All Forum Posts by: Eric Mayer

From my experience having inherited many tenants, at least 1 of them will try to break lease as soon as you close. There has been at least 1 on every single property that I’ve purchased who sees the opportunity to get out for whatever reason. They are doing you a favor. Just make sure you get security deposits at closing. I just finished an eviction on an inherited tenant who didn’t pay rent. Those are fun. There isn’t a whole lot you can do as the tenants most likely weren’t screened properly.

@Michael Jackman I misread your original post. I thought you were referring to keeping hundreds of thousands in the bank. For sure it’s always a good idea to keep a little on hand.

A few creative ways I have funded RE down payments...

Cash out refinanced my cars. I even found an unsecured option if your credit is good. Message me if you want the info. 

Unsecured renovation loan on primary residence.

Credit card cash advances.

@George Fitz Thank you for the clarification. Storage is sounding better and better!

Don’t forget about the tax benefits you get from providing a commodity like housing. You won’t get the same “tax free” income with storage. 

As Robert Kiyosaki always says, “Savers are losers.” 

Those sitting on piles of cash are getting crushed by inflation. If you are determined to save, maybe keep it in the form of precious metals.

When you search the mls, do a keyword search for owner financing and see what properties pop up. If none of those look good, start contacting every property you like and ask if they will owner finance. I tend to offer full ask to get their attention, but with my terms. The lower the down payment, the better. I just purchased an 8-plex and 4-plex doing this with 15% down.

@John Morgan Not to knock your style at all, but have you thought about having twice as many rentals instead of having rentals paid off?

I would go 30 years all day, every day. Let the banks eat the inflation.

If you have the cash, simply pay cash for the property and immediately do Delayed Financing after you close. I’d be pissed if you negotiated to buy my property with cash and then got financing based on that price.

@Charlie MacPherson As @Kyle J. said, it is a bit different when you are offering housing in your own 2-4 unit primary residence. However, I wouldn’t actually mention it to the potential tenants. Just pick the tenants that you like and tell everyone else it’s been filled.