All Forum Posts by: Jamie Wheeler

Howdy Folks,

Looking to connect with an agent and PM in the Boone, NC area - pass any and all references along.

Cheers!

@Julie Hartman - Interesting option with the 2-4 month lease, but looking at a 10% increase ($200 in my case) seems to be extreme.  Perhaps that's the point, and they go with the option to renew the one-year lease.

I had a tenant sign a year lease, and I recently reached out to ask if they intended to stay another year, to which they responded by asking if it would be possible to shorter the lease length to 6 months.  Previously they had asked if I was interested in selling the home, so I believe they are looking to purchase a home and don't want to be locked in to a year lease. Of course, they could end up not buying a home and signing again.  

A couple of additional notes on the topic:

- The property currently rents for $2k/month

 - I intend to raise the rent 2-3% if a year lease is signed

- If I were to agree to a 6-month lease, they would move out mid-January (not ideal)

I were to agree to the 6-month lease, what is an appropriate monthly increase for the shortened lease and unfortunate timing? Curious to hear thoughts on the situation as a whole.

Hey Folks, looking into using a second home mortgage for financing. Does anyone have recommendations for a lender they’ve used to do this in the Durham area?

Additionally, curious as to how that works if the house purchased currently has tenants in it. Any clarifications would be helpful.

Thanks all!

Hi Folks -

I'm looking to better understand the structure of private deals, specific to buy-and-hold scenarios. I understand that terms are negotiated and vary from deal to deal, however I'm specifically looking to learn about the options to fulfill the balloon payment.

- I obtain private money to cover the down payment at XX rate, for YY term, with interest only payments.

- At the end of the agreed term, I owe the lender their investment.

- If I have not renovated and the property value has not increased, what are my options for payback?

Thanks,

Jamie