All Forum Posts by: Adam Gray

As a lender at a small community bank, we prefer to use a second mortgage on current property to serve as a down payment for future real estate property( 1 loan, 2 houses for collateral). This usually puts us in better LTV position than straight 15% down. One way of getting out of putting cash into the deals as well. So if you feel like you have enough lendable equity in current rental I would pocket the cash, if not I'd pay more on mortgage.

@Michael Siekerka Thanks for the advice. Bigger Pockets has helped relieve some of the fear of becoming involved in Real Estate Investing. I think I'll take your advice on raising one at a time, starting with lowest below market value. It seems the safe way to insure that I don't have a large vacancy. It currently rents $250.00 below our primary residence-turned rental that is same bed/bath combo. It's a little smaller square footage and vinyl sided as opposed to brick. I do believe it should be lower than $650, but $400.00 seems to be WAY too cheap.

Thanks for the support!

that's the thing @Jean Bolger

@Bill Gulley

Thanks for the advice. I was talking about it today at work and someone made the comment that "a new broom sweeps clean" and that new ownership would cancel out any previous lease agreements. Glad to hear another point of view.

Just starting out in central Kentucky area. Currently under contract to buy three rental properties. They are already rented out. Any ideas on ways of increasing rent without losing renters? Only looking to raise each property $25-$50/month.

Secondly, ideas/links to solid lease agreements? Thanks in advance for the help!