All Forum Posts by: Cyndrea Brown

Here's the deal- I recently bought a duplex property that needs some work. Long story short, I'm cash strapped and don't have the resources to have the work done so I've been stuck  for the last few months just trying to keep up with the mortgage with no extra cash to have the necessary work done to be able to rent the units out and start bringing in income. Now- I have someone that is interested in a possible partnership, where they would be willing to invest the cash to make the improvements. Before either of us agree to move forward with this, I thought I'd reach out to the community to ask a few questions: has anyone else been in a similar situation? What are some different ways that a partnership like this would function? Anything that I should be aware of before agreeing to a partnership? 

I have a duplex property in Los Angeles that needs about 5-6K in immediate repairs/work. Does any one know of any grants or loans that you'd recommend I apply for? 

@Aly W. That is my main concern and that of most of the people I've asked as well. It won't be a difficult property to rent once I get it fixed up but having immediate tenants will prevent any lag time for rent and allow me to focus on fixing up one unit first. 

@Michael Noto See comment above

Thanks for your comment, @Michael Noto! The main downside I see is just having people there who have owned and lived on the property for 14 years and how they would adjust to being renters. They have a lot of "junk" around the property that I would need them to now contain in their living area and things like that. But to your point- it would be month-to-month and one of the main upsides is that I'll have no lag time in rent. 

I'm closing on a duplex property and the previous owners have expressed interesting in sticking around as tenants for a couple of months. I've gotten mixed opinions about whether this would be a good idea or not but does anyone out there have thoughts or experience on the matter?