All Forum Posts by: Dick Stevens

Zelle or Clearnow.

Don’t sign lease yet.  Use a holding agreement with a clause that gives you an out of the current tenant fails to vacate.  Something along the lines of, if landlord is unable to deliver property at Xxx by Xxx, then landlord shall refunding holding fee to perspective tenant, without any further liability to landlord.

Don’t get involved.  He won’t be your friend anymore after this all plays out.

I’d go for it as long as everything else checks out ok and he doesn’t have other significant debt.  Ask his parents to sign a rent guarantee, then it’s no problem.

What’s wrong with you buddy?  If you buy at $280k as an investment, at 25% down, you’re pulling $70k out of your pocket.  Ideal situation is $50 per month profit, so $600 per year.  That equates to a 0.8% cash on cash return.  Does that sound smart to you?  You’ll never realize the full $600 anyways after unplanned repairs and maintenance.

You need money.

How about a money order.

If you’re not going to have the time or energy don’t buy now.  Will a bank loan you enough money given you are only working part time?

If you like to throw away money just send me a check every month.  This way you won’t even have to deal with tenants.  No brainer, right?

Stay local.  There are still areas in mass that you can get properties for a reasonable price.  Much less of a headache.