All Forum Posts by: Rick L.

Thanks for all the feedback. I took @Andrew S. advice and contacted the city public works department. They offer a trash assistance program where they hand remove trash upon furnishing a doctor's note. I relayed this information to the resident.

I've had a new tenant move in to one of my four family units. The tenants have always internally developed a schedule to roll the large city trash cans from the rear of the building to the street for trash pickup. Typically, it results in each of the four units handling this trash responsibility once per month. However, the new tenant is older and claims to have health issues where she cannot push/pull anything over 15lbs. and cannot do the trash once per month.

Is there anything I'm legally responsible for as landlord? I currently live in one of the units, however I'm leaning towards telling her to work it out with the residents as this isn't a landlord problem. I don't want to be discriminatory or open myself up for a lawsuit. She does work part-time time for the city and has retired as a probation officer. Thoughts?

Thanks for the suggestions @Joel Owens Realistically, it sounds like seller financing is my best approach. I know a low, long term fixed interest rate is ideal; but what is coinsidered a fair interest rate to pay for seller financing.

Thanks for all the great responses. I would also consider just taking the capital gains tax hit and implementing the cash in other ways. @Joel Owens I don't know much about shared ownership. Where could I learn more about this and what are the usual minimum funds needed?

Thanks for your response @Jay Hinrichs I figured the retirement funds were a long shot, but wanted to provide as much financial information as possible.

The properties I'm interested in are B class areas. Places I would feel comfortable living in.

I have a family member that has a fully paid for single family rental home in California that would probably appraise at $500-600k. I'm wondering I could get them to do a HELOC on the property and use those funds to bridge my down payment shortfall?

I've listed for sale my current four-family property with the hopes of doing a 1031 exchange for a MUCH larger property. I would like to attain the largest size property I possibly can 50-75 units or $2-3 million. However, I think I'm dreaming a little to big in regards to what I can afford to buy.

If I were to sale my current property, I would profit about $225 after paying the balance on my mortgage. I also I have a 100k HELOC on the current property. However, I'm assuming any balance would be due upon selling the property. I also have about $75-100k in available cash for a total of about $300k for a down payment on my next property. What are my options for attaining the desired 2-3 million dollar multifamily property?

Are there commercial lenders that would finance a deal like this with 10% down? I look nearly perfect one paper, -ie, 800+ credit score, high income, great loan payment history, ~$250k in retirement funds I'm hoping to show at reserves, etc.

I've heard of bridge/ gap loans. Although my understanding of them is limited, it sounds like these are similar to hard money loans. High interest rates and really intended for short periods of time. These don't sound ideal for what I would need to do.

Seller financing sounds like it might be possible. However, it's largely depended on the lender and what they would allow. Also, the new Dodd-Frank rules may restrict these transactions.

Any other ideas? I really in the information gathering and due dilegence stages. If I were to sale my current property I would really like to have my best lending options lined up so I can plan ahead.

@Andres Piedra I uploaded a lease renewal letter to the BiggerPockets Fileplace just for you!

Here ya go!

http://www.biggerpockets.com/files/user/DRILLINDK/file/tenant-notice-to-vacate-or-renew-lease

@Chris Winterhalter great information. Thanks for the links!

@Andrew L. I highly recommend Frank Gallinelli's book. I just completed reading it. The book will have everything you are looking for in regards to ratios and metrics.

http://www.amazon.com/Every-Estate-Investor-Financial-Measures/dp/0071603271

Or you can search various threads and peice together the information you want. Mr. Gallinelli's book is a concentrated, straight forward guide to what you're looking for to analyse properties.

Thanks for the suggestions. I had never thought of using a fixed number per unit instead of a percentage. It makes more sense! Thanks!