All Forum Posts by: Dennis L Lewis Jr

Welcome @Account Closed start making those baby steps, all while doing a little self education i.e. blogs, books, webinars and networking events as you mentioned. I think these are key essential parts, as you build your funds.

Good Luck and again Welcome to BP!

@Wayne Brooks

Thats exactly what im worried about-if any "hang-ups" happen with refi, it could open up the flood gates of problems I fear.

@Jeff Copeland

Yes, both properties sit on the same parcel.

At the current condition the duplex is in, I dont think it would refinance for the amount needed to purchase it. Not without rehabbing the inside, which would have to be until the current tenants moved out.

@Michele B.

Both properties are on one lot. As far as financing, Im trying to find a creative alternative. If i were to go the traditional route I would need at least 20% down on it, which I dont have at the moment. Ive been pre approved for an FHA loan, but still wouldnt be able to work in this case since I would need to live in the property for at least a year.

How would you go about buying this property?

Hey BP,

 This may be an amateur question, but im going to ask it anyway. I was sent a deal that consists of 3 doors (duplex and a mobile home)  fully rented that will seem to cash flow after the appropriate reserves are set aside. They want a cash offer of $128,000 for both properties.

My question to you guys is would I be able to use a hard money lender to obtain the property with cash and then refinance the property through a bank to obtain my mortgage?

Ideally I know we use hard money lenders for funding and purchasing rehabs. This particular lender though typically only charges 3 points on the front end and doesn't collect payments until the end of the loan. 

Has anybody ever done this before? Open to all input and opinions.

Thanks,

Dennis

@Andrew Easton

I agree with both @Mike Dorneman and @Kyle Bruns. Although like Mike said since its closely targeted, giving details of you intentions and interest in the property might not be bad idea. This may be someone looking to unload a property and make some quick cash. Keep us posted. Good Luck!

Thank you for your service @Kyle Robins As mentioned above, find a area you like, find an agent or investor familiar with that area. I would also recommend finding a specific strategy/method to your investing. With real estate investing, there are  a lot of ways to do it and can be a bit over whelming.

Best of luck to ya!

Very interesting topic, thanks for sharing  @Dina Abbott. Never thought about something like this happening with tenants.

In experiencing this, what are your plans moving forward to prevent this from happening again?

@Ray Harrell

Thanks for the feedback!

@Rachel H.

Thanks for your feedback!

I like the idea of going in as the property manager. Would hate to start off my relationship with my tenants with a lie, if they decide to look up the owner of he property and see that it is me. If I were purchasing the property with an LLC, I would have no problem taking that route.

@Dennis M.

Very helpful advice thanks. That’s kinda along the lines of what I was thinking, as far as approaching them. In not knowing what you bought, things can go either way.

In a situation like this, would there be any way to find out information about my tenant. To see what type of background they have, without actually running them through my vetting process?

Hey BP,

Newbie Investor in the process of finding a multi family property (duplex, triplex, quad) to move in and house hack and becoming a landlord for the first time. In my searching I noticed some of the propeties will say that there are tenants currently living in the other units. 

If I were to purchase one of these said properties. What are some tips and advice to "break the ice" for someone becoming the new owner in taking over a property with tenants already in place? What are some procedures/ steps that you've found useful?

Please share your experiences.

Thanks,

Dennis

@Henry Birt Day

Keep us posted. Hope it works out for you.