All Forum Posts by: Lynn Z

Not understanding that most tenants think they're "entitled". Landlords have an automatic problem with this attitude. When you understand what entitlement is you've automatically going to be more businesslike with your tenants.

Getting in a hurry will always cost you dearly. Get those credit checks and applications no matter how desperate you are.

Trying to help a tenant will always cost you dearly no matter how many years they've rented from you.

Not knowing when to sell a property. I sold three two summers ago and couldn't get those prices today. It felt like the worst possible move at the time but turned out to be the best move.

By and large realtors
1) want the easy path to making what I consider an enormous profit for little effort
2) don't want to keep up with the market and what investors need. A good buy to a realtor normally is "market" prices.
3) there are too many of them chasing the same dollar.
4) they hate to lowball. Consider it beneath them
5) in my city which is in your state there are two realtors that can walk through an investment property and give a reliable price for you to work with. Only two.
6) never volunteer owner disclosures at the point of contract even though it's required by state law. Why would that be? Too lazy to pick up the file?
7) realtors are primarily sales people. Investors are not impressed with their personalities but what they know.
In my opinion, they've had a great run and now ...how ARE they holding on?

Remember that most lines of credit interest rates float. You're stuck with higher payment before you know it.

credit unions in my state never ever has loaned investment monies to borrowers.
Probably different state to state.

Freddie and Fannie aren't allowing you to borrow if you already have 4 mortgages so unless you're pals with a commercial lender that doesn't sell the mortgages how are you amassing 10-15 rental properties?

Do you have to be on a mortgage for the deductions to be taken on your taxes? My CPA says yes but I thought the writeoffs went to the person who actually made the mortgage payments. For example, one brother buys a condo and another brother makes the payment. The resident brother has a "equity interest" and therefore takes the deduction. Any information would be appreciated.

Are you saying subject to?

My commercial bank lender said he would take a second as collateral in a small home I had 50% equity in. They do their own appraisal by the way so you can't depend on your appraisal. This banker prefers to take a first mortgage on the cross collateralization,

Your FICO must be excellent and the banker will pull your credit to see what else is there. All of these loans are 15 to 20 years out with a 5 year balloon. Luckily they don't turn you away with a limit of 4 on the mortgages you have like Fannie and Freddie so that is good.

The most important thing is to have a long relationship with a commercial banker.

Let's also give credit to Congress for giving a whole bunch of money to housing counseling groups like ACORN in this Housing Bill (8/2008) -- a subject of much maligning last week when ACORN was set to receive any income from the 700 billion dollars we are dumping into Wall Street.

Sherwin Williams Antique White (has a yellow cast to it) and Benjamin Moore Impervo on the trim. HIgh Gloss on the trim.

30 years...holds up great and everybody loves the paint colors.