All Forum Posts by: Brandon Metzler

I currently control 7 properties via Contract for Deed, and have two more under contract in inspection period. The seller on the Contract for Deed contacted me stating that he has a property that he would like to buy and needs some capital, so he has offered me a cash price of $25,000 off of our contract. I’m looking for a loan of $180,000 against the whole portfolio of 9 properties, to pay off the contract for deed and complete purchase of 2. Does anyone have any resources for this? I assume it would be a private loan.

@Wiey Underwood

I think now is the perfect time for house hacking, whether it be renting out a room or getting a duplex. You can definitely do it with $20k.

@Gary Siver

He is state licensed. He’s used a qualifier for the past 15 years he said because he doesn’t test well.

I’ve had a GC ask me to be his qualifying agent and take the state testing for the areas he focuses (remodeling and painting). I’ve never heard of this but apparently it is common. What are some things I should keep in mind or be aware of? Liabilities? Commitments?

@Thomas S.

Yea I think that’s going to be my route, not even start to raise rents on the four inherited tenants until I have the three vacant units rented at market.

@Marcia Maynard

Would you happen to have a copy of the letter and rental agreement you used?

@Catherine Emert

Great point! I definitely want them to be comfortable in the transition, they’re long time tenants. Surely they know they’re rents are under where they should be if they haven’t been raised in 5+ years, but maybe not. I think I’ll be able to show them value in their increased rents though by giving them a more attentive landlord.

@Marcia Maynard

Thanks Marcia! I had never considered M2M until this deal but now I’m thinking it may be in my benefit to continue that; especially since the rents are considerably under market and may go up over the next year or two more than the tenants will like. I’ll check out the BP docs when I’m able to log in on the computer. I’m on my phone right now and can’t find them on the app. I’m sure they’ll work or I may take you up on yours, thanks!

@Daniel Kramer

Great question. I’m purchasing some month to month tenants as well so I’ll be following responses!

On Friday I’m set to close on 7 rental properties (3 vacant 4 rented) with the four tenants in month to month leases. So a couple of questions....

Should I have the current tenants sign a month to month lease with me until I am comfortable with them, since I know nothing about them?

Does BP have available, or anyone recommend, a month to month and a term lease template that I can use?