All Forum Posts by: Steve Racicot

David, 

I would talk to a mortgage professional in your area about your options. 

Also,  you need to ask yourself some tough questions?

1. Do you really want to get your parents in further debt by letting them co-sign a loan with you? 

2. If you don't have the ability to qualify for  a mortgage, should you really be buying a house? 

It doesn't sound like you have any "skin" in the game. What are you bringing to the table? Just because others are investing in real estate, that doesn't mean you should. REI is not for everyone.

Steve

I personally would not worry so much about what the owner gives you for rents.  If you have done your research, use those numbers. They are probably more reliable.    You might get an honest answer from the owner however, I would be skeptical of that. 

Rents always go up when there is a new owner. It is a fact of life. 

If he is not going to give you the leases for the current tenants, then the tenants should give it to you. You may be surprised to find out, that there aren't any.  

Everything in New Hampshire has been crazy. It seems lots of properties are 20 to 25% more expensive than they were just  a year ago.   Spend the time to look for the deal or you will get burned.  Look for the deal that suits you.   Avoid all of the noise. 

Welcome Zach

Welcome

Ian, Did you call the tenant to find out why he only paid 1/2 of the rent?  I would at communicate with him before threatening to kick his butt out...   I would be send him an invoice to get the rest of the money, but communicating with them will be beneficial in the long run.  It is too expensive to get rid and replace a tenant.