All Forum Posts by: John Horner

At $260k it is going to take you 23 years just to get back to even, and your partner is right, $200 won't be enough to cover Management, Maintenance, Repair, Vacancy and Eviction.

Hate to say it but this is going to be painful either way. You either are going to take the hit on your credit for a short sale, or pay out of pocket most years to cover expenses of property.

The upsides of riding it out are:

A. Rents could go up and

B. Property Value could go back up.

Escrow should account for Taxes and Insurance. With Taxes at $5200 that would put insurance at $4200/year? Seems WAY too high.

Thanks @Dawn Anastasi , are they out there for residential loans as well as commercial like @Brie Schmidt mentioned?

Thanks @Andy Collins , I appreciate you sharing your insight.

I have always thought of a slumlord not as someone who owns properties in bad areas, but someone who owns properties in bad areas and doesn't take care of them. Here in Columbus, the city is really cracking down on landlords who have been deferring maintenance to the point where tenants done have heat or a roof that doesn't leak.

You're exactly right that those people have to live somewhere, and for those who can stomach the risk of owning in these areas, more power to them!

You can be a good landlord in a bad part of town, IMHO.

Looks Good, $35k all in, $850 rent, 25% equity in case you need it!

We all have this experience starting out. I had 3 deals fall through in my first 4 months before I got 2 deals done in the 2 months following.

@Victor Roberts , I have found that the overwhelming majority of people posting those keywords on CL are wholesalers themselves.

@Account Closed , don't get discouraged, it can take time to learn the best ways to market for motivated sellers.

How are you using Craigslist? Do you have ads to attract motivated sellers or are you reaching out to for rent or for sale ads?

Thanks @Brie Schmidt , I have not gotten into commercial loans yet, but thanks for the info!

Thanks in advanced for any answers to my question!

I am looking at purchasing discounted properties quickly from motivated sellers with hard money, then refinancing with a conventional lender and holding as rentals.

My biggest hiccup is that most banks will only lend on 70% of most recent sale price until 12 months seasoning, then they will use a new appraisal value.

I am wondering if ANYONE, ANYWHERE has worked with a bank or credit union who has refinanced a rental using ONLY 6 months seasoning instead of 12?