want to be. I'd think bartending in a big city like Denver could be very lucrative and free up your daytime to do RE. Could you walk into the best bars/restaurants in Denver at Noon and ask the manager if you could demo your bartending skills if they get an opening?

You can sell your condo in Jersey not being there but I gather you are doing it so you are not paying rent in Denver especially without the income. So when it sells you go back to Denver? What's the plan? Any guarantees of a job in Jersey?

Just trying to shed some light on other options. That's all. I just went under Denver jobs on Craigslist and saw several bartender jobs in case you haven't checked there lately.

I've been down this road and it has never worked out for me. I just stick to good credit and income. I'm not as scary as the creditors they have refused to pay so why should they pay me? I find most people with bad credit can come up with the double deposit no problem. But once you comb through their credit they are a total mess and currently delinquent. The more willing they are to pay a double deposit the higher risk they probably are. Responsible, credit worthy people don't want to do that.

Yes, tax returns and bank statements showing consistent income for self-employed.

Go vacant instead of getting in bed with a tenant that is going to make your life hell.

When I did BPOs I do recall a couple that had me a bit nervous. It does make it a difficult when you need multiple shots of the property. I just used a compact digital and shot them quickly. One time I had my dog with me which made me more comfortable as it was a bit rough.

You could try and mount a cam on the outside of your car door and take pics by hitting your mouse but you probably need pics of different angles, zoom on address, street shot, etc.

If you are making a career out of it maybe get some placards made for your car that make say "Survey" or something to throw 'em off.