All Forum Posts by: Fred Shandler

Good points. I assume I can let tenants know that certain things will need to change (cars, slobs, etc.), that are not specific to the lease?

Also (this may vary state to state), but as the end of the lease is approaching and with proper notice, am I able to notify the tenants that their lease will NOT be renewable?

in applicable markets? The market I'm looking at has 30k-40k priced houses that rent for $600+. Obviously some have bad credit, but that surely is not the reason why one would pay more to rent, is it?

Thanks
Fred

What type of diligence is required? Reviewing existing lease, acquiring their security deposit? Anything else?

Thanks
Fred

(I searched but couldn't find a specific enough thread)

very informative response. So when I approach a lender to re-finance the property, does my conversation begin with "I own the property free and clear" or do they want/need to know that it was paid for using an LOC and will that have a negative effect on their lending ability?

Thanks
Fred

1. Borrow a line of credit to have cash buying power

2. Purchase prop.

3. Refi conventionally. (This is where my questions come)

a. Is this technically even considered refinancing, or is just considered mortgaging since there not a previous mortgage in place (again, I used an LOC)?

b. When doing a refi, will the bank want 20% down? If so, can I use 20% of the original LOC to put down on the refi?

c. Would interest on an LOC typically be outrageous on a short-term transaction such as this one?

d. Would lenders typically do a refi this quickly after purchasing, or is that lender specific?

4. If this process does work, can I continue doing it until my properties generate enough cash flow so that I do not have to use an LOC?

Thanks SO much
Fred

Newbie question coming:

Does 30% equity at closing mean that you've purchased the home at 70% of its assessed value?

Thanks
Fred

understood, thanks that helps.

Also, I just came across some threads that discussed loans under 50K (or so) being hard to obtain? Is this accurate? Any advice/thoughts?

Thanks
Fred

^I'm confused, explain that one please.

Thanks
Fred

so what is the best way to expand after your first deal, if your money is tied up in that first deal?

ditto to what he said. See my post regarding my first experience.

good luck
-Fred