All Forum Posts by: David P.

Well after talking to some property management companies in the area they told me this happens a lot to them taking over from a owner that does their own management. What they do is let the renter pay weekly because the lease is already signed and as long as it is all collected by Monday they are not late. Since it is a  year lease like mine are at the end of the lease they will give them a new that matches the amount they are paying now and make it monthly. It is the tenants I have they get paid weekly and some can't handle there money to make it to the end of the month hopefully we can do the rehab I want and move to a better client the area is a good C my place is the worst on the block that is why I got it so cheap.

The lease is very basic I have to pay the electric they cover the rest each unit has a meter so not sure why I pay the electric but the cash flow is over 900 a month this way and they seem to be happy with they way it is.

The way they have it set up is every Friday they make a payment which five months have an extra Friday so little over a month extra in rent. Doesn't seem right but do I change it most tenants have been doing this for more than a year now two of the for 3 years now. 

I agree a lot more to keep up with but this is the second one I have seen this week while I'm making offers on these units one is a triplex and the other is a quad owned by different people. It is about 2000 a year difference in rent on one and a little over 3000 on the other another they have been doing this for years from what they are telling me.

Hi Every

  Just a quick question does anyone set-up their renters on a one year lease where they pay weekly instead of monthly. I'm looking at a property where they have done this and they told me they make more that way than collecting monthly. I did the numbers and they are correct but I haven't seen this before so not sure if a landlord can do this.

The HML group was local to the properties they said they could do it then when I really wanted the numbers they backed out yesterday. The problem I had was it was two properties different owners and one was for 43,500 it's hard to find someone to loan on that and with putting a lot in it leaves me to close for my comfort on the other one. So I learn if it was here in California I have relationships with lenders and can get things done. I looking in Fl because I have family and friends in construction that can look at things for me and the pricing is far better that here in Southern Cal.

Hi Everyone

Thanks for all the support.

I'm going to let this one go and close on another I have been working on that I can pay cash for and have a very nice return. I tried several different ways to do this one but the owner isn't really wanting to do anything creative either cash or 50% down and he would finance the rest. I don't want a partner and I don't want to use all my cash on one deal more will come I'll just keep looking. If some one wants this let me know I can point you to the agent I was using for this he is good and understands investors he found the one I'm closing on Jan 8  with a 1000.00 month clear with property management doing everything for me. I'll get a EQ line on it later and buy another one.

Your right I would like to only have to put 25- 30% down

Hi Everyone 

I am looking for some help if Florida up in Panama City area. I found a place and have a contract haven't sent back the Signed "Contract for sale and Purchase" because the lender I was going use told me today he doesn't lend in Panama City for some reason so now I have to find someone new. He had over a week to tell me this on the contract the agent put option (a) Buyer will pay cash at closing. I know since I haven't signed the contract and sent it back I could back out now but was hoping to find someone that could do this loan. Thanks for any input I could do standard loan just want to close faster.

Property

2 duplex's on the same property

Have agreed for 93,000

3 units pay 245.00 weekly 38,220 yearly

1 unit 750 a month  9,000 yearly

total 47,220 

taxes 1358.00 

I have to cover electric on 3 units the bills for the last 6 months have been under 350.00 every month.

I was going to close 8 Jan but need to see if I can get that pushed back now. 

would like to find a HML that would do 25-30% LTV

I am looking at multifamily in the panhandle I have one under contract just looking for a HML so I can close it.