All Forum Posts by: Carlos Gamero

Thanks a lot for the heads-up, Jon. ?? Yes it would be a quad at the most.

Good info, thanks!

Thank you Nathan. The one bank officer I have already talked to said the rental income cannot help with DTI unless I can show it in the tax return, as you suggested. She said assuming I meet DTI I could qualify for a 15-year FRM. I will shop around some more.

I am considering buying a MF here in Tampa, about $120k. I have a few questions. What would be my best options for financing? 30-year Fixed Rate (conventional) an option at all or do I need to apply for a commercial loan? What about Amerisave.com or AimLoan.com? How much importance do lenders give to whether the building is 100% occupied with tenants under contract or 50%, or vacant? Thank you very much.

Pros:

- I have good credit and no debt.
- Able to put 25% or even 30% down.

Cons:

- Self-employed and income stream not steady.
- First-time landlord.

Dennis, found them. Thanks!

Thank you Joel. I had never heard of that before.

http://vaughnlawyer.com/template_article.asp?id=91

Yes that is helpful! It gives me confidence. Thanks for a detailed answer!

So if you were evaluating a quadplex, you would go inside all 4 units and check them out and the inspector would as well?

The seller should be able to offer some kind of proof of the age of the furnace/water heater/AC/ etc? How can I verify if he can't?

As far as tenants that have not been paying rent, wouldn't that show in the rent rolls of the seller? maybe I can ask the seller for the bank deposits receipts for the monthly rents?

Hi, these boards are great! I have a few beginner questions. Thank you very much.

1. When one goes to see a MF, if there are already tenants living in the apartments, how to check the condition of the units? Can potential buyers just go in and look around and everywhere and turn faucets and switches on and off and see if they work? Doesn't seem right, but one has to know the condition of the units somehow. If I make an appointment to go see an occupied MF, what is the best way to examine it?

2. If one is checking out an empty MF, what are the big items to look out for? The things that are about to go bad that can be a big expense in the near future? In my list I have the roof and mold in ceiling/walls.

3. If the seller provides 3 years of rent rolls and operating expenses, how can I look for signs of maintenance that has been deferred for too long? Unforeseen repairs that can eat up all the cash flow are what worries me the most. I have seen listings that advertise MF's with low operating expenses, but that may be because little preventive maintenance is being done.

4. Is it at all ok to talk to the tenants and see what kind of relationship they have with their current landlord? Also to find out what kind of people are living there.