All Forum Posts by: Alex Olson

@Will Cline You can do month to month for the first 3 and then see if they want to do a 6 month lease with revolving 90 day outs. This assumes you get a long with them ok.

@Connor Manning Are you buying it to make money or buying it because you like to love there? How many months of income do you have saved up? How good of a deal is it?

For vacation locations, I think holding off 30-60 days to see what the market is, unless it is a great deal, is wise.

However you could maybe convince seller to give a bigger discount with the looming recession, which may make a good deal become a great deal.

@Melissa Nimley find a good real estate broker in your area to help you place it. However if you don't know what you are doing yet, I would not make a huge mistake and give it back or decommit until you know how to use it. Hope this helps!

@John Morgan Definately talk to your lender

Show them your current reserves and talk to them about your current job situation. In the meantime look for additional work where you can get it.i am guessing federal guidelines will come down soon on mortgage payments. Just keep working hard - it will all work out.

@Scott Raynor would tenants be a and b tenants or are they c tenants? I think if your lender is good with your debt service coverage ratio, then you should be ok. Also - what is your broker saying? Is your broker trustworthy?

@Lucy Smi I think if it was a great deal two weeks ago you will be just fine. This market is crazy right now. But, as I have said, someone will always need a place to live. Finding and holding on to good properties is key to succeasful real estate growth. In this case I would say go for it!

@Heath Jones I have done this before as well. It works. I feel better about it and the tenant would rather do that then have their mom or someone sign. And you are good for an extra month, essentially. But make sure they are employed.

@Josh Jimenez Have you invested in the past? I think I would partner with an awesome local person who has invested before. Then use your experience to continue to learn and grow your investment portfolio. Everyone has different way of doing it and learning how to first do it helps.

@Marci Stein once the closing date has passed you may be able to cancel the contract. If they want to extend make sure you get additional non refundable earnest money deposit.

@Matthew Orton You need to speak to a real 1031 expert that has done many different types of exchanges. You can find either a CPA or a tax attorney that is an expert in real estate. Call around until you find one who is a true expert and has done many transactions a year. Every CPA and re attorney may claim they are an expert. But, use only ones that have been recommended to you.