All Forum Posts by: Mike M.

Ryan R. Thanks for following up. I think I have a white that'll work so we'll see how she does.

Ryan R. Do you recall what color you painted the cabinets? I have a white cabinet job coming up but picking the color is eating my lunch. Do not want stark white and like the color you have.

Natalie Davidson What's the hangup with using the bank's money when it's this cheap to use? Not having insurance on an-all cash purchase (your only one) is playing with fire.

Landlord insurance likely isn't required if you own the home outright. But why place your cash at risk like that? I've heard of folks self insuring but you've got to have a lot of properties to make that work.

Is the loan assumable? Assuming a loan is getting your name on the existing financing. Most mortgages are not assumable. Subject 2 would be buying the property subject to existing financing. Seller is not "free" of property until you refinance, and the due-on-sale clause is another potential obstacle. Plenty of posts available on Subject 2. What is the loan's monthly payment and how much time is left on it?

All good comments. Collect a sizable security deposit as it's the only realistic tool you have to compel good tenant behavior.

David Stuffle My limited experience has been that folks that say that have no real intention to sell, have not thought about a price in any detail, and are just waiting for you to blow them away with an offer that's too good to pass up. As Michael Q. And Derek W alluded to, real motivated folks will either come at you with a realistic starting point or launch into why they need to sell. Getting back to Jose Diaz original question, I have wasted too much time visiting properties and preparing offers on folks who were nowhere close to where I needed to be. I try to get a number from them or sometimes I'll offer where I think I could be based on property details, Google maps, etc. and see if there's enough commonality to set up a visit.

If you hear "make me an offer", thank them and get along your way. 95% of your calls will go like this and these folks have no intention of selling at a price you need to buy at. The owner of the house I just purchased flat out told me they are motivated over and over on the phone. The only one out of over 100 calls that expressed motivation and backed it up on a sales price.

Daniel Gonzalez Are you in the condo now? It may be difficult to file a police report if you are in possession. Based on your description, it appears the President has no legal interest in the property. His grievance with the landlord, assuming he's got no legal interest in the property, is not your problem today. Even if the landlord loses the property, there are laws that govern how a tenant at will is treated by the new owner. I would begin formulating a backup plan in the event things do go south.

Jeffrey Lester getting a STEM degree will ensure you can do just about anything your heart desires. Real estate may not always be in vogue, but the STEM group never goes out of style.