All Forum Posts by: Brent Langlois

Most of this I want in the body of my lease. Thanks for the wealth of info. Time for an overhaul.

-Brent

@Misty Alderman I'm following up to see how you ended up handling the security deposit. I'm in the exact same situation. I have three tenants. One is leaving at the end of the 1-year lease, and they're adding a new tenant in his place. My plan is to have all three tenants sign a new lease since I want to add some language to the old one. My research has led me to follow @Kim Meredith Hampton's advice, her posts have been very helpful in the past. I'm not aware of any major damages so I don't plan to make any claims at this point...and I definitely don't want to get in the middle of the who gets what game.

Would appreciate hearing how things went.

-Brent

Do your estimates include maintenance, capital expenditures, vacancy, and management? If not, kiss that $300 goodbye Chris Mason mentioned above and your back in the red where you started. I think I'd sell.

You can set some keywords for palm beach, Delray, west palm, etc. You'll get an alert when they're mentioned.

Welcome Bob, just north of you. I've started putting my 'feelers' out in the palm beach area since I will be commuting for my W2 work twice a week. -Brent

It's an older home and will need inspection for insurance. My terms are pretty standard, nothing out of the ordinary. Thanks for the advice @Cody L.

@Nick C. good point, I'd be super suspect if it's been sitting on the market...agent would have to be a bone head to play that angle in that situation. I think it's legit however, property just hit the market but who knows. I came in at my ceiling right off the bat...based on my current cash situation (although i could still make the deal work for another 5 to 10k).

So one of my favorite parts of deal making is making offers and negotiating. Each seller is different and playing different angles. I recently made an offer and we were told that two other offers came in at the same time. So, three on the table. The following morning we get the following response: Good morning, Thank you for your offer. Seller has received multiple offers and is asking for highest and best by Sunday, June 11 at 5pm. If you have any questions, please do not hesitate to reach out to me. Regards. My guess is that three offers came in very close and instead of countering the highest bid, they're creating some competition. Anyway, not looking for urgent advice...but thought it might be an interesting discussion. Post your thoughts, ideas, similar stories, and perhaps how you'd tackle negotiations. -Brent

@John S. Kennedy

Is that to say these loans have balloon payments?

Thanks for the post @Allen Hua, I misunderstood this previously. I believe my lender is giving 100% rental income of my current 9 month old property and 100% rental income of the new purchase rental. Other lenders did have overlays and would not work with me, make sure you find the ones that don't!

Thanks for clarification @Chris Mason and @Jared Bouzek

Im currently going through pre-approval with my lender and had the same concerns. After expressing my concerns to them, they still think I will qualify. I have a rental that is 9 months old and additionally trying to count rental income for my next purchase. We'll see how it goes. Let us know your experiences when you find a lender -Brent