All Forum Posts by: Jeremiah Perry

@Michael Hable have the tenants given the reason why they are late?  I have a tenant in one of my houses who receives SS benefits and depending on what day of the week the first is she may not get a check on time.  On the other hand another house that I was having a property manager run consistently let the tenants be late....the lateness led to partial payments, payment shortages, and finally no payments.  I would think though if they are still paying inside of five days whats the problem? Some people do like to pay their bills at the last possible moment out of habit even if they do have the money.  Hope it all works out!

@Tyler Bain

I am currently in the same boat. I was looking for a multiplex 2-3 unit house for my mother in law to live in and rent out the others so she was rent free. She got preapproved and my lender said on numerous occasions FHA was good up to a fourplex with 3.5% down. I was checking up on that online and found the same thing. However I actually found a good triplex and got the "Oh I looked back into the guidelines and now they only apply to SFR." Pretty ticked off. A duplex should still be doable with the low down payment FHA owner occupied though. All I can figure is the rules must have changed somewhat recently. Good luck!

@Jennifer Jesse

 You and me both!  I totally missed out on the whole rich relative thing! ha ha.  Well good luck and keep the forum updated please, I have a lot to learn too!

Im no expert and am new on here but Im fairly certain thats what the wholesalers do, so good job on that! Ive been looking into that.  As far as how much you get paid, I think it would typically be a lump sum sort of deal.  I think some meetup I went to they were paying like 3k to the wholesaler.  I dont think youll be getting a cut of rent unless you can work on that with him.  Without the cash or work itll be a tough sell for a percentage.  Maybe fire off a new batch of letters and score another one, maybe with regular work you could negotiate a partnership.

Are you providing anything other than the seller?  Can you give any money or time to do the work?  If the answer was no I'd just shoot for some sort of finders fee.  Just talk it over with him and see what you can agree on, things can go bad real quick between people when money is involved!

Id say go with the tile like a few others have said.  If you buy the "project source" or something like that from home depot its crazy cheap I want to say .45 a sq ft and its really not that hard to do.  Itll save you in the long run.

@Darren Eady

@Corey Dutton

That looks like a good description of the benefits.  I think the though of dealing with hard money lenders has been somewhat intimidating.  The couple properties I have have all been purchased using conventional loans from banks which has really limited what I can do because coming up with 25% down payments has been rough, particularly since I want to move up to some multifamily units.  In your opinion are private lenders the best way to go for a buy and hold type investment?  Is the interest paid to a hard money lender a tax deduction?  I can see it for the buy and flippers as the loans would be very short term, am I missing something?  Thanks!

Hello Tucsonans, I am not seeing a whole lot of chatter about tucson on here as compared to other areas.  How has everyone been doing?  @Jeff G.did you end up picking up a property?  I have been searching for a duplex to have the Mother-in-law "owner-occupy" but that fell through.  Coming up with that dang 25% down payment can be rough! 

@Brandon L. have you had any luck coming up with a meetup?  Id be interested, Id love to hear how other people are doing this!  Or if they have any relatives with good credit I could borrow!

Jennifer, that sounds like a pretty sweet deal!  Just to be on the safe side have you done all the research on the rents on these houses and have you seen them?  I think you would have to try and go a personal loan route to get that money.  I have seen on here that people recommend going to a local bank or credit union rather than a big chain.  That way you can present your situation and show that all your ducks are in a row.  You want them to be confident that you will be making money and you will pay them back.  Or do you have some equity in your primary residence you could get out?

@Shane Foster just a quick question, when you say 500-1000 letters would keep her very busy Im wondering what percentage actually respond?  And are you handwriting these letters to make it seem more personal and possibly increase the odds of the letter not going into garbage immediately?  Im assuming you drive by the houses or do some research on them first or is it more of a blanket the area sort of approach?  Ok thanks, Im just starting to take interest in this wholesaling so Im learning slowly....ha.