All Forum Posts by: Michael A.

Josh post is interesting and helpful.

Sue post basically says all property managers are terrible... and its impossible to get good ones...

That is ridiculous! There are tons of great property managers out there and many owners don't want to deal with any of it. You can hire bad help for any service.

Back to original poster I don't see how you get a loan for 80% of 60k if the price is 45k. They take less of purchase price or appraisal. Also 5k loan fee on such a tiny loan is ridiculous, that's like 10% fee. I'd look into paying more cash and or do seller financing if seller doesn't need all the cash now.

If all the positives you posted of this deal are true I don't see why seller is getting rid of this property. Unless I personally trusted or had an explanation of why: that would give me skepticism that I'm overlooking something wrong with this deal.

Agreee with being upfront and honest. It is shocking to me as well so many would suggest lies right away. I'd never lie to a tenant or anyone I deal with in a business relationship. I may not disclose every detail right out of the gate until I evaluate the best way to communicate. I think people pick up on these traits and my ethics serve me far better in the long run even if I have to explain or navigate additional problems from time to time. Good luck.

I personally would use software that tracks tenants, leases, repairs, maintenance requests, accounting, etc. We have mostly used appfolio, it also processes tenant payments. There are many others.