All Forum Posts by: J. Martin

assuming the house is left clean/ready to rent after 2 months! THey still have the responsibility to hold up their end, especially when you are giving them the benefit of the doubt. I also had some tenants who were in a different exit situation like this, and I made sure they agreed to have it clean and ready to show before they move out so I could have it rented before they left.. Had 1 day vacancy..

In this case, you suspect, but aren't sure. So unless you have some strong evidence, I would just give them the benefit of the doubt since it's military related.. tough situation to be in.. for both of you I'm sure.

Sometimes you're better off doing what makes sense, rather than what can technically tried to be done from a legal perspective.. IMHO.

I can never underestimate the importance of having reserves, especially at the beginning/backend of a transaction. You may consider cutting back on prepaying the other debt until you can build enough reserves if you're anxious to get started..

I agree with Dave. I don't think you're going to get much of a discount on something that just needs updating, unless you get it off the MLS.

You need to find someone who is very motivated to sell (I assume you can pay cash?). Remember also that there are a lot of expenses associated with buying and selling, so if the margin is thin, a lot of it can get eaten up in the transaction costs..

Consider getting in touch with some local wholesalers to bring you some off-market flips if that makes sens for the discount from the MLS and lack of competition..

The caveat implicit in my advice above, is that you need to have something to do with the money to invest to earn a good yield that you are comfortable with the risk of..

@Ron Boling All depends on your risk tolerance and your cash flow.. Some people sleep well at night knowing they at least have their primary residence paid off. I have a 3.25% 30yr fixed on my current primary residence (4plex), and I can't imagine pre-paying a penny for the remainder of my life.. (and that was with FHA @ 96.5% LTV). I know I can make more than that. And the interest is tax deductible. So finding an after-tax return that yields about 1.7% risk free? Or much more by taking on risk..? Absolutely. I will take that all day long. I am young also though, and have a long time to make up any shortfalls..

You can probably get cash out right now for under 5% on 30yr fixed, or lower for HELOC or home equity loan that they can term out over 20yrs or so. I would do it while your income is high and rates are low, if you want to do it. I don't like variable rates when long-term rates are so cheap. Good inflation hedge too..

@Paul Granneman I landlord in a lower-income area, so I''m a little more flexible about unusual situations. But one thing I do to mitigate less solid applicants is take higher deposits (eg 2 months deposit), and sometimes a co-signer (know anyone in the US who would co-sign for you in first year or two?). These aren't absolutely necessary, but will help ease any landlord concerns.

Don't worry as much about your prior employer verifying your employment. As a landlord, I'd rather see your tax returns that show you've had steady income/employment over multiple years.. Then verify your current employment and income (hopefully you're still making consistent money, preferably in same field..). Where were you living? Executive housing? Can they call and verify you paid your rent on time? (Lots of people have Skype..)

Include good references and whatever documentation/support you can show for your story so they can verify what your story is, and I'm sure you can find someone who will overlook not having been in the US to do a background check. Good luck!

I had considered the same about a long-abandoned property across the street from me. But it's so beat up, we're talking about lot value.. So haven't pursued it yet.. Is there any benefit for other properties in your area, just getting someone into it? Might make it worth a little extra of your time.. But I wouldn't kill myself on it!

I guess I'm unclear if they are doing something technically wrong, or if they are parking on a legal curb, but your paved walkway happens to be coming off of the curb (but no driveway.) You can't enforce with the city or with a tow truck driver most likely if they are not parking illegally. If it's not illegal, and you're not handicapped, you can talk to the city about putting a driveway or depressed (no curb) area there so you can walk up the walkway to your house. Then only you would have the right to park in front of it.

Otherwise, the only other way I see is to ask nicely. Or move your walkway.. :(

I do not wholesale, but a lot of people find it a good way to make some cash when they don't have any to invest, and learn the ropes a bit..

You can also get creative on your borrowing or lookk at FHA and start a little buy and hold.. good luck!