All Forum Posts by: Emily Rolando

Thanks Chris, I tried Ryan Lane and he actually told me he didn’t do this sort of work. He gave me another contact who I reached out to but no response as of yet. Any other ideas?

In my mind it seems reasonable as well. I just wanted a bit more clarity that it is indeed legal. Thanks for your thoughts!

Hi there, I have 3 duplexes in Aztec NM, and haven’t found a real estate lawyer who will double check my lease. I know I can use a generic state specific one a d be done with it it I’d like to use my own preferably. I also have a few pressing tenant/lease renewal questions for them or maybe someone on here with NM rental law understanding better than mine. See question and extra info below. TIA

Can I increase rent for one unit because 3 people are living in a 1 bedroom while not doing that in my other units?
extra info: The 3 people are two adults (mom and adult son) and 1 minor (moms daughter/sons sister). I’m not going to kick them out due to potential discrimination against familial status and they were inherited tenants who pay and want to stay. But I’d like to increase rent when lease is up and hand over all utilities to them. I’m not going to increase rent on anyone else however (most are month to month). Would this be considered discrimination? I can see it both ways and the landlord in me sees additional wear and tear, utility use etc that I’ll end up paying for if I don’t.

Hi there, does anyone have experience working with Section 8 in San Juan County NM? Can I pick your brain with a few questions or want to share your experiences? 

I had a Tennant come to me saying they were approved and wondering if I could work with this or otherwise they'd probably need to find another place which does. Some extra info: retired older single woman who's lived in the property since 2020, daughter lives in complex next door so its a good set up for her to be here long term but if she leaves Im looking to transition part of utility responsibilities on to the next tenant which would be good for me so Im open either way but even more open if HUD could roll with this change. She is currently M2M.

TIA

Thanks @Aaron Moayed and @Bjorn Ahlblad for your thoughts. I'll keep it simple and straightforward. 

Hi there, I'm closing on a 6 unit property at the end of March which is 100% occupied. What tips do you have for building rapport and relationships? Example letter you have sent to existing tenants or specific phrases you've found useful? Other actions or things you've done to start off on a good foot?

Hi there,

Im working with a local community bank to finance a 6 unit property. Appraisals are pretty backed up in the area and their process was taking awhile in general. They went ahead and did a 'desktop' appraisal through a company they use and I only found out about this after they did it. Is this bad for me overall? Less idea of overall appraised value or should I not worry about and keep on trucking through the process? Another lender who I have been talking to said she though the appraisal might come in tight for the sales price but she really wasn't super confident or rattling off lots of comps or data about it. Sales price seems in line with market sales but there aren't a whole ton of 6 units selling in the area. Should I pay $3500-5500 (recent 2 bid prices) for an appraisal just for my knowledge and potential negotiation if the appraisal came back low?

Thanks Grant. Can you take it one step further for me as this is the exact spot Im stalling out. How much (if any at all!) could I pull out with numbers as is? If purchase price stands, am I looking at leaving the downpayment and repair value all in the deal just increasing my cashflow to refi at 80% LTV and out of Mortgage insurance?

What would numbers look like to refi at least some, say the repair value of 35K out and leave in the initial 10%? How do I calculate and play around with those numbers?

Thanks!

Can you help me understand what a cashout refi would look like here and how to think it through? 

This is a house hack property where Id be living in it building out the basement and renting the upstairs for $2,300 while doing so, then a roommate when the bottom is finished. Im getting a traditional mortgage instead of hard money straight off the bat so I don't have the pressure of a high interest loan, I'll be using a primary residence mortgage and generally want a back up if I cant cashout refi for some reason. 

Purchase price: $515,000 

10% down= $51,500

Loan= $468,135

Rehab = $35,000

ARV (estimate) 600,000-625,000. Lets go with 615,000

How does the rest look to you and why? Here is where I think I might be going astray. The BURR calculator didn't help me learn the analysis and I couldn't understand if I would indeed be able to take any money out or end up with over 100000 of my money in the deal (which I do not want).

Thanks!

Thanks. Why are repairs cheaper in Mobiles vs stick built houses? And whats your best way of estimating costs? Im working on getting a GC and an inspector (a little redundant but the place is rough and I want to be sure I get an accurate punch list of repairs) but Im not sure if I can actually get a GC to give me a list of all the repairs we go over and cost estimates. 

Does anyone have buy and hold rental properties with manufactured/mobile homes on them?

Unexpected pro/cons? Would you do it again?