All Forum Posts by: Mark Gallagher

 The rule is 6 months post-foreclosure. 

@Account Closed

For both parties sake, it would make more sense to secure it against one of the existing pieces of real estate. Then you'd file a mortgage for the property with the courthouse, and then a note between parties specifying the terms.

@Carl Fordyce

Use their money to acquire, then refinance them out with a bank loan when it's occupied. 

@Account Closed

Secured or unsecured? There is a big difference in what you would do paperwork-wise. 

@Hurricane Hamilton

The best agents cost money. Offer to pay them above and beyond what the seller is paying in terms of commission. I'm sure it will be worth your while for good representation. 

@Devin Haertling

If he's willing to be this shady to the realtor, break contracts, etc. who's to say he won't do the same to you? Something like "Oh, you thought all of the appliances were included? No, they weren't, sorry." 

Get him to pay the Realtors at your price point. 

Have you already closed the transaction?

Mold and foundation issues are easily rectified. Can't do anything about the flood plain. 

@Anthony Lentini

As you've said, the doorhandle is on you. In the amount of time you spent telling them not to use the door, you could have changed the lock. That's like saying "Oh by the way, don't use the 4th burner on the stove or the house will catch on fire." The stove should be repaired or replaced prior to the tenant getting their hands on it. 

As for the flood, I wouldn't let lower-end rentals have water filters. They're a huge source of leaks. 

You always have to assume your tenants are clueless when it comes to house maintenance. 

Checking the unit every 2 weeks will only compound your fears. It sounds like you're dealing with class C tenants, and this is pretty par for the course. 

@Amir Nassiri

You can waive a financing contingency but that doesn't allow a closing date to be postponed indefinitely, unless the contract is not subject to time is of the essence. 

@Ericka G.

Contractors are a big part of anyone's business when they get involved in real estate. If you have bad ones, they'll wreck you. If you have good ones, they'll make you lots of money.

However, I even have good ones that do really stupid stuff sometimes. Have to take the good with the bad because it's usually worse with someone else.