All Forum Posts by: Frantz Joseph

@Keegan Darby

I think first it varies based on why type of property you have ie... house or apartment or multifamily house. We like to have at least 2 year leases with 4% increase YoY. We make up the Reno on the 1st year and we get a profit in the second. Fewer tenants for us = no cost to turn the property and less fees to pay property management for lease renewals. I also have business tenants and I like to get them on 3 year leases with 4% yoy increases.

@Josh Osif

I felt as if we had similar situations, what I ended up doing was talking about Realestate so much at my former job I was able to partner with a manager of mine. Due to my prior banking knowledge I was able to educate my manager we both got helocs and went in as 50/50 partners on 2 assets totaling 14 units. We put everything under an llc. We had to put 25 percent deposit because it was commercial mortgages. Because the properties are under one llc we were are able to place the Insurance under an umbrella policy which save 25% on the cost of insurance. It’s been 2 years and it feels like 6 months since we owned the properties. I am learning so much. We are preparing to refinancing the 11 unit asset we have. We increased rents nearly 50% more than when we first started out. We did this by renovating the exterior, grounds, and common areas, and doing great renovations on units that became vacant.

@Matthew Irish-Jones that is a tough sell in these days good luck. I have been struggling in GA to find a lender. #1 they don’t like I’m an out of state investor, #2 they don’t like that my portfolio has mixed use. #3 P&l looks horrible from last year since I did tons of renovations and upgraded a lot of things on the property last year.

@Andy that’s a big win.

@Aurus J. Sanchez

Great I’m advise I use Venmo or PayPal too get money out my card as well. I even paid my partner so we can get money out a card to pay an unplanned bill

hi Robert this happened to me already all you have to do is give the utility company the repair bill for the pipe and they will probably reduce the bill to what it’s suppose to be. This happened to me before and I’m actually going through it again on another property

Buy a new stove and increase her rent to pay for the stove, you purchased. when her year date comes up just tell her the rent increase is due to maintaining the properties conditioning and amenities.  :)

@Tracy Dickerson

If your in Tri-state ny M&t bank is a great place to get a heloc.

@Lisa Sluss

Hi Lisa,

Sounds like your missing the notion that a heloc takes a look at your entire debt situation. Not what’s just available in your homes. If you have any income at all, you will need to tell the banker that you will be consolidating your other debt into the heloc. This should allow you to get a heloc and since the debt you will be consolidating into your heloc will make your payments smaller, you will be able to get access to money from the heloc amount. What you will have to Forego is lose “nice financing terms on your loans” even if the Rate in the heloc will be greater. Because the payments should be interest only, and your being charged simple interest you will end up looking like you have more money available to allow you to afford a higher heloc amount.

I have a mixed use building. Im trying to figure out the best strategy to get exposure to my office space available for lease. I have a realtor. But their are not doing enough to get eyes on the property. I’m comparing doing a yellow letter campaign or a postcard campaign to local business owners in the area to get exposure of the office space available for lease. I would like to know which campaign would be more successful to execute in this situation. FYI I’m also working on a social media campaign as well. It’s a small town with 17000 people in it.