All Forum Posts by: Francesco G.

See if you can have an inspector or trusted contractor walk through it with you when you go this initial time.  You don't need a deep inspection but they'll be able to spot something you'd overlook.  This will help you adjust your offer accordingly and also add any options to your offer.  I recently purchased a fourplex before it hit the market and did an initial walk through with the owner just as you are doing.  This is definitely something I'd do in the future.    

On a person to person level i would just try working out a better way to end the tenancy.  Let them know they can leave if they vacate prior to the court date provided they clear out the unit. It won't count against their credit and you won't follow through on the eviction.  You will forward the security deposit to new address within 30 days as long as there is no damage or additional costs incurred by you.

This allows you both to move on and for you to get it rented out faster without losing 2+ months of rental income.  

If they won't go peacefully or timely, go through with the eviction proceedings.

What state are you in?  Does your city have any specific regulations as to the procedures for dealing with delinquent tenant?  Check these first and follow the rules of your state and/or city.  

 Good point Mark.  Thanks for your input.

Hi everyone,

I'm contemplating taking some equity out of my first investment property to fund the downpayment on my second which I just went under contract for.  I'm currently at 4.1% on my first property with a 20 year fixed rate.  I can take out about $75k to put down on my new purchase.  Only catch is that since rates have creeped up I'm not sure if its worth it to switch my first loan to a 30 year fixed at 5-5.5% to get the equity out.  My goal is to accumulate a few properties this year.  I've currently got the cash for the second downpayment but would rather hold onto it in case another deal comes up this year.  Would love to hear everyone's take on this.  Is it worth it to to pay more on the first loan and use that equity or should i leave that one alone since the rate is good and use my own cash for the downpayment on the second property?

Thanks

Hi,

I'm in northern NJ and looking for a lender that can do a mortgage on a 4 family property.  Terms have been agreed upon as its an off-market deal.  I'm looking to get this done in the next week so please reach out.  I own a similar property nearby to the new one.

Thanks

 Its a 4 unit building.  Thanks for the suggestion though!

 Thanks Nathan!