All Forum Posts by: Chinda David

@Bryant Dargan,

Thanks for sharing 

Chinda

@CL Ziegler I am 63 year old and have 14 rental doors and one small mobile home park ( 10 lots and a small house in the park). I also owned my own home and I brought my first 3 Plex at age 59&1/2 ( legible to withdrawn from 401k without penalty). No, never too late for investments and building wealth.

@Jessop Adams I own a mobile home park in Lincoln NE, just like your - small and have only 10 lots. I brought from a family that similar with your situation. At the time I purchased, the Park had only 4 tenants but only one that paid the lot rent. So I ended up evicted all 3 and cleaned up the mess and rehabbed the vacant homes, and have to haul a few to the landfill ($2000 / home). Take me couple years to stabilize   the Park. Now I have 5 paying tenants that own their home and I have 2 homes waiting to be rehab. I am sending you pm, let’s connect.

Chinda 

@Grant Doyle, very simple find out how much she can afford, find out her source of income and verified. Make the deal with that her rent is only 600 or 700 or whatever you fill comfortable with. You and her agreed and canceled the original lease and make a new lease with month to month only (you also tell her that you may carry this low rent until next spring and you want to get the unit back to do some renovations). I have done this many times by the way all of my rentals properties were purchased with inheritance tenants. I know everybody want to make profit when starting out. Most of start up business are happy if they can break even for the first two years. You want all tenants to keep paying you for your mortgage payment, your utilities bills while you live there. In the meantime get to know this house, learn to be a landlord. Good luck! 

 Thanks for the update, I will follow your posting 

Awesome! Love it

@Account Closed Facebook is another good place to check out the people. I used it as an additional screening.

@Ben S. thanks for the update, really enjoyed following your progress 

@Lance Middleton, this is how I did it  3 years ago. i cash out- refinance my house and got 75% from the bank's appraised value  for $108K -  I own the house for 20 years plus and paid off the mortgage years ago.  Once I got the money from the bank, on the first year I brought one triplex and one twoplex. On the triplex I paid cash for  it and put in additional $15K for updating and fixing ( one unit was vacant while 2 units were occupied with very low rent).   The rents from the 2 units was enough to pay for mortgage's  payment from refinancing my house. 

After  done fixing, I put  the tenant in, with the market rent's rate. The two inherited tenants I non renew them as the lease expired and done some small updated and rent out with the market's rate.  It took me about 9 month then I cash out refinance my triplex with the 30 years fixed rate.  I used that money to buy a paid in full sfh and another duplex.  I used my original $108K as a seed money to buy the rental income properties.  when I turned 59 1/2 year old ( I am 62 years old now ) I withdrawal  $80k from my 401K  as a seed money.  Currently I have 2 tripex, 3 duplex, 2 sfh ( 1 paid in full), total 14 units. I am still living on my own home.

shop around for the local banks.  I have two bankers that works with me.  One is portfolio lender that their appraisal is just drive-by the property  that I am interested and they will tell me if they'll  lend me the money or not.  If they do, it will be a term loan with 25% down and  a competitive interest rates. Once I buy the property, I used my seed money to fix things up and then refinance with the traditional loan with 30 fix rate with the second banker.

Good luck with your journey with real estate investing.

Chinda

If you not raise the rent on this one tenant then you lose 215 a month times 12 mo = 2580. Is that what you want? 

Keep in mind if you do raise the rent every tenants needs to raise the same amount, otherwise you may get sue for discrimination.