All Forum Posts by: Max Ferguson

I would just pay a good RE attorney to give you the outline or draft a correct contract. You may be paying more but it could save you a huge amount of headache. Let us know what you decide! Good luck.

Sounds solid. Did you stay 2 years to skirt capital gains or moved on to the next?

I would find someone local who has done it and ask to shadow them or at least have them review a deal you plan to pull the trigger on. That knowledge is invaluable. You may even have to pay a consultation fee but it is a much better idea than trying to do it on your own. Let us know how it goes!

How long did you hold for? Rented out or lived in?

How much do they owe you? Is it worth it to you? If Under $1000 it's probably not worth your time. Definitely smart to do it if they owe you a large sum, you may receive the money one day from the judgement. Could take a very long time though. Good luck!

@Scott Mac 
Could not have said it better. 

Does your lease say you have them warrantied? When I renewed I let my tenants know they washer and dryer are there as a courtesy but once they fail they will be on the hook for providing their own set. 

Just input a clause into the contract that you have the right to sell at any given time. They can't be mad to what they signed on. They may offer a rebuttal where if you sell early they are owed the full 110k. 

A review with someone familiar with how seller financing works in your state would be a great idea as you never want to miss a small crucial detail. Let us know what you find and good luck!

The more you go into multifamily the more common this is. Sellers do not want to disturb tenants with a showing and want someone who is serious. The due diligence timeline will serve as your safety net and you can pull out at any before then if you find something is wrong. 

Cosigner would be the only way, or upping your salary to lower DTI. 203k are a lot more work, definitely doable but seller knows that's just more hoops to jump through and possibility of falling out of contract. Not sure what market you are in but 27k isn't a whole lot, you may be correct in waiting to lower DTI and increase equity.

Having a dedicated property website for STR's is essential. Any tenants from Air bnb or Vrbo can use this link for the next round and everyone saves money. I unfortunately don't have a good property website builder but it should be fairly easy to find a website maker for single properties. My brokerage provides one for our listings but doesn't have anything to the effect of short term. Fiverr may be a good website to have someone build you one as well. Good luck and update with what you find!