All Forum Posts by: Michael Lewis

Why not Steve there’s really no difference but a good chance to buy it under priced.

Several lessons here then unfortunately. Always always have a detailed contract covering everything and make sure to have that margin to avoid issues like this. It’s an expensive lesson but if you learn it and move on then you can avoid a repeat. I’d try and sell it off market as fast as possible to limit the loss

Seems like flipping in that area would be a better choice than buy and hold. Although the profit margins seems kinda slim if you couldn’t cash buy.

Screw that cash for keys crap. If they goto pay the next months rent without the late fees refuse to take it and start the eviction process. I hate the idea of rewarding bad behavior. Maybe the threat of an eviction on their record will motivate them to pay the past due and start paying on time.

Can you make improvements to bring up the value where you refinance with a conventional loan?

You are what’s called an enabler. He has more than enough time to get his crap together and still refuses to do so. Give him a 30 day notice to vacate and follow through with it. He will then be forced to get his crap together or not it’s all on him. The same thing happened with my aunt and ultimately led to a divorce for her so please don’t let him ruin your lives as well.

Your houses your rules.

Dang Dallas why are you digging up old threads heh. I was about to respond and see the scope of work needed and saw how old it was.

FYI mix gates hot sauce with sweet at 1-1 ratio for the best and their onion rings are awesome.

I just did this. Formed a partnership with a friend and created an llc we also got a tax Id to simplify it. Just make sure your partner ship has everything you need in it including what happens if one partner dies etc.