All Forum Posts by: Andre Taylor

I would say do a cash for keys type of scenario.  Refund their security deposit and give them some extra money to help with their moving to get the keys in 30 days. I would do that if there lease are not close to expiring but I would still offer some incentive to make sure they do leave at the end of the lease  because you dont want them to use the COVID-19 over your head and use the I need more time line to stay but that's what I will do; it might cost you a little but you will gain so much with them being gone and being able to attract higher paying tenants.

I personally do every quarter ( 90 days ). I used that time to change the filters and do a walk throughout to see if tenants are keeping up on the units and to see if I need to jump on any maintenance items; since tenants typically dont see those things. 

I have been using tenantcloud and an applicant just submitted their application two days ago and I got their information back within that day. I used to utilize cozy but i know they just merged with apartments.com so there could be a hangup on their end.

As i am learning from my lender showing good profit on my tax returns for my rental property helps with my DTI; also as my portfolio is growing potentially wrapping all my mortgages in a commercial loan, or having more reserves saved up. EVery lender is different so talk with your lender and they will tell you what will help with your DTI

Best thing is to call and talk to the small banks on their portfolio/blanket loans and look at the numbers if it makes sense. Most of those loans will have a 3,5, 7 or 10 yr ARM spread over 30 yrs so you will have to shop for a new loan every handful of years... there are pros and cons to both. I am currently learning as I closed on my 6 multifamily next week and my lender at the local bank said its time for me to start sitting down with the commercial side of the house but due to covid; they commercial side has been real conservative so hopefully they are opening back up more. I am on that same road with you so good luck and keep us updated on what happens.

If you are looking for SFH... best bet would be to look towards the county ( Hazelwood, Florissant ) best areas to have rental houses and have the long term tenants. I see a gentrification shift starting to happen with city folks going to county and county folks coming back to the city.

Always best to find local investors to get their view points on the area.. as well as come out to check it out and see and feel it for yourself. Money in real estate can be made in any market it depends oh how deep your stress levels are. That area is a little shaky but guaranteed there is some good tenants there and due to their finances thats the only area they can afford. If its a place you can see yourself living then its a buy if not keep going. With the rehab cost that will depend on the inspection but in rough areas you can expect defer maintenance and with that 4 unit an $100k would be about right if you had to update all the major systems ( roof, tuck pointing, windows, HVAC, electrical, plumbing, etc ) . Numbers might look good on paper but come see it for yourself to see if it makes sense Good Luck :!

If you plan on changing the floor plan you will spend some money on Architecture/Structural engineering design. Now depending on the flood.. the mold remediation can cost some money..and even if it wasnt that bad...since you have to disclose to the future buyer..having that assurance that a certified mold company came in and scrub those studs down or certified that the air quality levels are normal will be good.. Now outside of that with a gut everything is straight forward. I am getting ready to start a gut project myself... i had to take it down to the studs after finding mold.

just go up to the office with proof you own the property with the tenant information and they will have you fill out paperwork that they will submit to their case worker to update the file...wont take long... 

If you finance the property the lender may require you a season period from 6 months to a year before they do a cash out refi..so ask around with lenders. So say if its 6 months... then I would go to improve the units over that course of time. Now with the tenants... I would sit them down and inform them about the updates and what the new rent will be...now they could be okay with that or not okay.. if they are not okay then allow them to get out their lease to move so you can get in right away, update the units and find tenants that have no problem paying the $800. Now if the tenants are okay with the rent increase if you are doing a cosmetic update.. I would give myself more then 2 nights to turn a unit over.. especially if they been in those units for years and honestly you would want all their stuff out the unit when you do the updates.. just makes it easier...but those my thoughts... good job on finding the deal.