All Forum Posts by: Michelle B.

Chris Heeren Also depends on what your goals are. We have 5 rentals. The original plan was to purchase 1 additional per year (I have a well paying W2 job that I am not interested in giving up). However, my last purchase was more difficult than the previous 4. I have been able to offset the income pretty well, but on paper, that wasn't aligning with my goal of growing my portfolio. I have since made an effort to show less expenses and more income. It's a fine line to balance. Good luck! Michelle

Adriel Liwag Have you looked into doing delayed financing? Not sure what you are trying to say with the comp commentary. Are you saying you are paying too much for the property? The property WILL appraise at SOMETHING. Regardless of whether there are comps within .5 miles or not... Good luck! Michelle

Tom Chen Unfortunately, that is normal these days. I have seen banks hold properties for YEARS before it ever gets listed on the MLS....

Tom Chen If the property was foreclosed and the bank took it back then you can't even make an offer until the property is officially listed. If you are unsure of who currently owns the property (aka did the foreclosure actually happen) then just check the county records. Banks do not negotiate on individual properties with one off investors when they are not yet listed on the MLS. Trying to contact the bank and negotiate is an absolute waste of everyone's time. Good luck, Michelle

Patrick Philip I know there is ongoing debate as to the legalities of wholesaling and I have no interest in even getting into the discussion. I am not a wholesaler, do not want to be a wholesaler and haven't yet seen a wholesaler with a deal I would be interested in. Is your plan to partner with the wholesaler? Are you going to have a conversation with the individual that is actually under contract? Or are you going to just remarket the contract as if you are the individual under contract? What will you do/say when the buyer sees someone else marketing the same property (oops I mean contract) for a lower price? I think I already know what your answer is...talk about LAZY. And then multiple posters say it's fair game? And people wonder why the investor community has little to no respect for wholesalers? Amazingly ridiculous....

While I agree with the previous comments (and frankly follow the same rules when buying) I don't think that solves their OPs concern. Bad things can and do happen in every neighborhood. I don't know what the answer is. My partner and I are both females and we show all of our units ourselves. Not sure I would be comfortable providing a lock box code and having someone walk the property themselves. Although, I know a lot of larger PM companies take this path. Maybe that is a possible solution, use a PM company to manage for you. Or, carry a handgun. We both have handguns but do not have our CCWs - yet. We have discussed but just haven't done it yet. Good luck!

A rate increase (even if significant) seems like a small price to pay to unlock ~$127k in cash for additional investments....

@Natalie Comoletti

Can you just do a cash-out refinance versus a HELOC?

Natalie Comoletti Why are you saying that you can't pull cash from it because it's not owner occupied? Did someone tell you that? I just did a cash out refi on an investment property. Hell, I didn't even use a small, local bank. The criteria might be a tad different, but it's certainly doable. Good luck!

Why are they now moving out of their parents house? Where did they live before that? What did they say their credit score looks like? Essentially, there is likely no way you will ever get a real answer from mommy and daddy....for all you know they were living there for free. On my very first rental (~10 years ago) I took a chance on a family that was living with their parents, had horrible credit and were self-employed. They stayed with us for about 7 years (were a PITA more often than not in terms of collecting rent) and ultimately left after my last 3 day eviction notice. They were screaming I AM A BAD RENTER from the beginning....they were a mistake - my mistake - and ultimately taught me the hard way what to do and not do going forward. Good luck! Michelle