All Forum Posts by: Brandon Johnson

@Mary Beth Groze

Hey, I've use Transunion's MySmartMove.  I go through BP's affiliate link so they get a little something out of it.  They charge $35/tenant so it isn't the cheapest, but it is reliable.

https://biggerpockets.mysmartmove.com/

I now use the screening offered by Buildium since I am using their property management software.  It is only $15/person for full screening including eviction reports.

Also you could try Cozy, National Tenant Network, Resident Research and Starpoint.  I have heard all of those recommended on BP.  Good luck and let me know your experience with whichever you decide on.

See you at the top!

Brandon

This was the boyfriend or husband that told me why they don't run it. His wife is a manager at Costco and he is currently unemployed so she makes all the money. Seller required 3x income at the beginning of the lease so we shall see what happens. We have a very landlord friendly eviction process here so if they can't pay they have to go!

I am currently purchasing a duplex and inheriting a tenant who doesn't run the air conditioner because "it is a lot cheaper that way."  I learned this the same time the seller did during my inspection of the unit as they are fairly new tenants and summer just began.  

We went in and the seller asked his tenant if there was something he needed to know about and he said know he just prefers to run fans instead of central AC.  The AC does work and there are no problems with it, but my question is wanting to know if this is bad for either the HVAC system itself or for the building.  We are in south Louisiana and it humid and HOT down here in the summer.  I can't see how the guy can live like this much less subject his wife/girlfriend and two young children to it.  They all had beads of sweat on their faces and looked miserable.  Would not running air conditioning setup conditions for moisture and mold to develop in the unit during the heat of the summer?  Any other red flags this sends up for anyone?

I am in Baton Rouge, LA to be more specific.

@Brie Schmidt

Congratulations, that is such an awesome story and an inspiration.  I actually just finished listening to your podcast for the 2nd time last week (I am listening to them all again from #1 to present). 

Your husband sure is lucky to have married such a go-getter considering he was never interested in real estate.  Now he is sipping pina coladas on the beach in Mexico because of your drive to succeed in real estate.  Great job!!!

@Nate Bartow

Update: I just found a local portfolio lender in my area that is willing to allow my purchase to include a seller financed 2nd position mortgage.  The only requirement is that I pay all closing costs and lender's $250 origination fee.  It would be wise to call all the local banks in your area and ask what type of loans they are looking to make on investment properties.  Chance are, like me, you will find one that is eager to do business with you based on this type of creative finance. 

The seller and I are having lunch today to discuss options and negotiate the terms hopefully.  Good luck with your deal. 

@John Herrick

@Tom Cyr

Thanks guys for all your advice.  I just found a local portfolio lender that will allow the purchase to be made with a seller financed 2nd position mortgage.  I am having lunch today with the seller to discuss.  Tom, I am not looking for huge appreciation from this property because I don't expect it to appreciate very much.  The cash flow is what I am currently after.  It is priced at the top of the market for this neighborhood based on comparable sales, but it appears to be one of the nicest properties in this neighborhood so the price is supported by the comps and the condition of the property.

Hopefully I will be reporting back in the success stories section with my first creative finance deal because I plan to get in with zero of my own money here.

Tom,

Thanks for your response.  I'm not sure I fully understand it, but thanks for providing it.  Do you care to further explain what you mean by:

Thanks for sharing in such great detail. I especially appreciate the details about the mistakes you made. 

Welcome to BP. Be sure and check out the podcast because I have learned more from that show than anywhere else ever. Also come check out our local REIA meeting by signing up for the RING at Meetup.com

@Shayne Cooper

@Nate Bartow

 I am interested to see if anyone posts any feedback where they have recently done a deal like this.  I just posted a similar question because I found an off market deal where the seller is willing to participate in the same type of transaction.

http://www.biggerpockets.com/forums/50/topics/188852-how-to-structure-my-creative-finance-to-purchase-a-duplex?page=1#p1275590