All Forum Posts by: Marc W.

Agree with Sue K.
3 months inspections when they pay for "quiet enjoyment" is intrusive. Inspections / updates at lease renewal is normal and good for updating records, but more often than that gets into sticky territory.

Yes, it's legally discriminatory because not everybody has access to a computer. Same as why requiring a state ID for voting is considered discriminatory.

Strangely enough, if you require either electronic payments or cash at your premise, that is not discriminatory. Way to weed out the flakes?

1 year lease, baby on the way?

I'd tell them I need to start showing it (restricted showing times) 60 days before moveout, and give them back their deposit when they move out.

What goes around, comes around.

In Grand Rapids? All the kids just moved back into places they signed last year; all the families are in the middle of making their "new school year" moves.

I'd wait a week before panicking.

@Rita Bock:

So you're looking for a 3bd/2ba in the $260-$415K range, with closing costs of $6-$8K, a 20% downpayment of $52-$83K, $30-$60K in repairs, and you have $30K of your own capital, for an investment property...

Hard Money, a combo loan, or wholesaling the deal for private lending are the only ways that immediately come to mind for financing.

@Rita Bock:

Your target is the property (or property characteristics) you want. It defines the playing field for financing.

Compare:
1) "I am looking at flipping a house and want to know my financing options"
2) "I want to find a 3bd/2ba townhouse with an ARV of $650K-$750K to rehab and flip in Orange Co. between Santa Ana and Fountain Valley. I'm interested in properties needing light to moderate repairs, and we will self-perform using our contractor experience. We expect to carry it for 8 months and are targeting an annual ROI of 12% because [reasons]. We have $30K capital available. What are 3 ways we could finance this?"

Does this make sense? It is going from big-picture to actionable plan.

Hi @Rita Bock,

1) What is your target for your first deal? I'm on the other side of LA, and $30K does not sound like plunking down 20% up front for a non-owner occupied loan.

2) What is your pitch/angle to investors? With low financials for a first deal; your pitch, passion, and niche will be more important than trying to meet straight numbers.