All Forum Posts by: Anthony Wienke

Well if your still around and your looking for investors I would be interested in throwing in a chunk of my money as well.

If you have an office or a location in mind I would like to get involved and see your operations.

Are you looking for limited liability partners or just generalized investors?

I don't think your going to find any real decent rental properties around the Butte area unless your willing to have a contractor come in and do some rehab work.

I had a real estate agent who owns multiple properties give me the name and number of a bank in Montana that specializes in rehab rental loans. Ill have to look up the information or contact the real estate agent again and see if I can send you the details.

As far as im aware, this bank will provide loans that cover the initial cost of the rental property plus expenses that need to be covered for fixing the place up.

@Brad Coyne Ill get back to you.

I think not saving enough personal funds and not working on my credit score were my biggest down falls.

My personal credit history only consisted of some small bank loans for used vehicles and that was basically it! I didn't get my first credit card until I was 26 and was living pay check to pay check.

I didn't save anything after graduating high school and my credit score was a 454.

Im doing much better now, I save about 25% of my pay checks for future property investments and yes I have a couple credit cards. My credit score is now a 722 but I really wish I would have started much sooner.

If I have it set in the lease agreement that any violation of a rental property agreement will be assessed a $100.00 fee, do I need to give the tenant a warning letter for cease and desist first? (say for instance smoking or having pets on the property when they are not supposed to)

Didn't know the law concerning it and wanted to know if I can just add on that violation fee without a written warning first. If anyone from Montana knows something about it let me know.

Specifically, The residential landlord tenant act of 1977 states in section 70-24-321 (F) "Tenant shall conduct oneself and require other persons on the premises with the tenants consent to conduct themselves in a manner that will not disturb the tenants neighbors' peaceful enjoyment of the premises."

Where im getting at with this is the tenant in question is smoking on the premises and have had two complaints about it. Is it legal to go ahead and tack on that $100.00 violation fee with the cease and desist or get out nasty gram im going to send them? I did have it in the lease agreement they signed.

Thanks for any info

Well im not from Billings but I went ahead and joined the real estate investors group. Hopefully I can make it to some of the meetings!

Welcome aboard!

I think ill leave my friends and family out of the deal. Not that I wouldn't include them but im looking for money from licensed and insured source so just in case things go south its only my **s on the line.

What it may actually come down to is just scaling down my expectations and starting out with a smaller property. I need to build up that equity before anyone will take me seriously.

Iv got a couple more sources of capital I could possibly tap into so I guess time will tell if the funding for the project will come to light.

Thank you for the info though 

@Shawn Torsitano

Yes the link should be pasted here

http://www.freddiemac.com/multifamily/about/what_we_do.html

I don't think there are any HML in Montana but I guess this would be the place to ask. Iv been looking for one myself.

I think I may have solved my finance issue. I didn't realize that Freddie mac type loans can be issued for multifamily properties where there are repairs needed and can be included with the purchase.

If I can get some sort of forbearance for the first few months during the renovation ill be golden! But I think those are only allowed for individuals that lose their job but I may be able to work something out with the lender.

Any who, I appreciate the advice none the less. Ill continue to look at other avenues for funding in the project but I think the Freddie Mac multifamily loan may be the way to go.

I still need to have an inspector walk through the property so I have exact estimates for what's wrong and how much it will cost to renovate. The figures I gave you earlier were of course my estimates if I had contractors fix every inch of the building minus the structure itself.