All Forum Posts by: Robert Spencer

@Harjeet Bhatti

The problem I've had with banks is despite my "excellent" credit, I claimed the purchase and repairs of the properties on my taxes.  this was great advice for paying less taxes, but I hadn't anticipated it making it more difficult to get a loan.

@Greg Downey

I didn't mean to sound judgmental, I just surprised there aren't any lenders who serve people in my situation.  it seems like there must be others like me.  I understand where they are coming from, but It can be frustrating to look at multiple websites, and make multiple calls, and hit brick walls.  Fortunately, I think I have a way out.  I'll keep everyone updated.

Does anyone know of any lenders who specialize in lower amount long term loans? My city has lower house values than most. I have 3 houses free and clear, but can't find anyone willing to do a mortgage or cash out based on their values. They are between $40,000 and $60,000 per property. There are a few lenders who will do long term financing (like 15 or 30 year), but none that will bother with smaller amounts. This seems silly as lending less means risking less money. They are worth conservatively at least $140,000 all together. You would think someone would lend me half that. Anyone have any leads I might try?

Make sure you check to see if there have been a lot of drug busts in the neighborhood you want to buy in. There is a meth problem in Port Huron, and the clean up is expensive. If you need a person to help locally, let me know. I'm always looking for opportunities.

The fee increases have affected me, and some of the new ordinances have made me reconsider properties I was considering purchasing. It does help that they lowered the water bill deposit. It should be even lower, but it's a start. PHALA is pushing for changes that could make it better for landlords.

I don't know if there is a general investing club, but there is a landlord association. We meet once a month. The cost is $40 per year. The website is http://www.porthuronarealandlordassoc.com

I invest here in Port Huron. I grew up here. If you are looking for information, I may be able to help. What are you looking for?

I'm kind of at the same stage @Donald Cooley .  I need to find funding methods as well.  You may want to check out the Port Huron Area Landlord Association   There are a few members on bigger pockets as well. 

ii don't think you should let yourself get walked on, or help if you can't afford it.  Ultimately only you know enough about your situation to make the decision. Here are some things that I considered in saying what I did.  

1. You are the average of the 5 people you hang out with the most.   (According to Jeffery Taylor from "Mr. landlord", good tenants associate with good tenants)

2. Your rental business is a brand. Brand loyalty is hard to get and easy to keep.  (Read "the Leadership Challenge" or "Good to Great" for the actual studies)

3.  I'd rather risk essientially lending good people $300 (if I can afford it) in their time of need and feel good about myself than risk losing them, by forcing them into a move that will cost more than rent and force a lady and husband with a broken arm to move a bunch of boxes and furniture. 

This all changes for me if they are irresponsible or if they are just trying to take advantage of you.  It also requires that I could afford to help and still be making money.  I net over $800 on a house after expenses and I had a tenant call and say "I'm in the hospital. I had a stroke. Can I pay Friday?"  I said yes and he kept his word.   But I could easily afford it if he flaked out. The other apartments more than paid the expenses. 

I agree with everyone who said that you should run things as a business, but even the biggest of businesses occasionally make charitable donations.  

I'd buy it as long as it meets your city's code. If it ever becomes a problem, re-plumbing with PEX is like playing with Legos