All Forum Posts by: Brian Van Pelt

@Adam G. Cameron

You may also want to check on a 203K loan, it allows you to buy a property, with renovation money, but you have to use a licenced contractor for the repairs.

@Eric Horvat

Whatever agreement you make get it in writing , and prepare to never see the money again. Most family real estate transactions like you describe end badly. You are talking about a lot of transactions closings in a 2-3 year period. It's not really worth it. I would just rent from her, and if you can gift her some cash to pay down bills. Keep your $$ in an account then buy your home.

@Andrew Rivera 

Make appointment to see property with owner. Casually ask about owner financing. If you don't pass a credit and employment check, it's doubtful he will agree to it.

@Adam G. Cameron

. approach the owner for an extension you may have to pay high interest or collateral with the land.
. friend or family as cosigner on a loan with institutional lender.
. A hard money loan

2 years for a renovation is too long. Never buy a property without a plan or ability to complete renovation max 3 months.

@Kendall Shelton

. Yes you should, no it is not.

@Adam Skay

. I'd let the tenants leave first

@Charles Coaston

How much time will it take you rehab and rent ?
If the extra interest is minimal and helps you obtain your 2-4 unit goal quicker then i would just take the 30K. Every month you don't rent is lost money

@Lance Roberts

Check your messages.

@Robert Collins

What are your questions ?

@Jason Behrens

You can install your own flow meter for each unit, but it would require you to check the meter.
I do for one quad, I check the meter once a quarter and change filters, it also gives me a chance to check on the unit.

or you can just split the water will 50/50 with the tenants

I would send an invoice once a quarter