All Forum Posts by: Victor N.

some banks such as Bank of America and Wells Fargo allow bank to bank payments. For example if both you and the tenant have a BoA account, the tenant can process a direct payment. You receive the payment instantly. The tenant can also chose to pay via the "email" option.

@Donald Hendricks ,

I think that you've already made your point previously. Most people on this site believe that it is providing valuable knowledge and contacts and are therefore switching to a paying account to support it.

You can chose not to be a paying member and that's your right, but I think that it's not fair for you to continue taunting them!

Just my 2 cents...

Just upgraded to pro status!!!

Dont think I need the pro benefits right now but wanted to lock in the cheaper price! lol

Plus all the available info/help on the site is definitely worth the $150!!!

Hope more members jump in and pay. running a website is not free. expensive servers are needed to keep all those informative posts/podcasts available...

As Marcia mentioned, there are some advantages to having section 8 tenants. Housing Authority portion of the rent is always on time and you might have long term tenants.

That being said, you must do your due diligence on each applicant. Do not assume that because the tenant's rent portion is say $80 that they will pay on time or even pay at all. The good thing is that if they do not pay and you are successful in evicting them, they will automatically lose their section 8 voucher. That will be a powerful tool for you to get them to pay.

4 bedrooms means large families with all the potential damages that can happen. Make sure to keep good records of your maintenance, tenant's service calls etc.

Section8 is a great program for landlords!

I like your plan and your idea of living rent/mortgage free until you find a deal.

Better yet, buy a multi so that your future line of credit is covered by the rental income.

Do not use a brokerage margin account. You cannot predict the market and trust me you do not want that margin call! It always comes at the worse moment!

Good luck!

@Mark Ferguson

i agree with you, those fees are high but they include heat and hot water in addition to the usual master insurance, maintenance, etc...

I use that to my advantage when marketing the rental and it works. Everyone know how high heating bills can be in the northeast. I had multiple potential tenants just days after posting my ad.

when you see a vacant property and cant stop thinking about it.

when you check comps just for fun

when you know the ( buy/sell) history of a lot of properties in your neighborhood without needing to check them out online...

when your significant other wants to watch DWS and you jump at the chance to log into BP/ research properties

@Mark Ferguson

congrats!!! you've got a great deal!

my last one was a foreclosed 1BR, 1BA condo in a great area. bank only wanted $35k. multiple offers came in. I offered $33k, $20k deposit with offer and 1 week closing. bank wanted additional $2k. I agreed. but now bank wanted more time before closing. 1 week was too fast for them lol.

got condo resale package which showed previous special assessment for new roof on 1 of the buildings ( 5 buildings total in complex) and need for new roof on a different building. told bank I wanted wanted $ back for special assessment that is coming or I walk. keep in mind I already knew about the assessments since I already own a condo in the complex. But I didnt want to pay more than my original offer. Bank agreed, gave me $2500 back.

closed the deal. place only needed to be cleaned + fresh coat of pain. I didnt even have to replace the carpet! just got it cleaned. everything done in less than a week and rented right away. This was by far my easiest deal!

rent: $950/mo

tax+ins: -$139.58

condo fees: -$341

--------------------------------

net: $469

Great job!!!

I like the fact that you added a deck! was it difficult to cut out the opening for the slider? ( specially the brick below the window?)

making another offer just before move out date is a great strategy!

But to seal the deal, you need to convince the owner about the cost of the repairs and the current value of the property.

Did you do an inspection? do have repair estimates? Do you have a CMA from an agent that you can present to the owner. If not, then Im not surprised that the owner rejected your offer since not only he has no idea about the value of the property , he also has no idea about the repairs.

What you need is something to backup your numbers and then let the owner make an informed decision.

Good luck!