All Forum Posts by: Ken Williams

Hello,

I own a new home free and clear that I would like to get a mortgage on. Are there any options out there that the loan will not show on my personal credit reports? What would happen if I financed it in the business name with a personal guarantee?

Thank you

I have a couple homes I want to sell and would like to market to the renters that might be looking to buy a home. (First time home buyers, etc.) Is there anything wrong with putting door hangers on the local apartment complexes with an ad for a house for sale showing mortgage rates etc.? I also have rentals and would never advertise like this to steal away a renter, but this is a different situation with buying a home.

Anyone do anything similar for marketing or is this just a bad move?

What about college dorms? Targeting the students that will be moving out of the dorms?

Thank you

Will going ahead and splitting the units throw up any red flags after being recorded at the title company? I would assume the lender would now need liens on both units and would be notified after it was recorded??

Thanks

I have a duplex that I have a mortgage on with US Bank. I am wanting to split the duplex into (2) townhomes and sell each side individually.

I have already been approved with the city and planning/zoning to do this. My question is, what will the mortgage holder do in this situation? Do I need to reconstruct the mortgage first? I am afraid if I get to involved with the bank they will not want me to do this, or want the loan paid in full before splitting the units.

What are my next steps to make sure everything goes as planned?

Thanks in advance

Thank you. What are some other things to take into account with an older building? Do you set more aside for capital improvements, etc.?

Say your going to buy an apartment complex. What is the oldest building you would invest in, 30, 40 50, 60 years+? What is the latest year you would consider buying at? Or do you take each opportunity and evaluate it based on that opportunity?

Thank you

That might be the only way to go Mike.

And I have the same exact Glock!! I call her Baby G. Maybe that's why they decided to leave town!!

That is the thing NC Mark. I did a total background check, employment verification, past landlord verification, etc. Where I made my mistake was making sure the funds were good before move in. And I never would have guessed they would trash the place so quickly. They must have been great salesman in the beginning or I am just a big sucker!! Or both!! haha

No more rushing people in for me, without cleared funds or money order/cashier's check.

You are right . The property shows approx. 4% vacancy over the past 2 years. I think it can hit spurts of more in the 8%-12% range.

These are the things I am looking for to negotiate this into a great deal from a good deal.

I have been really trying to find some sort of capex but I cannot on this property. We will wait for the final set of inspections to be sure though. This seems like a very stable, lower risk to reward investment.

Thank you

You are exactly right Mike. This was 100% my fault. I rushed this move in to get these tenants in quickly, then left and didn't check up on anything for more than a week. I learned a lesson here. I have never received a bad check to start and we usually get this check in enough time to clear before move in. And my next mistake was not knowing that the laws a re basicly the same once the tenants move in for eviction purposes. I ended up talking to the attorney and we are going to serve the 3-day notice and have them ready for eviction before they ever come back and realize it. It could be interesting when they come back, but I already messed up once and cannot take this lightly from here.

Thank you all for your help