All Forum Posts by: Davon Lowery

Hello,

I am negotiating with a landlord in Wisconsin for the sale of his duplex.

I have been shunned by conventional lending, they are looking strictly at my DTI and not the property income (you all know this) This property will work for my direction and I would like to add it to our portfolio.

 I need to hold the property under private financing until I can file new tax returns and refinance out. 

Lets talk.

Hi there, what the status on this unit?

This thread is classic, please continue. 

Has the owner considered a non-owner/investor land contract option?

Thank you for the overwhelming support and feedback.

We do have a renters addendum in effect, (signed by the tenant and the manager and notarized) which specifically states, EMPHATICALLY, that the rent is due on the 1st and can be paid anytime prior to the 1st. 

What we don't have in the renters addendum is what happens when the 1st falls on the weekend, especially on a Sunday. My property manager, softened once we read the California's renters right and landlords responsibilities manual, that I got as a gift from my RE agent years back.

We are leaning more towards taking this as a learning lesson and redefining our  expectations of the tenant through the renters addendum and addressing this issue when the lease expires.

Yes, the Rental is in Southern California

comments???

I had the property manager send a friendly reminder, reminding tenants that rent is due on the 1st. Tenant 1, paid no problemo. 

Now on the other hand the other tenant states, "I get a three day grace period by law!!!" Oh really????

So, one of my tenants, who conveniently feels we're all out to get her, when she doesn't get her way, says she is not paying the late fee for paying rent late, clearly it wasn't her fault. She stated, if the 1st falls on a weekend she is not responsible.

Thank goodness, today she pays, less the late fee. We had a conversation this evening ending with her yelling at me telling me, "I ain't pay'n, so now what" (Mr. Big Bad landlord....)

Would you push the issue and take her to small claims for a late fee???

Ahhh the joys of landlording...

Wow. This is another caveat I see, the fine print. When I first saw the site I got really excited but then began to see the fine print.

I heard the scariest thing from a youtuber regarding this site; the youtuber stated that even though you might be the auction winner and have met all the reserves, you could have only purchased a 2nd position lien??? 

Does anyone know if this is true??

 If this is legal, then it would be extremely disingenuous, if not disclosed prior to accepting a bid from a qualified bidder.

Also, the youtuber stated that he pays for a title search and insurance prior to bidding on the property.

Great question, If the price is right grab it.

What is your strategy? 

That area is going to boom, once the train is finished in the area. The entire Baldwin/Crenshaw area has been going through a gentrification for nearly 20 years; but now, I think thing are going to pop within the next 10 years.

Listen to one of the Podcast with Allen Glass. He was one of the broker's that participated in the train moving into a cross section in that region.

@James McConoughey

Great Job!! That is a great amount to begin with, as Brie wisely stated be sure to streamline your approach and narrow your focus on what you want to do.

If it were me I would pic a transitioning neighborhood that is on the upswing. I would partner with a group that assists investors with mid to large scale projects, Chicago has several programs for the rehabilitation of specific neighborhoods in the Chicagoland area. 

However, using these programs you have to be very target specific; namely, these programs will be great with flips. 

The Flip model may work best when working with groups, every party with equal standing can have shelter within a corporate structure, ( my attorney has advised me that this is the cleanest way to structure a JV with other parties.)

Again, as Brie stated, clearly defining goals and exit strategies is paramount in every deal.

Good luck and keep us posted.

@Shanequa J. Seems like a valid question, hope things workout for you, I got a prorated tax refund at closing before, but that came from the county.

Keep posting questions, some of us are here to learn, but remember, sometimes, some  of us know it all. Keep us posted.