All Forum Posts by: Matt Barth

No, you aren’t doing anything wrong. Prices haven’t adjusted to the new reality of higher rates. It will likely take some time to find something that actually makes sense and lots of people are still willing to pay too much from money they’ve raised for deals and need to spend so just keep looking and when the time is right you’ll be ready. 

I can’t speak to the specifics of whole-selling as a strategy, but your goal is to make/save more money, so what is the most effective way to do that? I would suggest figuring out what option gives you the highest likelihood of generating more money per time spent. If you have a high paying W2 job maybe more hours and OT are the best way, if not maybe a side-gig with something your talents will work well with or finding something you want to learn more about, like whole-selling, that will get you some more cash but pay other dividends in the future.  

I started to type a reply then I remembered reading an article on avail (we use them for rent payments), so I found it again and sharing it is a better explanation than I was putting together. This article has some good insights with pros and cons:

https://www.avail.co/education...

Assuming you mean a loan independent of that property, potentially right away. If you are trying to buy a house or multi up to a 4plex with FHA I think you can only have one of those at a time (but you might want to double check on that). You mentioned 25% down, so I'm assuming that's not the case and you should be fine to turn and burn again if you have the cash.

I don’t know your state laws, but if you have no proof the tenant received the letter via USPS, I would say you need to post it. I’ve never heard of certified e-mail and even if that is a thing, my non-professional guess is most laws wouldn’t be caught up and modified to such a thing yet. 

Your current lender might also be willing to match the other banks offer. It’s worth offering it to the current lender to see what they say. If the new offer is from a large and experienced bank and they are saying they can close in time and have a track record of closing, I would consider using them if the current lender wasn’t willing to come down in fees. 

As Jason said, you can also ask for an extension. If the property didn’t have a ton of other offers on the table, I would assume the extension would get granted. Your agent should be able to provide some insights on that. 

Few things to think about:

Confirm if you get the land or not?

Might want a Phase 1 or some sort of enviro evaluation?

How much longer is on the lease? What is your plan after? Land value, another shop? What’s your exit plan?

What is the credit worthiness of the tenant?

Depending on location, political disruption in gas industry?

I don’t know Cali law but if the lease is a legal Cali compliant lease and it allows for evictions for breaking the no pet rule, I would probably evict him. Sounds like a problem tenant, but if this is a hard to rent area or your lease doesn’t have teeth for that then you might want to work something out. Either way I would fine him consistent with the lease and I wouldn’t be capitulating to nonsense about scrubbing tiles in his presence unless you guys promised something and didn’t deliver…  

Most folks doing 4 or less live in one unit so they can utilize loans that allow less down payment since it is owner occupied. More than 4 units, use equity from another property, save your own funds, seller finance/subto, and/or find partners or investors. 

I use AI tools to help organize, write stuff, analyze areas, properties, etc (although the data on that is somewhat oudated). Mostly right now, I am using it to carry out assistant duties to make me more efficient and need less staff.