All Forum Posts by: Damien Anderson

Hi All,
Im in the process of closing a quad. We are signing closing docs today and doing the final walk thru. One of the tenants let us know that some of the renovations the owner was doing for him was halted. That tenant is still waiting on new carpet and some paint and few other items. We have it documented that items were supposed to be completed, so now they that they are not what should we do? Should we delay signing and wiring our money to the bank? Is there some kind of post-close operation we can employ that will allows us to close but still require them to finish the agreed upon work?

@James Mc Ree You nailed it! I actually called the PM company myself even though I have not closed yet. I just didnt understand why anyone would 'refuse' something.  It turns out the PM company is the problem.   They used the word 'refused' and turns out that is not the case. Reading over everyones responses I also believe that word is a trigger for a lot of us, myself included.  However, now I have to scramble quickly to get the tenants to sign something and I dont think they use email at all haha, wish me luck, and Thanks everyone!

We close on a 4 unit building in Ohio is just a few days and right at the end here we are have strange situation. Some of the tenants are month to month, they are paying thier rent and we have proof of that. However, what we didn't realize is they do not have an actual month to month lease. The PM company will put notices on their door for things like rent raises and they have just paid. The problem is they refuse to sign anything. At any moment we can give them 30 days notice and if they do not vacant then we can evict them, however we would like an agreement from them of some sort stating their name, how many people live in their unit and how much they are paying in rent. Does anyone have any ideas as to how we should proceed? Is there anything we could be missing, i just dont understand why they don't want to sign something thats month to month. Would this be a deal breaker for anyone?

Hi Im and out of state investor. I was in Cincinnati in the last few weeks and I have been trying hard to make an offer on a property.  I just feels to me like the market is still high and sellers are still asking for more than homes are worth.  I have had agents tell me, 'well the rents support the purchase price'.  I get that but is the value there? Is this the new normal or is this market going to dip a little.  I feel like inventory is increasing since I was there 30 days ago already.  Can anyone shed any light on what they are seeing?  Should I wait a few more months?

My biz partner and I are interested in properties in two different states.  We are at the point where we want to get pre-approved.  If we get pre-approved with a national mortgage lender like Quicken, can the same app/credit inquiry be applied to multiple states.  Or do I need to apply within the state that im I plan to invest in?

A friend of mine is looking to start house hacking in Maryland. They have been approved for a loan but FHA and the banks have told them they as owners have to occupy 50% of the property. Has anyone heard this before?

They would like to purchase a 4plex and occupy one unit.  Everything I have ever read never says anything about 50% occupancy. 
  

@Tapan Trivedi Thank you, yeah that makes sense. I had this thought that I should I get pre-approved at home first for some reason.  I guess because I had done that in the past with residential

@David Fenster I get the feeling living in CA is always going to be a factor no matter where you do business.  I would gladly take a recommendation. Is the best way to just send you PM?

@Evan Polaski what an answer! Thank you for that.  I have re-read 3 or 4 times already.  Thank you again

Hi All

Im at the beginning of my REI journey. I have saved some money and read a few books but I still have some very basic questions.

If I want to get a loan, let's say 20% down, 30yr for property in another state, do I need to apply for a loan at bank in that State?  Can I apply for a loan in the state I am in at large national bank that has a branches all over the country?

One aspect Im not clear on is an LLC and OA. I feel like I need one but Im kind of on the fence because I live in CA and you have to pay $800 every year for an LLC. Is an LLC the only way I can get tax benefits and use for expenses. As an example, if I travel to another state to view properties, do I have to have LLC to expense that? Im starting so small, Im not sure if LLC is worth it yet, Id imagine on larger properties, with partners that it becomes much more critical. What am I missing? Should I just go to a lawyer now?