All Forum Posts by: Joshua D.

Amazing this site is growing so fast!  

Ok I don't want to sound lame but the obvious answer is to get more money... But isn't that what we all want. 

Was this money you were suppose to put down? Or just reserve money? 

Look at it from your lenders perspective.   If you don't have the money qualify for morgatage then they may not be able to lend especially if this is a conventional secondary market loan. Their hands are tied.  

Good luck 

Way to go!  Keep up the good work. 

Welcome to the site James!  Hope things go great for you. 

It depends on weather tenants in your area expect it or not.  What is common in these types of rentals.  We provide W/D in 2 units and 1 we do not.   If I did it over again I will not provide them at all.  To much of a haste/ expense and I can't charge more rent when their there. 

Hmm I might consider selling them to the tenants on the next go around.   

Good question, got me thinking 

why not rent the whole thing to one person. I am always surprised at how much people like to store stuff.  In our area storage has almost 0 vacancy year round.  

 In my opinion it would be best to put a wall between the two doors and rent 2 units.   I just did this with a 32' by 20' garage we had behind one of our duplexes.  I do not charge extra for the garages I just hope they make my units more attractive.  

As far as liability there are much more experienced people that can help there, but from what I understand stuff inside the units is the tenants responsibility to insure.   I assume you have to provide reasonable protection, (locking door) but again I am no expert. 

Cash flow! 

You mean can you sell a house with a lean against the title? I am no expert here but I believe there is something called a "due on sale" clause in your lenders documents.  This would mean that the lender wants their money if you sell.   

Some people on here talk about wrapping a loan, you can search that in the forums and get info on it.  The buyer starts paying you note for you. And gives you money down.  However you are still on the hook for the note. 

 You may even find someone to buy your house here. 

Good luck 

Welcome!    Glad your here! 

Sell! 

Sounds like a long term money loser.