All Forum Posts by: Ralph R.

@Jose Cueto. If the seller has a loan from the person he bought it from why not approach him and see if he might carry you for a couple years. Sweeten the pot and offer him a little cash up front to entice him to carry you. You need enough cash to pay the current seller enough to pay his selling expenses or the difference between his selling price and the amount the original owner agrees to carry. RR

@Mark Durham. I’m reading it that the seller has a note with the party he bought it from. He can’t seller finance because he doesn’t own it free and clear. RR

@Diane G. What makes you say 2022 or 2023? RR

@Ryan Lachmiller @Dennis M. I’m with Dennis and the other poster. You gain nothing from a 2 year lease but headaches. Do a lease that ends in a year or less then goes to month to month. Never end the lease between Sept and May as these are the slowest months to find a renter. Secondly at 5 units your time to use a PM has come. You are limiting your growth by trying to self manage. You are in a fix with this tenant because you managed yourself into it. Had a PM done the same thing you would be ready to fire them. I’m not offering advice as to handle this tenant, the windows, the guest or the cats, because no matter what you do it won’t cure until she is gone. You need to figure out how best to get her out of there, cut your losses and move on. There is no one to blame here, but there are some very big lessons to learn and I’m betting the tuition is gonna be expensive. RR.

@Nick Naik. Your cash flow should not be resting on a couple % interest on the loan. Your numbers are way to close if $50 one way or another is going to eliminate your cash flow. That said I just got 3- 30yr conventional’s for 4-4.5%. The rate may be a little high You could maybe check some more lenders. RR

@Wealthan Pan. Likely he doesn’t want the property inspected because he will be obligated to disclose any faults discovers to future perspective buyers should you not close on the property. I would run or proceed with extreme caution. My weasel alarm is going off big time. It is not common practice to buy something you cannot inspect. I have done this several times but the inspections were not denied by the seller. I simply elected not to have them. There’s a big difference. His denying them indicates he’s hiding something. RR

@Bob Prisco. Most offers I’ve seen in Colorado have the words “as is” in the offer. This in no way precludes your right to inspect. Likely the seller is balking at the fact that he will have to disclose anything that’s discovered in the inspection to future perspective buyers. The OP did not give a full analysis in his post. There was no cause to jump on him. He did not ask for an opinion on the practicality of the property but rather an opinion on the inspection process. RR

@Jason Vandermark @Mark Byrge. My units also run 35-40%. I have little to no labor, no boat/RV storage and a very low labor bill. I do a lot of it my self. I have about 40 units. RR

@Victor Lau. NOPE!

@Edward L lauckern Never heard of an eviction court not evicting when the tenant owes rent unless the unit is unlivable. RR