All Forum Posts by: Account Closed

@Account Closed I would point them to federal and state resources.  Whether I do a temp rent reduction or something else like Brandon turner has stated on his stream the other day has no bearing on them asking for assistance. 

This is yet another reason why being friendly with tenants bits you in the end.  

@Gary L Wallman can you delay closing for a few weeks?  Maybe levaerage some HELCOs to get a influx of cash if needed?

@Rachel H. that doesn’t make me worry.  My concerns are debts that weren’t paid or charged off if it was recent and especially if it was property related (utilities, rent, etc).  

7 times the rent just means that make a ton of money and spend a ton of money.  

 I’m buying right now.  Actually trying to close on a property right now.  

Looking at around 4.3-4.5% interest rate.  I think in the short term this property will drop in value but looking long term and don’t care about the value I care about the cash flow and loan pay down that will get me thru the next 30 years.  

 Speak to a lawyer about the situation.  I know my lease states I will have keys for the property or I have the legal right to change locks at their cost.  

If you can go with a locksmith open the doors change the locks and leave a notice to the tenant stating that they can pick up keys by contacting you at X. I don’t play when it comes to my property, they are tenants not owners they don’t get to lock me as the owner out of my property.  I know we live in a whole new world but they still owe rent and have to play by the rules.  

Good luck I know the frustration. 

Fannie Mae loan minimum is 750k last I checked.   Time to buy some more property  

It’s a whole different kind of scenario, but so is each downturn.  I agree with @Account Closed that STR wasn't as popular back in 2008 as it is now. So anyone who owns them that hasn't properly prepared with cash reserves will hurt the most immediately. That sorta goes for anyone.

There’s a reason people hurt two weeks after a crisis happens, because they live paycheck to paycheck.  Same goes for a investor that lives on their cash flow with no cash reserves that would see them thru the high vacancy or for this case a possible high rate of non-paying Tenants.  

Just a opinion of course.  Who knows what will happen tomorrow.  I know A business is quick to fire and slow to hire. 

@Andrea Gillis I would hard pass on this person.  If they lie on the application or do not fill it out properly that’s a automatic denied. 

Find someone else that A isn’t desperate and B knows how to be truthful.  

So you are true traditional reservist?  Then just call navy fed and go. Any military member is eligible to be a member (maybe others don’t know been a member since 1998).  

I’m sure they can assist you in some manner or another.  Though better get in line as everyone seems to be trying to refinance so they are I’m sure swamped.  

 Opening a checking and savings account doesn’t do anything g to your credit. 

As far as will you qualify, that depends.  You said reserves so what’s your full time commitment look like?  Do you have a civilian job? If so what’s the salary going to allow you to purchase?

as far as the zero down loan with navy fed, there’s always something you give up for that, for navy fed last I looked, yesterday, you are paying a point for that and/or a extra 1/4 point.  

ARMS are insanely low right now with them under 2.1%. 

Good luck