All Forum Posts by: Dibyendu Mukherjee

Quote from @Chris Martin:

I see. The OP had the word "project" and the response had the word "product". There are a billion (exaggeration) companies out there "connecting borrowers to lenders" and no doubt, you've discovered something new. And no. No need to understand the overall multi-trillion-dollar mortgage market since you've got it figured out. Got it. 

 Yep, you got the point.

Quote from @Chris Martin:

I guess I'll ask the obvious. Have your read (and understand) the Fannie Mae Loan Origination Process? There's about 750 pages of detail that cover the majority of residential loans made in the US. Lots of answers in there....

 My product is slightly different, it's more about connecting borrowers to lenders, so I don't think I need to learn about Fannie Mae at this point.

Hello,

I am working on a project for which I wanted to get some information about the Loan Origination process. If you have experience using any of the tech platforms like Blend, Floify then thats a plus, if not that's fine too. I'd love to chat with you to learn a little bit about the process. I'll need you to sign a basic NDA and I'm happy to gift you a $50 amazon gift card for your help. 

1) If the tenants are on a month to month lease, then they can be easily removed / rent increased depending on all the checks right?

2) I’m wondering why the original owner is trying to sell it. From the numbers, it looks like it’s making a profit. Does this mean that there’s something fishy?

3) If I decided to put an offer, is there a lawyer or PM that I can ask to review all the tenant related details? How much can I expect to pay for this process for 2 tenants?

4) how much does the eviction process cost for 2 tenants in Columbus OH?

Quote from @Angela Harding:

When buying properties with tenants ask for the ledger, the application and the background checks. If they don’t have it then get the tenant info and do a background check. Sometimes people sell cause they have crappy tenants. Then when you have to evict it can cause thousands in damages. Make sure you walk through and see how tenants cleanliness is. Make sure you have social security number and birthdate before purchasing so you can pursue damages if need be. 

Thanks Angela. I talked to the real-estate agent and he said that we can put the rental agreement as a contingency to the offer. It's an off-market deal. Is this the best way to go about it? Or do you think I should see the rental agreement, ledger, background checks and the application before even putting an offer?

Quote from @Grady Bell:

generally there will be a few touch-ups that happen from the time that the tenant moves out to the time that the new tenant moves in. Paint touch-ups, carpet cleaning, professional cleaners, etc. Some will be taken out of the tenants security deposit but most will be billed to the owner from the PM company. One issue I ran into with an HOA is the "telephone" game where the HOA will notify me via email of some small infraction on the tenants part, so I have to inform my PM who then notifies the tenant. Easy fix, but mildly annoying nonetheless. Hope this helps!

 Thanks! Looks like if I’m OOS then I’ll have to get a PM even if the tenants have a few months of lease term left.

Hi All,

I'm preparing for my 1st investment property in Columbus,OH. I am getting a lot of mails from agents for properties with tenants in them. A few questions:

1) What additional cost should I account for the property for having tenants in it? Just the property management company? How do they calculate cost here if the lease of the existing tenants is going to be up in 2 months? Any references for good property management companies are welcome.

2) What are some of the issues to be mindful of for having the tenants?

3) Will I be able to increase the rent at the end of the lease by any amount (of course to market rate) ? Or are there laws that prevent an increase beyond a certain %?

4) What questions I should ask my real estate agent or just in general what is it that I must know before investing in these types of properties so that I can avoid risks.

What are some good sources to find the following information about a market:

1) Current condition

2) Future growth

3) Current industry

4) Demography

Quote from @Travis Biziorek:

Hey Dibyendu, happy to talk Detroit shop any time.

I have 12-doors there and am very active in the market while living in California.

I'm massively bullish on Detroit's future and growth, and there are a lot of reasons to be. I always suggest folks Googling and watching the mayor's "State of the City Address" for a quick primer on all the impressive stuff happening in Detroit.

 Thanks all, I'm doing a bit more research and I have connected with some of you to learn more about this.

Hi All,

I am a beginner looking to invest in a rental cash-flow turnkey MFH with a reasonable yoy appreciation. I'm looking in Columbus, OH primarily, are there any other markets to consider? I was thinking about Detroit, MI, but I'm just not sure of the current state of the market and the demography and whether it will be a good market in the future. Any suggestions?