All Forum Posts by: Xavier Garcia

Hi BP family,

I'm in this weird situation where my old neighbors hate our tenants. We bought a new house less than a year ago and left our little neighborhood that we loved so we can rent out the house. The tenants check out fine on background and credit. They seem nice enough, but I noticed that the wife is a little high strung. Fast forward a few months later and I swing by to fix a lock on the storm door. I stopped by some of the old neighbors only to find out that the new tenants are holding the neighborhood hostage by calling the police on the older gentleman next door because of his dogs barking. They managed to get the city involved and now I think they're going to evict him. They've called the police on a younger couple that had a get together on a weekend in their backyard rather than going and asking them to keep it down. The latest thing, I wake up to a bevy of pictures of fire truck lining the street of the old block because they called the fire department on one of the neighbors that were smoking meats.

It is driving me nuts. They pay their rent on time, even early and the house in decent shape for a tenant living there. I spoke with the husband already and told him to try to be neighborly and this was before the fire truck brigade.

Honestly, I was going to sell the house next year so I can liquidate some of the equity without tax penalties. However, I'd have close to 90-100k if I did it now. I'm in a rough place and I don't know what to do. Is it really my place as a landlord to deal with this stuff? Anything will help, BP. I'm at my wit's end.

I've heard conflicting stories as to what liability the seller has in a assumable mortgage. I've heard that because the seller is relieving a debt that the IRS would see that as income for the seller. I've heard this about getting large, personal credit debts forgiven as well. Any truth to this? I have a deal that's on the line right now with a couple that is going through a divorce and want me to assume their mortgage so they can wash their hands. The house is in great shape. I'd rather do a 6 month land contract, slap some lipstick on it, sell it, offer them 6k and they can avoid the IRS.

Is this property available to view this weekend?

@Dominic Bouchard Please! That would be awesome. Thanks.

@Mark I. Thanks, Mark.

@Paul Bowers it would for sure. However, because it's my mother, I was being a little bit more casual. Nonetheless, that is what I should've done. 

Hello BP Community,

So, I have a deal going on as we speak. I procured my property with cash, but I needed money for the rehab. I came to an agreement with a family member to get some of the rehab money from them and I would pay a flat interest on the money borrowed. The project is about finished and I want to have a professional looking agreement for both of our records. Does someone have a decent looking private money contract that we can both sign that will look legit? Anything would help. Thank you. 

Thank you so much, Kim. I don't want to disregard my agent altogether, but I know he's busy. Do I need a specific form in order to do so?

My realtor has gotten me a few deals and I appreciate their time, but I see properties at times that I would like to place offers on but since he works with so many investors, he's stretched thin at times. Is there anyway that I can just make my own offers?

So I am working with a Realtor that helped out my friend with some of his rental properties and he recommended a mortgage broker that he works with that would supposedly be able to get me approved. Turns out that I have some issues with my debt to income ratio because I just bought my personal residence. I asked if I could buy all cash and cash out refi for the appraised value, but he told me that they would only refi 70% of what I purchased for. Does that sound right? Does anyone know a lender in Milwaukee or anywhere in Wisconsin that would be willing to lend on appraised value rather than purchase price? I want to jump in the game and I can get the cash to do so, but I want to assure that I have a way to pull my money out. Please help. Any advice would be appreciated. Thanks

Milwaukee

Racine

Waukesha

Madison

Kenosha