All Forum Posts by: Hendrix P.

My property is in Leigh Valley Pay. The broker said it could be used to repair damages the tenant may cause. I'm just skeptical if this is one of those coverage that I will never be able to use because they will call it "wear and tear" which is not covered.

I am working on my first rental property deal and looking into landlord insurance. I called a broker who advised me to add on a $80/yr coverage called vandalism. Is it worth it?

Okay, thanks.

I'm in the process of purchasing my first rent property (offer just accepted). There is already a prospective tenant and I want to create an lease that would make them pay on time. Has anyone created a lease that offers a discount for paying by the 1st? What would be reasonable discount amount?

OK, thanks. I guess what I was looking to know is if the owner makes any money out of the deal. I was also trying to figure out if the bank gave an okay for $20k if the owner would be allowed to inflate the price to make $$ out of the deal.

I am a looking at a property which is a short sale. And, admittedly I'm a bit confused. The property is listed at $25k and I was advised the bank approved that amount. I was also advised that in that $25K there is a $3k settlement. So from what I gathered from my agent my purchase price is $22K plus $3k. Does this make any sense???

Also, I was wondering if that $22k is a fixed price or I can put in a lower offer? Does the seller have any real say in what is accepted or is this completely up to what the bank will offer?

ok, thanks...

I actually just called the selling agent and he stated that this property is a short sale although I found it on a notice of Sheriff's Sale. I'm not too sure how the short sale works. But he advised that the bank has already approved the new listing price (not sure if that is true or not).

I'm looking for a tenant so I would not get rid of them if they wanted to stay.

Is there a way to purchase via proxy as I'm about 2hr away from the area I'm looking to invest in.

From what I gather I'd have to give 10% but I'm not in the area and would have to rely on my realtor review of the place.

I was just looking into a property and found that the price had dropped into my price range. After further web searching on the porperty is going up for Sheriff's Sale this friday (which could explain the price drop). This property is supposed to be occupied and the tenant is in a one year lease. If I make an offer for this property will I be able to purchase it if is going up for sale this week?