All Forum Posts by: Charles Carillo

@Ryland Jacques

We work with a number of foreign partners that invest into US real estate. Feel free to DM ME for any referrals to; accountants, attorneys, lenders etc. who specialize in working with foreign real estate investors.

@Si Schafer

Have you enlisted the services of any independent insurance agent? I have found that working with independent agents is the easiest way to find insurance for difficult properties.

@Ronel Saleh

We have partners who are foreign investors. DM me, and I will send you contacts for attorneys, lenders, and accountants they have previously used. It is important that you hire professionals who have experience working with foreign investors.

@Qwee Parker

There are 3 main parts to a seller financing deal: down payment, interest rate, and price (4th would be the term). When speaking to the owner (building rapport), your main goal is to figure out which of these main 3 is most important to them. Once you learn this, you can tailor the offer to meet their needs. For example, if they really want $500k for a property, maybe offer a purchase price of $500k but a lower down payment and interest rate (and a longer-term). They are getting what they really want, and you are crafting the deal to where it will still make sense for you.

One potential issue is if what is most important to them is also important to you. For example, if they want a large down payment, and you only have enough for a 5% down payment, that is an issue. Or if they want a high-interest rate, and your numbers will not work at that interest rate, or if they really want a crazy high price where it will be difficult to cash flow and refinance in the future. This is where you need to really start working the numbers, but hopefully, you can craft a deal around what they want.

@Dave Charron

When I owned and managed C-class, I would tack on the late fee and give them another week before going further. Usually, we would get paid in the 7 days after the late fee. I found that with C-class, you need to be a little more flexible when compared with B and A-class assets. I could go to eviction sooner without communication from the tenant, which always worries me.

@Arron Paulino

Some strategies for this situation include "Subject To" and "Wraparound" Mortgages. 

Subject To is where the buyer purchases the property subject to the existing mortgage. The existing mortgage stays in place, and the buyer takes title to the property and begins paying the mortgage.

A wraparound mortgage is when the existing mortgage remains, but the buyer's mortgage wraps around it (in the second position). The buyer makes payments to the seller, who will then pay their mortgage.

@Daniel Barba

When I have inherited tenants, I have been most successful when I have provided longer non-renewal notices, like 60-90 days, and offered to assist with moving costs. I understand this is not a requirement, but I have never received a damaged unit from an inherited tenant or any legal issues. I know this is above and beyond what most municipalities require, but being fair will make the whole process easier.

Additionally, a new landlord can reduce the 60-90-day notice by offering more moving assistance (cash and/or labor) if they move sooner rather than later.

@Eduardo Cambil

There are 3 main parts to a seller financing deal: down payment, interest rate, and price (4th would be the term). When speaking to the owner (building rapport), your main goal is to figure out which of these main 3 is most important to them. Once you learn this, you can tailor the offer to meet their needs. For example, if they really want $500k for a property, maybe offer a purchase price of $500k but a lower down payment and interest rate (and a longer-term). They are getting what they really want, and you are crafting the deal to where it will still make sense for you.

One potential issue is if what is most important to them is also important to you. For example, if they want a large down payment, and you only have enough for a 5% down payment, that is an issue. Or if they want a high-interest rate, and your numbers will not work at that interest rate, or if they really want a crazy high price where it will be difficult to cash flow and refinance in the future. This is where you need to really start working the numbers, but hopefully, you can craft a deal around what they want.

@Alex Moazeni

You are already out $8,000; I would probably call around and see what kind of deal you could get at a hotel for 10 days. An extra $2,000 or $2,500 is not ideal, but you can rectify the problem once and for all. Additionally, you already paid for the work, so I would want them to complete the job ASAP. If it is still a problem, I would also give them 10 days of rent relief. I might speak to your attorney and see if they can sign something as well. Mold issues can become major legal issues if the tenant were to go that route. I would try to get something signed if you get a hotel and offer free rent.

@Garrett Johnston

We have partners who are foreign investors. DM me, and I will send you contacts for attorneys, lenders, and accountants they have previously used. It is important that you hire professionals who have experience working with foreign investors.