All Forum Posts by: Andrew Freed

@Mindaugas Maciulis - Looks like a solid investment. It seems like the previous owner maintained it well. In addition, to have parking with a multi is extremely important for tenant retention. Smart buy!

What sort of rents are you getting out there? Are you planning on renting to section 8? 

@Henry Hogeterp Good question, having solid systems and being organized is key to being a successful investor. I use Rent Redi for rent collection which seems to do well. It is a small fee though. In addition, I use Stessa for my accounting software which is completely free and provides really insightful reports. 

@Jonathan Bombaci Looking forward to the meeting. Thank you for hosting this cool event. 

@Joe Splitrock - Thanks for pointing this out. If this continues as you said, I think this is going to cause a ripple effect among landlords. I could see screening criteria becoming more strict thus reducing available rentals to less than desirable tenants resulting in an housing issue. I personally have very strict criteria as a result of this memorandum and left my units vacant longer than needed to get the "perfect" tenant.

@James Gilstrap - Nice find. What are you getting for rents? What is the condition of the property? What is the area like? Curious about more details of the deal. 

@David Morrow - Isn't this the same tactics wholesalers use. Wouldn't you just do a purchase and sale with an "assign to" clause. I would recommend googling "assign to" wholesaling, which seems like the most straight forward approach to your question. 

@Peter Walker - I personally think transparency and kindness will get you a long way. When you are open about expectation's, things just happen to fall into place. I agree with Tera that it would be worth it to have an empathetic conversation with him about what his plans are in the future and how you can work together to make this as easy for everyone as possible. 

@Piper D. and @Nathan Gesner - Good advice. Yes, I always require the utilities to be in the tenants name as well. I've never required evidence of this prior to handing over the keys, but I will definitely do that moving forward. Great strategy. 

@Tatiana Conta - I agree with a lot of the sentiment. I like brokers as well since they can shop around for many options. Just like with any service provider, you need to do your due diligence and find a reputable loan officer who offers good rates. Nonetheless, having the ability to shop for multiple loan products rather than being restricted to a limited amount of offerings via a direct lender is best in my opinion. I personally have used brokers in all of my transactions and it has worked out great. 

One thing I would like to point out is direct lenders tend to have an easier time working with underwriters since they are stationed within the same organization hence smoother closings. Brokers have to work with underwriters from other organizations which does sometime cause disconnects and delays. But if you find a good broker, they have worked through all of those downsides already and understand the requirements of each underwriter. 

@Vijay H. - Why not keep the property and utilize a refinance or HELOC if it still cash flows. Then you can leverage the funds into other better cash flowing properties so you can have more ROI on your equity. That is why I would do. I personally like to control and hold as much real estate as possible.