All Forum Posts by: Account Closed

@Orli Shnaider Most title companies probably work with investors in your local area. I'd also look for solid experience, even if it's worth the extra fees. Finding an affordable title company will be great but most are probably all similar and not too far out from costs from one another.

Once you find one, I'd stick with them in order to build a relationship over the long run, because that will definitely make a difference! :)

@Jeremy Reynolds, hopefully you can find someone! I'm sure there are a ton of other investors in your local area & that attend all of the investor meetups. Can try and find private $ from people you may know if it isn't a crazy amount and they can cover it. I wouldn't try & pull multiple people and just stick with 1 per deal & not cross state lines because of SEC rules. 

You can also try and see if the owner is willing to seller carry some of the costs with a 2nd mortgage if they're open to it! This will also help them lower/extend out their capital gains if they have them! 

Overall got a ton of options! There's $ everywhere! Hopefully you have a lot of local relationships with other investors!

@Joe Gilroy You can find a lot all over the internet or check mailbox lol. I'd personally handwrite or find some platform/company that does handwritten letters. If your just going for fourplexes, I'm assuming there is not a ton where personally handwriting would be an issue. It can be very basic. 

Getting their info, you can check several of the websites you mentioned. Also the county assessors website/property search (if they have their info on there) then you can also do a true ppl search for more personal data. Title company, you can pay them for a search service too. 

@Zainab Bahram, So you are technically inheriting the current lease and tenants from the sale of the property. So you cannot change the terms of the lease without consent and agreement from both sides. Without the consent/agreement and addendum to the lease, you cannot change the terms of the lease or force them out, because it is still a legal contract and still in place. You should not force, wrongfully persuade, or threaten them to agree to your intended changes with the intent of if they don't agree you will force them out. 

 In this instance since they have already been there it will probably be hard to increase their deposit since they are already living in the home. At the end of the term of the lease, if there is more damages than the security deposit amount, you can still bill for the extra as long as it's reasonable and stemming from their use and not age of the property/condition of the mechanical systems. 

You may be able to make an amendment to late fees, but would only be if they agree. You can also try and get the security deposit and prorated rent onto the settlement statement for closing. 

@Darius A. an interesting article on what is happening. What are your thoughts on it and your plans moving forward?

@Sam Booth, I can't speak for specifics to the area. I'd highly recommend building relationships with many different commercial bankers if that is who you are working with for the refi's unless residential.

You can definitely build relationships with local bankers, credit unions, and mortgage brokers for commercial refinancing. The big thing is that each can be very different in what they are offering at the specific time, have different qualifications, etc. 

Commercial rates right now, even some most residential can be anywhere from 5-6 % or more depending on variables like LTV, what type of loan product/note, amortization schedule, etc. I got a quote for my VA home loan and it is right in line with some commercial options. But commercial wasn't 30 year fixed. The 30 year fixed commercial from mortgage broker around last month was just over 7%.

@Ryan Taylor Mainly depends on the individual seller. Maybe after the TRR’s & something big w/ your inspection comes up that wasn’t noticeable during your walkthroughs.

In this market, making an offer initially asking for CC’s will make your offer not as good, especially in a multiple offer situation. They’ll review the best offer based on whatever price, terms, type of financing, etc. In this market most buyers are willing to pay theirs, offer prices are much higher - with appraisal gap contingencies, waived inspections, all cash, or a combination of any of these based on the buyer all in order to hopefully get an offer accepted.

In our market, the supply is low and demand is high and i’m assuming it’s the same for yours. You can always ask, it may just take a lot longer & a lot of tries to get an offer accepted for homes that hit the market immediately. If the home has been on the market a longer time, then at that point, you may have a higher possibility of it working - probably because the home as some kind of issues, whether location, being overpriced, structural, etc.
 

@Olga Peksheva you should be able to use them still, you’d just need to create a new account associated with the business email & business account. If you like using them. 

Many other rental/property management platforms also have payment systems for autopay, like apartments.com, tenantcloud, buildium, appfolio, etc.

@Brian S. congrats!🎈🎉 

This is definitely a situation that will be best handled on however you want to do it & what you are most comfortable with. But I’ll explain more below.

For leasing I have done apartments.com, then marketed it via their website (synchs to other websites, they pay for screening/application fees which is good for 30ish days so they can apply to others on website if you don't go with them, their payments are reported to credit bureaus) then used Facebook marketplace & usually get a lot of attraction. Have also used the MLS & furnishedfinder.com (for furnished more places). Have friends & coworkers that use Zillow, appfolio, buidium, tenantcloud, etc.

Now if you are doing the leasing & property management & are the point of contact, are going to be doing the showings, and they meet you, they’ll most likely know or figure out you’re the owner. I wouldn’t mention it in the description, I’d just inform them in person if they apply.  

Another option would be to hire someone to lease the home  &/or manage that way you can remain more on the DL & just act as another tenant if you’re more worried about privacy & asset protection. Also depending on if you want to manage based on your job. More of a hands off option that way they don’t know you depending on area & class of future prospective tenants.

Overall either option is good, if you do it, be responsive, communicable, a good person & keep good records of everything. You’ll definitely learn a lot through the process! 

@Kelly Lane congrats! super exciting & time to celebrate! 🥳

Curious, so was it your own deal that you invested in w/ your Self directed or did you use someone else’s? Know of all of the restrictions with dealing with self and definitely have to be more careful and follow all of the rules.