All Forum Posts by: Tim J.

The "1000 max in a 'student' account" in bank is an absolute lie.  Not worth pursuing them.

The only way I would consider it is if they had parents co-sign/guarantors on the lease

Pass.  The possibility of an equity stake is tempting - but if he's hobbling you by limiting your money making ability on your own then its a no-go. 

Come up with your own terms - make a counter offer and don't compromise.  You don't need him.  

Buildium may be overkill for what you need - but it is a good platform.

Stessa is probably all you need.  I only have experience with those two

I did try RentRedi - it was an awful experience - but I think they were working on fixing its shortcomings.

Quickbooks (for me) is not a useful tool for managing rental properties.  It's meant for specific things - and property management is not one of them.

I have used Stessa and can recommend it.  It is missing one aspect of property management - maintenance requests/tracking.

I'd say Stessa is great for managing one to 20 units.  

Any more than 10 units and you probably want to look at something like Buildium.

So, you're trying to make money by offering a "loan" that is 2 points HIGHER interest rate than the current mortgage interest rate - so you make money on the delta of the payments and you make money on the sale?!

Why would anyone in their right mind do that?  The only way a buyer would do that is if they cannot get a loan - and you said you'd be checking/qualifying them.

What am I missing?  How is this at all a thing?
SMH

I would consider taking on a partner on one or a few of the properties...  allows you to keep the properties and get some cash.

Just a thought

As said by others - screen, screen, screen.  Then screen some more.  Be careful when talking with anyone about your unit and section 8.  Many locales do not allow landlords to discriminate based on income source - so you have to be creative/careful what you discuss and how you discuss it with anyone to email or talk with etc.

I have had good experiences with section 8 and I have had bad experiences with section 8.  You will learn lessons on your own as you get more experience.  That's life.

good luck!

The risk you have is with not controlling the property or payments.  You are on the hook for the mortgage even though you will have no control over the property.  Unless you're in dire straights I think "subject to" is an awful thing for sellers.

Basically your credit rating is held hostage/under the control of another person and that person has lots of risks. 

Be careful before you do such a thing

You will be happy with Stessa

Amazing how many apologists there are for Kiyosaki.