All Forum Posts by: Angela Meraklis-Lyons

If a tenant is renting a 3 bedroom home, and reported that one of the rooms had a leak 6 months ago, but became uninhabitable as of 3 months ago (can’t figure out where the problem lies and outside paneling is going to be coming off to search further), should they receive a reduction in rent? Is it legal to continue to make them pay full price even though they’re essentially down to a 2 bedroom? 

I'd like to focus my attention on apartment complexes. Since most are owned under LLC's, what's the best way to contact them? If by direct mail, what are some ideas of how to approach the owner(s) in letter form?

Comps of other multifamily properties or comps from similar SFR?

Between books I've been reading and information I've researched, I'm confused about how a small multifamily property's value is determined. With mid-large multi's, I understand that the value is based on income. I thought I heard that small multifamilies (2-5 units) were the same, however, I've also heard that they are based on comps instead of income.

So my question is: How are small multifamily properties valued? If it is based on comps, does that mean it's based on comps of other multifamily properties or SFR's in the neighborhood?

When purchasing a property (multifamily in my case), how long do I have to hold hard money loan (conventional is not an option) before I can refinance with a traditional lender using the income produced by the unit(s)? If the units were rented by previous owner as well, can that be used to show long-standing income history?

Also, as long as the property is producing well and has equity, will it still be difficult to obtain loan through LLC?

I've always been extremely diligent about my credit. Nearly everything is on autopay.

Last year, I had my student loans deferred because I had to stop working due to disability. Technically, I did that over the phone in October of 2016. Since I check my credit score regularly, I discovered in March of 2017 that my student loans, that I thought were in deferment, were past due. That deferment only lasted 3 months!

I immediately contacted the loan company, but they said there was nothing that could be done about it. I had consistently made payments every month for years, but stopped my autopay when I thought I know longer needed to pay.

My credit score went from mid 700's to the 400's overnight!! I have about 14 student loans (never consolidated because many had great interest rates) and all of them were reported as being in default.

As you can imagine, I have no idea how to finance a deal without seller financing. How long will it take to build my credit back up? I'm up to low 600's now, but how do I speed the process up?

I have a partner who is going to be financing the whole deal. We haven't discussed the split. Can anyone give me an idea of a typical split between a partnership like this? I will be doing all the legwork, working with everyone to get the deal, and just present it to my partner to sign off on.

We're looking for an apartment complex in Baltimore to hold. All he cares about is the ROI, so in order to make the deal happen, I need to make sure he's happy with the numbers. The other option would be to just ask for a fee so I will have the means to find and secure another deal.

Advice about negotiating terms before we have that conversation so I can be prepared?

Sounds like a great opportunity! I need to find myself a mentor like that. Best of luck!

Done and done. It's nice to see who you are interacting with.

I hope you had a good hazmat suit. Gross!

You did a nice job with the clean up. No one would ever know the previous condition looking at it.

Your pictures reminded me of the rentals I used to clean out when I was a kid. My grandfather owned several rentals and the tenants would absolutely trash and destroy every square inch.