All Forum Posts by: Brad L.

You mentioned not separating the garage bays. I’m admittedly a pessimist, but what happens when one tenant says something is missing from their car and they accuse the other tenant of stealing? That’s a mess

I don’t see self-storage on your list, but it should be

So you're saying the Buyer is going to file a claim with the Title Company for the insured amount and come after you for the additional costs like paying the architect, pulling permits, etc? Or are you saying the Buyer is coming after you for everything? Because the latter doesn't really make sense.

I own a self-storage facility, and a large percentage of our tenants live in C class properties (or lower). Definitely not all, but a large percentage.

If you don't have the conversation now, chances are good there will be a second pet at some point during their lease.

Originally posted by @Ronny Tiburcio:

Christopher Blanco thanks for that but my question is specifically for someone who decides to go with conventional financing. I want to know what kind of things will get me declined and what kind of things will get me approved. For example, i have good credit and about 15k in the bank and a couple of assets. Besides that what else is the loaner looking for?

These questions can vary depending on the type of property you're looking for. For example, if you're looking for a multi-family property, they'll want to see adequate reserves in your accounts to ensure stability after the purchase. 

Look at it from their perspective; if you were a hard money lender, what items would be red flags to you for someone asking you for a loan?

I "started" with financing, but was still actively looking for deals. There is no reason to stop your search while awaiting pre-approval.

We own a duplex on a street that is lined with other duplexes. As soon as we bought the place we raised rent for new tenants to $75-$100 over average rent for the street , and still filled the units immediately. We bought the place betting on the fact that the entire area was under-charging on rent, and we were right. Definitely look into your competitions' rates, but also take some time to find out if those rates are accurate.

You should screen just like you would for any other tenant moving in to your rental. Even if you decide to not act on anything you find in order to keep your "good tenant", you should at the very least be aware of the skeletons, if any, in the closet of this new tenant.

The tenant gives you their money every month. With them doing repairs, they'll be cutting corners to get back as much of that money as possible.