All Forum Posts by: Apar Bains

Hi guys
I am doing a BRRR deal in Sacramento ca. my loan officer tells me that when I refinance the loan it will have to be 75/25 LTV. Is this information accurate? Is there an alternative solution to this where I can get 80/20 LTV?

Thanks

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Sacramento, California

Originally posted by @Darius Ogloza:

I do not know where in California you live, but filling 11 vacancies at the same time seems like a pretty daunting task. Under these circumstances, I would lean toward doing what you can before close of escrow especially if the current landlord - who has a relationship with these people - is willing to help you. However, if the new month to month leases change any terms of the existing oral agreement (utility switch, rent increase, etc.), the tenants will need appropriate notice of the change in terms before they can be asked to sign new leases. Exactly what kind of notice and how long, Nolo Press has the answer.

Thanks for the info!

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Originally posted by @Colleen F.:

@Apar Bains each bedroom is rented individually and you are going to separate utilities? How are you going to do that?

You should check into if rental control is in your area and applies. Check whether the area has any max unrelated person ordinances.

I am planning to average the utilities for 3 months among all the tenants vs charge a standard rate !! Thanks

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Originally posted by @David M.:

@Apar Bains

Are these two multifamily unit properties? Or, single family properties where each bedroom itself is rented, as your post seems to imply?

Two single family unit properties!! Thanks

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Originally posted by @David M.:

@Apar Bains

Are these two multifamily unit properties? Or, single family properties where each bedroom itself is rented, as your post seems to imply?

These are single family properties where each bedroom is rented individually!!!

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Hi Guys, I am planning to buy 2 properties in California with a total of 11 doors between them. Each bedroom is rented out individually by the previous owner on a month to month lease. There are no deposits in place. All tenants are up to date with rent. However there is no formal lease in place. It is more like a handshake deal between the tenants and the landlord. Landlord pays for utilities. I want to purchase the properties, set up everyone on a month to month lease, transfer the utilities to tenants and eventually raise the rents and collect deposits.

1. What is the best way to accomplish this?

2. Landlord has offered to help with getting a lease signed before close of escrow. Is that a good idea?

3. If I decide to evict the tenants and start with a new set of tenants, is that a better idea?

4. Any legal or logistics barriers that I should look out for??

Thanks in advance!!

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I am very new to this. I haven't purchased any investment properties yet. My goal is to buy at least 2 rental properties by end of 2020. Will appreciate any help!

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Thanks Scott, good practical advice

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Ok guys, Total newbie here! I am researching and planning at this point. And This may have been asked and answered before. I live in Northern California, Greater Sacramento area. House prices are high, seems like it is difficult (not impossible) to find positive cash flow deals. So I am considering investing in out of state markets. However, I have no idea how to go about finding connections and building a reliable team that can help manage these properties. I would appreciate, any help regarding where to start. Thanks in advance :)

4 Votes

All Forum Posts by: Apar Bains

Apar Bains has started 3 posts and replied 9 times.

Post: BRRR Refinance question

Post: Lease problem for a new property

Post: Lease problem for a new property

Post: Lease problem for a new property

Post: Lease problem for a new property

Post: Lease problem for a new property

Post: Tell me your BIG Real Estate Goals for 2020!

Post: Long distance investing

Post: Long distance investing