All Forum Posts by: David Boroughes

@Tom S. Expenses and vacancy

@Anthony Thompson Thanks for the note and suggestions of lending institutions. 

@Brie Schmidt WOW! 2.79%? That's phenomenal. I'm going to look into the commercial aspect. Thank you 

@Brie Schmidt Thank you. Won't the bank still look at my DTI?

@Shain Ismailovski Thank you. Private money for a buy and hold is too expensive.

@Bill F. Thanks. Yeah, higher interest rates are no good. My personal mortgages are in the 4-4.5 range right now, if I can refi, I can likely reduce that, going commercial maybe close to where I'm at now which could actually work.

I have several conventional mortgages on rental properties I own. I'd like to keep buying, but the banks are saying too many mortgages and debt to income doesn't look good (they go off tax returns, not leases for income). I heard it mentioned on here before, but not sure if this is possible. Could I portfolio some of these mortgages into one loan and thus open up the ability to qualify for additional conventional mortgages somehow? Maybe the portfolio loan is for an llc that owns the properties, or something to that effect. Any advise on how to scale up at this level would be appreciated. Thank you,

@Natalie Cloutier Interesting take on this by being proactive with the letter. Personally, I am going to wait and see what does or doesn't come in for rent in April and see if any of my tenants reach out directly with issues on payment. I have a good working business relationship with all my tenants, I'm pretty small time (12 units), so they know me and I know them by name and face. Everybody has a lot going on right now and individuals have to work through this, some will be fine, others may see a reduction in income and may have an issue coming up with rent, at which time I will work with them individually to come to a mutually beneficial solution whether that be accepting partial rent, utilizing a portion of the security deposit, or coming up with a payment plan. Each situation will be different. Good luck! 

That's quite a list! WOW! I guess I start a bit more informal, see if I get a response and then dig a little deeper. 

Can you tell me a little about yourself and who would be living with you?

Any pets?

Where are you living now, and what is your reason for moving?

I understand laws are different there, but here we have to be careful about limiting occupancy... make sure you are legally allowed to limit the occupancy, just a suggestion...

What are some of all of you folks pre-screen questions?

@Sean Snider & @Stephen Barnabei  He ended up catching up with some back rent about a month ago, I'll probably have to chase him again this month, not a bad guy, I've know him 20 years, just a pain in the *** when it comes to making payments. I'll put up with it, even if he beats me out of a few months of a year... luckily this is not that much $ per month and I tell myself not to let it get to me...

@Dennis M. Yes. Handshake agreement, this is just detached garage space at a multi family, I wanted to collect some revenue, but only with guys I knew because I really don't think legally I could rent the garage spaces, the property is zoned residential not commercial and commercial use is not allowed without variances, etc. So these guys get cheap rent, and use the garage for only storage, come and go as they please and keep their mouths shut. 

@Ray Harrell, Thank you. I will look into storage company rules, great idea!

@Andrew B. , Thank you. I will look into. Rent was always cash and they are actively using the garage, coming and going at least once a day, just not paying.