All Forum Posts by: Inshad Kaller

Thanks everyone! I appreciate the advice and I did keep my attorney in the loop but he did not need to get involved.The seller came to his senses and gave an extension because he realized that he really had no choice. Even if a cash buyer popped up he could not get insurance. Danielle, I used Austin at Benchmark out of Houston and he found me a policy not a great one but he will rewrite for me once the other insurance companies start writing binders. Benchmark is a broker with great insurance connections lots of commercial real estate deals they work with. So we are supposed to sign on Monday with a hedge fund now because the bank we were supposed to close with on the 31st also denied our loan the day before closing! Luckily we have an amazing finance guy with a connection to this hedge fund so we will have to refinance in 12 months but the deal is still closing Monday and it's a cash cow! That's all that matters now.

We were supposed to close on this 9 unit deal yesterday in Houston metro area. The property was supposed to be ours yesterday but due to the storm we could not get insurance binder before the storm hit and no one was giving quotes. The property is still in perfect condition. Time is of the essence the seller is a raging psychopath and lost his mind when we could not close on a commercial 9 unit in 45 days with financing and put stipulations on the extension about closing by Aug 31st! Anyone know any insurance companies writing binders in Houston??

My husband and I want to be at a minimum of 20k a month net in rental income. We are at $1300 a month net right now and hunting for our next deal!

Sorry for the typos I accidentally posted before I could review my post.

Anyone have a good real estate attorney in the Houston area? We would like to have an attorney Togo to with questions or any issues we might have. We just closed on a 4 unitp and the tenant has yet to pay her rent. O

I would call the auction house and get the details but from what I have heard you have to be there with the deposit in hand.

I would go set up a deposit account that's what we have done and just give them the account number they can go give the cash to the bank or like pp mentioned use auto draft from their bank account to that deposit account if they don't want to go to bank either. Some older people are not very tech Davy and even PayPal may be too much for them to figure out plus they charge 3%.

I'm with Joe buy another property don't waste capital. Good luck!

I would buy another one instead of trying to pay it off your tenant is paying down your mortgage for you. Then I would give notice to the old lady that either she pay current market rent or she needs to leave when her lease is up. Make a few minor updates as cheaply as possible and then rent it out for full price. Then you have two income producing properties and you can start saving for a third. That's just what I would do but I'm very new to all this as well. Good luck.

Yes because you don't need a lender to close your just giving them all cash they don't care where it comes from.