All Forum Posts by: Kevin Yeats

How does your friend across from the rental KNOW that you tenant lost his job?  It could be that he is taking time off work.  Prepare for an eviction but you have to let the problem manifest itself before you take any real action.

Drama = losses.

You seem to be on your way out of this situation.  After it is over, look back and think about what you could have done to have prevented it.

Recourse.

I work with a high volume lender that offers 30 year apartment loans and regularly closes loan for foreign investors.  Loans close quickly too.

You have only $1,000 on the line with this decision.  The $700 (appraisal & inspection) is gone whether you move forward with the purchase or walk.  Don't let that $700 factor into your decision.

Lou, for every answer that doesn't make sense, your price should drop.

It sounds like the current owner bought this property 12 years ago, made some improvements and repairs, then collected rents since them, basically ignoring items that would require periodic inspection.

Check BP FilePlace by clicking on Tools (above top line) ... then click on FilePlace and nose around

Keep shopping.

Why not refi the entire loan balance with cash out?

@Lou Ruggieri, You make an offer when you determine that the dollar price that you list (along with other terms) make sense from your perspective. Once you make the offer the seller can either reject the offer, counter or accept with the comment "when can we close?"  Expect to begin negotiating from your offer.

As for tenant loading, you should request 3 years financial rent roll AND copies of signed leases as part of your package. The Realtor may provide some of this.  Check for spikes in tenancy, and significant deviations in regular expenses.

Kenneth and Andrew made good comments.

The FDIC reported the first bank failure of 2017 on Friday, January 13, 2017 (Friday the 13th .. how ominous). Harvest Community Bank in Pennsville, NJ with about $124 million in assets. There were only 5 bank closures in 2016.