All Forum Posts by: Shane Baganz

Tom,

It looks like your'e happy with the way things are going. Solid rents, good management company... And (in my opinion) it sounds like taking points off the board.  It's a great annuity in retirement!

I find late paying tenants to be an additional profit center. I guess it's all in one's mindset.  I don't care if the rent is late.  In fact, I have a tenant I am meeting tomorrow for coffee.  The terms are $800/month if paid on or before the 1st, after that it's $850 (until the 10th) and then the amount goes up again.  They are late every other month, like clockwork.  I take the additional $300 per year and put it into another property.

Small Balance High Leverage Bridge/Rehab $75K – $2M

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I think Jerry is right. But, just like anything in life, the percent interest you pay is also negotiable. Personally, I do love owner financing.

It's difficult to understand all that you have in front of you, the intangibles so to speak.    And, you know the facts.  Unless its a cash offer, the house will sit.  Banks won't go over appraised value.

It also appears that you may be emotional and frustrated over this deal.  Anyone would be.  But, here's the key.  Keep emotions out of it and walk away.  The owner may feel you'll come up more.  When you don't, they may become fearful of losing your deal.  Then, guess who has the upper hand? You do.  Bring the right mindset to this deal.  Pay attention to your gut.  If you've been calling, stop.  See what happens....

Shawn,

Iv'e been in a similar situation here in WI  I have been warned that taking cash - any cash, is similar to accepting the rent as paid in full for the month.  Be incredibly careful.  I have always done an all or none deal.

The advice I received was from a seasoned landlord as well attorney here in WI

Hope it helps!  - Shane

They may depending upon your credit score, debt to service ratio, etc., as well for some lenders, what part of the country you live in.  I think there are a few. - Shane

I would also add to make sure and run comps in the area that you wish to purchase.  It's simple to say that x sold at x price and compare, but make sure to look at the expired listings as well how long the "actives" have been active.  Use all 3 to better determine what's happening in your specific market area.  A great realtor can help you with that information.

Curb appeal and keep it clean. It's simple, but incredibly effective. There are not too many things inside the home where you throw money into it and get even equal money back when you sell. Of course, if things are falling off the hinges, that's another story. Otherwise, clean and clutter free when you sell.

Roger is correct. If the home doesn't appraise, no deal will go through, unless its cash.