All Forum Posts by: Donald MacMillan

@Chelsea A. It is a difficult situation. There is an young adult relative also living in the unit. I suspect his presence hasn’t been included in the previous landlord tenant at will agreement. It’s tough because the previous land lord didn’t keep up with the markets and also isnt fair to the other tenants at the property. It’s a great unit with a ton of onsite storage I could easily rent it out at market value. I was planning on referring them to many of the housing assistance programs prior to raising rents.

@Joshua Haynes I have. That is where I discovered how far below market they are.

@Jacob Lapp thank you for the resources! Good advice.

@Tyler Bushey thank you for this.

Hey there Bigger Pockets community. I am in the final stages of closing on my first deal. It is two duplexes on one lot. The lot can be subdivided, which is my plan to add value to the properties as they could then be sold or refinanced individually (eventually). 

My question to you all is some of the tenants have rents that are almost half of what market rents are for similar properties in similar conditions. Some Tenants have been there for 30+ years. What is the best tact for having the discussion with the tenants about raising the rents?

When is the next meet up for this group. I would love to connect with everyone. 

But, it still doesnt solve the problem when trying to sell or refinance that your closing co, or new mortgage co needs a payoff statement from the company. Doesnt this usually come from signing a release? 

@Account Closed, Just starting out and learning before I take the leap. Just thinking through some of the mechanics before making a terrible mistake. How do you add yourself to someone elses mortgage?

Hello, 

How do you get a mortgage payoff statement when refinancing or selling a property acquired through a subject-to? What if the mortgage holder is not cooperating? Mortgage companies can not disclose information about the loan to anyone but the lien holder. Do you get a disclosure authorization upfront as part of the deal and leave the date blank?

Hi Alex, I see this is an older post, but I was wondering if you could send me a copy of the same terms sheet you were willing to share in this thread?