All Forum Posts by: Rich Baer

@Ray Slack

All my properties are lead free inside and out. As far as rent goes, $1125 is not low. These are lower income people in that area. I offer them an above average home at a fair rental price. I could try to rent it for $1400 but it would strap my tenant and make it more difficult to rent. Also the tenants want to stay. The market rent for a good tenant who can afford to pay over the long term in this area is $1100 plus or minus $100.

@Julie Marquez

Of course. In 1995 I sold 20 houses in order to end a partnership that wasn't working out for $800,000. The plan was to hold them forever. Today they are worth $5,000,000. That is why I stress that one should try to do their investing solo without partners. No one to blame but yourself.

@Telma Rodriguez

Good question. Easy answer. Become a hard money lender. That will surely maximize your income.

@Steven Payne

Evicting them is the easy part. In Baltimore I would be losing sleep. I would become a future lead paint lawsuit target if it were an older house. I would worry the Feds would seize the house due to the drug dealing. I would be worried someone would file something against me for having tenants in a house unfit for habitation. 

Look at the bright side. You are in Texas (not Baltimore) and life is good.

@Account Closed

Some Lenders will only lend to Investors and not homeowners. The business part of the building may make it OK. The fact that you are putting up a big chunk of money may negate any call for tax returns. You just need to speak to a bunch of people. As long as you can eventually repay the Lender you should be fine. Keep me posted in your search.

@Rick Edgeworth

It seems to be a great deal for you on the face of it. If you think they will take less offer less. That is especially true if you will be a cash buyer and can settle quickly. You don't need to put in an explanation as to your reason for offering a lower price. If you are doing this face to face with the seller you can simply say " This is the price that works for me".

@Derek O.

1.  You need to get an actual balance in writing from the Bank.

2.  You need to know how much cash you will need to reinstate the loan and keep it from being sold at auction by the Bank. The number could be $5,000 or $20,000. YOU will need to pay that after you have a contract to stop the sale.

3.  If you do go forward you should have an Attorney help you and do the settlement.

4.  If you do all that in order to take over the payments you may technically be violating the terms of the mortgage. Review with your Attorney.

5.  Finally, if you get this far, you need to find someone who will take it off your hands at a profit.

@Account Closed

I would seek a hard money lender in that part of New York. Most Lenders would jump at lending to a person who will put that amount into it. Call some real estate Attorneys in that area to see who they would recommend.

@Account Closed

That is a tough one. Have you tried going back to the first lender for additional funding? The only real way you are going to get a second mortgage on this is to put up additional collateral.

@John Greene

You will only find a Buyer if your remainderman interest is vested. That means the Life Tenant of the property has no power to convey away his interest which would wipe out yours. If it is vested you are part owner of the property. Someone could have an interest at the right price. That price could be low because the Life Tenant could live another 20 years.