All Forum Posts by: Ursula B.

@Wayne Brooks @Simon Campbell   Thanks for the replies. Just wanted to be sure I was looking at this from a business standpoint. I really don't want to lose the deal over $1K, but this seller is pretty motivated so I think they'll accept it at $1K less.  My next offer, however, will include an expiration date. Not wasting another 3 weeks with these folks!

I like it. Just had a deal terminated because the seller and their agent couldn't get it together and send back a fully executed contract.  I may try this on my next deal. Thanks!

You have to keep in mind that most agents work for brokers, who will take one-half or more of the commission off top.  So an agent has more incentive to show a house with a 3% commission where there is the potential to pocket 3 times the amount that you are offering for the same amount of work.

@Ronald H. Half of my portfolio is condos, and I'm evaluating two more right now. I tend to like condos because they are fairly easy to rent in my market, the cost to rehab is relatively inexpensive and major maintenance expenses are covered by the HOA. There are significant drawbacks however, like the HOA dues which do increase over time (sometimes significantly), surprise special assessments, and not being able to have complete control over how and when those major maintenance items are completed.

A very recent experience has me re-evaluating my strategy, however. Got a call from the tenant that the water was off. Seems the HOA didn't pay the bill and the city shut off the entire complex. It's not an individually billed account, so there was absolutely nothing I could do other than try to offer the tenant other accommodations (hotel stay on my dime, of course) and contact the HOA. Thankfully the tenant elected to stay at a relative's place and the water service was restored the next day, but it was certainly an eye-opening experience that has me rethinking my target price point for condos.

For a great tenant, I would prorate for the room where the carpet was damaged. The remainder is a small price to pay for tenants who sound like they were low-maintenance and caused no other damage for 3 years.

Greetings from Stone Mountain, and welcome to BP.

Just a follow-up on the Lending Club process for anyone interested in pursuing this option.  They required no additional documentation or verification.  So in essence I got a $20k loan on just my credit score.  They were a bit behind on funding loans, so I was in approved status for about 12 days before the money hit the account.  It funded with no additional doc to sign.

As for the Credit Union loan, I received calls this week to set up the appraisals and pest inspections. Crossing my fingers for a smooth, quick closing.

Trying Lending Club.  I got a substantial loan on just my credit score.  They required only an email and bank verification. No income doc and no papers to sign. Money hit my account today. Every loan is probably different, but it's worth a shot if you need the funds in the next couple of weeks.

Here's a plea to anyone who's on the fence to please, please, PLEASE take the time to buy an umbrella insurance policy.  I was holding an open house for my newest rental and one of the visitors slipped on the stairs.  Thankfully she was okay, but that situation made me realize that it only takes a second for something to go wrong. I have coverage under the homeowners policy, but what if it didn't fully cover the medical expenses?

I called my insurance company, and 20 minutes later I had a $1M umbrella policy for less than $250 a year.  

It's hard to believe that they cannot find a place to go at that price point (assuming your rent is appropriately aligned with the value of the property).  I agree with @Account Closed , maybe offer them an incentive to be out by Monday. Otherwise, start the eviction process.