All Forum Posts by: Phillip Dwyer

Hopefully you are at the very beginning of the purchase agreement.  Otherwise you might lose your earnest money.  You could also try to get a regular job in the same industry you were in and hope this will pass with the lender.  Like a previous poster mentioned, if the contract allows, you might just want to cancel if finances are tight.  If you're in a great capital position with ample reserves, then you could try the bank-statement loan and just refi later when you qualify.

I'd get my own professionals to the property asap to evaluate the situation.  Like others have said, request a copy of the report from the tenant's inspectors, but hire your own people to cross reference the information.  

@Akshay Patil check out narpm.org.  You can search for member property managers through that organization.

@Robert Adams You guys beat my client to it on the buy side!  Nice job on the rehab.

@Eric McCusker Raise the rent.  You don't have to go all the way to market, but I don't see a downside in raising the rent here.  If they move out, you'll have turn over costs to get it re-rented, but then you get to increase all the way to market pricing.  

Meanwhile, who is choosing to keep the rent below market?  Is it you or the property manager?  I've had clients tell me not to raise the rent even after I show them the math.  Don't be afraid of turnovers.  Try to minimize them, but not at the expense of that much rent lost.

Inventory has been declining. New listings have been declining. The interest rates were moving down since November which seemed to be loosening up the market, but the recent bump back up has kept the market a little slow in terms of sellers jumping in the market. Although prices have been coming down, the low inventory has kept things from going completely to the buyer side. Also, the entry level price points (where most investors buy) are where most of the activity is at currently. It is difficult to find SFR properties that will cashflow with 25% down at the current interest rates.

@Sam Patel I just sent you a private message.  

Hi Andrew.  What type of properties do you have?  

Well I do both in that area.  My office is in Anthem.

@Sam Patel There's a large shopping complex along St. Rose Parkway with a Costco. It's very difficult to find a house with no HOA close to this area. Most developments built after the late 1980's in the Vegas metro have some sort of HOA.