All Forum Posts by: Dave Passey

@Jason Bohling Hey man, the numbers work if they work for you. If you listen to David Greene on the podcasts at all, you just basically nailed the numbers he goes for. ARV $120k Purchase Price $60k Repairs $25k Refinance for $85k Rent $900 Cash flow is nice, of course there are a few other factors, but it is not a terrible deal. I think the biggest thing you should look at is if your ARV is accurate. If you can’t refinance out, then it kind of wrecks your BRRRR method.

@Graham F. What Nathan said is correct. Although, an emotional support animal is NOT a service animal. They have separate rules a regulations. A lot of similarities, but not the same.

@David MacNeill Typically that would be a no go for me. However, i don’t know your complete situation. I would say instead of having it be upfront rental payments, take it as a deposit. If he pays on time then great. If not, then you get to keep more of a deposit when you have to evict him.

@Jarel Terry What audio book service are you using to try to listen to them?

I have been having an issue with the title company I have a deal with in Boise. I have the deal with Title 0ne and they are trying to make me purchase title insurance at a much higher rate than I am purchasing the house for. I have never had something like this happen before and was wondering if anyone else had ever experienced this. They are saying that I am essentially purchasing the house at too low of a price and that it is not close enough to the "market" value. 

I am disappointed because they have not been able to really give me a good reason why I should be paying more for the insurance (they want me to pay 2% of the purchase price). What is a good title company that you have used in the area?

My sister was a tenant like this. My brother in law's company moved him to a new city and they rented a nice place and paid higher rent than was typical. I know a lot of places that do this like in Texas where relocations are more common. 

The company usually has their own additional restrictions for the tenants to make sure that the place stays nice. They don't want their reputation being tarnished over a lease on a house. 

I don't know how the company's name being on the lease would affect one way or the other. I do know that when my sister did it, there was the same set up with the company name on the lease. 

@Omaree G. I don’t know Patti, but her seminar would answer all of your questions about what you are talking about. Bigger Pockets also has a whole section dedicated to lease options.

Hey @Grant Boynton

There are cash buyers here. If you have a property that has the right numbers, there will buyers available. I would be willing to look at it and buy it. I know many other people that do similar and different things than I do. 

How are you calculating ARV? It can be tricky and can be very area specific. Make sure your repair estimates are close to accurate. I would be willing to look at the deal with you/for you if you get it under contract or before if you are comfortable with that to make sure your numbers are correct.

I am not totally clear on who owns the unit right now so it would be difficult to tell. If the estate did not have a bunch of money, then the property will be sold to try to settle the debt owned. It sounds like it might be bank owned, but I can't tell for sure. There are so many possibilities of what could go on that I can't give you a straight answer. Sorry I couldn't be of more help!

@Erik Baumer I absolutely hear what you are saying and agree with you. He equipment should stay with the house. It just seems like it is going to turn into a he said she said thing. All he has in hearsay that it should be his. It seems like it would be a losing battle over a couple hundred dollars. How much time is it going to take to get them if the tenant doesn’t leave them? The most I would pursue it is telling the tenants to leave them because I found out they were owned by the previous landlord. Other than that, it wouldn’t be worth my time.