All Forum Posts by: Dave Van Horn

Hi Jerry, I would think this has to be rare since non-recourse loans are rare in and of themselves usually requiring larger down payments and higher rates. You could try asking some Self-directed IRA companies as their clients use this type of financing to purchase RE inside their IRA accounts. Anyway, best of luck!! Dave

Hi Monica, Yes, they usually do allow you to purchase up to 4 units owner occupied, although I'm not as familiar with VA, I know that FHA does and I believe they count a % of the rent towards your monthly income which is what allows you to purchase more property. Just check with the lender who approved you and they should be able to answer this question as property limits may be regional. Anyway, best of luck! Dave

Hi Meital, Try REOredbook.com its a great source of agents selling bank owned properties. Good luck!! Dave

Create a buyout strategy acceptable to both parties, i.e. lump sum cash vs. payments over time, once you know what the party leaving the partnership wants it's much easier to complete either from current payments or by refinancing or selling some of the properties. Once agreed to you'll need a 3rd party valuation of the portfolio. Good luck!! Dave

With family members it's sometimes just easier to hire a property manager to handle these type of situations like eviction.

A "bed bugs" clause.

Once they stop paying file to evict and pursue all parties, or cut a deal to let them out of the lease, sounds like they're going anyway, tell husband you'll let him out for a fee as long as he gets ex-wife out. Anyway, best of luck!

I've done a few fire jobs over the years and I would rely mostly on a framing contractor, if it was severe damage then you may want an engineering cert if there's serious structural damage but it depends on the size of the area that's damaged. Also you can see if seller pulled permits at the time the repairs were made. As for odor doesn't sound like it's an issue especially in the attic. Personally I've done very well buying fire jobs but it can be dirty work. Anyway, best of luck!

I bought a 6 unit building once and it had 3 efficiencies, they were a nightmare for me, very high turnover. It was so bad I remodeled the building into 3 larger apartments. Best move I ever made, less turnover and the same rent. Good luck! Best, Dave

Previously, I was a partner in a title company and title insurance is usually a very wise business decision to limit potential risk, and I usually even get it when I'm paying cash and it's not required. IMO there are very few scenarios where I wouldn't obtain it and this definitely isn't one of them. Best of luck, Dave