All Forum Posts by: Adam M.

@Account Closed Definitely go for it, can't hurt. Your success rate will be less than 1%. Don't sell them on your "honest, trustworthy". Tell them you're not a RE agent just an investor and you liked their property. Get straight to the point, don't ask about the details of their property and THEN tell them you'd like to buy. Only ask about those details if they're potentially interested in selling. 

@Samantha Miller This is a first for me. I've never seen a mortgage that says you can't rent out rooms. I think that's absolutely ridiculous and quite dumb for a mortgage company to not allow the owner to pay them back by any means necessary. Unreal...I would delay closing and start looking for a new mortgage company ASAP. 

@Gerald Barron I would strongly consider the reduction, but try to meet meet them in the middle or something. You never just want to get pushed around by tenants...Firm, but fair. Is $2,800 a fair market rent, under, or over?

Do NOT lie and tell them you have a waiting list of applications at a higher rent like someone else in the thread suggested. 

@Jon Horton Sounds like a LOT to delve into for you first deal. You definitely need more cash and/or a partner. 96 SFH in the $20K range sounds like a nightmare of tenant issues.

• What is the gross monthly rent on average for the last 2 years?
• How old are the houses?
• How much in immediate CAPEX repairs/deferred maintenance are needed as soon as you take ownership?

@Chris K. Is that Soros??

@Justin Windham Points don't matter. Percentage matters. 

@Shaun R. Very tough situation for sure. I'm assuming she's already out? Talk to her ASAP and get the whole story, find out if it's DM or just a bad relationship that ended. Next talk to the other two guys and figure out their situation. Hopefully, the other 2 guys have someone they know to fill the spot and between the three of them, they can come up with the money to cover rent. Good luck trying to collect from these guys...

If none of this works, I'd try to convince all of them to terminate the lease and move on.  Then get new tenants in there ASAP. This option will be tough also!

@Nicole Marshall West Coast? It's not easy finding good deals in any hot market, ever...especially if you're not in it full time, but you've got to start somewhere. Good luck!

@Nicole Marshall Interesting situation you're in there...Based on your credentials, you probably make some decent money. Are you looking at buy and holds for cashflow instead of rehabbing and selling? What you're doing isn't sustainable long term, trust me I know from experience. :) A 2 year flip sounds like my worst nightmare.

@Christopher Christian The ONLY reason to get an MBA is ROI of < 5 years. If you'll see an immediate bump in your salary to justify the time and the money, go for it. I would never finance your education. Pay cash or don't do it.

If you're trying to get into RE full time, an MBA is pretty useless. That's my opinion.