All Forum Posts by: Derek W.

Is the seller aware you are selling it to another buyer for more money?

I think it's a great idea. I've never done it because I always feared my handyman will be too busy to take them back down. Then I'd have tweaker lights in June like the neighbors!

Thank you Gary.

As I re-read the thread, my post about knocking on the door and threatening to sue sounded harsh out of context. I don't usually start with this type of approach. You catch more flies with honey...However, I rent to the guys brother, so I know who he is. He is a con artist and a bully (to broke little old ladies mostly) so I didn't have much hope of a peaceful resolution other than foreclosure. I was surprised at his willingness to pay and after the initial chest puffing we actually had a nice friendly conversation.

I've got to go with John on this one. Insisting on having the tenant out may even kill the deal, if not delay the closing forever. Unfortunately evictions will be part of your life as a land lord. Get really knowledgeable and good at them early on and it will make you a better landlord forever. But on the other hand, I've bought numerous properties with tenants that were not paying the current land lord, and after I purchase the property was able to get them paying and avoided eviction altogether. So look at this as an exciting opportunity to learn and grow and not as a negative. Good job on getting your first four plex!

I'm not seeing a slow down yet based on the charts. Affordability ratios ratios are a big indicator in when a slow down occurs. In most markets we still have some room to grow before I would expect another down turn. In California, around 20% affordability is the turning point. We are still at around 40% in my market. Areas like San Francisco are already maxed out and are in the low teen. With last year aggressive price increases we certainly absorbed a big chunk of that, but in most markets there is still room for price aggression. Your local realtor association will have data on historical affordability. So you can see where your markets is and how much room there still is to grow.

If Given the address, the detective experts will reverse engineer and tell you exactly what happened.

Agreed. And contrary to common sense, history has shown that interest rate increases don't correspond with price decreases.

I remember in winter of 2005 when the agents were all crying about how nothing was selling. Then in spring 2006 we broke more price records. I wonder how much is seasonal?

Bill, Thank you for the heads up! I hand delivered evidence of transfer, new servicing information, RESPA, FCRA, FDCPA, UDAAPs notices upon my visit. I wasn't aware they needed to be mailed, not hand delivered.

As for the taxation, I'm always glad for an excuse to have a drink in hand. Lol

But it's a great heads up to check into. Thanks. What am I likely to be told when I do call my tax professional?

Thanks Ellis, I'm super excited!