All Forum Posts by: Cassidy Burns

@Jaysen Medhurst thank you!  Great advice.

@Account Closed Thank you!  Greatly appreciated.

Hi BP,

Closing on my second duplex on the 31st.  Should I obtain title insurance?  

Thank you!

Hi BP,

I have been running into this question a lot as it seems that the location I am investing in most leases are month to month.  This particular duplex I am looking to purchase is fully occupied collecting rents at $475 and $450/month.  Both on month to month terms.  The purchase price is $74,000, and can easily rent for $520 & $575.  Tenants currently pay all utilities.  Can I raise these rents immediately?  Can I ask them to sign a longer term contract ?

How do I go about handing this?

Thanks!

Welcome @Karen Harris

@Brent Neuenschwander thanks for the feedback.  I definitely am going to give the city a call back regarding the deposit.  What would you do regarding the interior construction that they said may need to take place?  How would this affect the current tenants?  Any suggestions on easier ways to split the lines?  

Hi All,

I wanted to get a feed started regarding opinions on the pros and cons of taking a multifamily building, in my case 4 units, that is currently on one water line and separating each individual unit.  The current owner is paying the water bill each month (2016 Expenses: $1,440).  I called the local water company and he quoted me around $4,000 to add all the meters but says it may take more construction than necessary, even requiring some walls to be taken down.  The building currently has 3 tenants, 1 vacant unit. 

My question is, are there specific more cost efficient ways to separate these?  Or would you leave it as is and when you take over the building, individually bill each unit for usage?  

Thanks in advance!

@Chris Mason Thank you!  Very helpful.  Happy Holidays!

Hi BP,

Quick question: 

I have a duplex under contract, have found 2 different banks that will finance this for me.  Both very similar rates and packages offered.  How do I go about choosing the best option?  I obviously want the fastest close as possible. Do I send my information and the information for the property to both and see which has the fastest response rate in terms of turnover and production of the financing?  Will having both of these banks running my credit as well as working on the deal hurt my credit and reputation? 

Thanks! 

Hi @Ned Carey, very helpful!  Thank you.