All Forum Posts by: Jeffrey Myers

Thank you all very much!

Thank you all for the input.  Greatly appreciated!

Has anyone sent across a copy of their deed to RentRedi to verify you are the rightful rent collector? We received an email asking us to do just that and RentRedi confirmed that was correct and we are to send it to underwriter to verify. I am uncomfortable with doing that and wondered if anyone else here has done this?  I appreciate any feedback!

Thank you for the quick response.  As you can probably tell, this is my first property and the property management group that had it previously was horrible and didn't take care of the property or provide me with any good information to go on.  Thanks again.  Happy Holidays.

I recently purchased a rental property.  It is a four unit apartment building.  There are only two electric meters, one of which covers three units and the other covers a single unit.  There are three gas meters.  One covers two units together and the other two cover each additional unit left over.  What in the world do I do now when it's time to transfer to my new leases and move forward?  The 1b 1b apt pays 535.00 with only trash being paid on top of that.  The 2b 1b appt is at 676.00 with nothing extra being paid.  The third apartment is a 2b 2b and they pay 650.00 plus gas and electric.  This is the only apartment that is truly metered separately.  It is in Farrell, PA, so it's not the top of neighborhoods in the area.  It's not in the best location, but it's not in the worst location either.  All of the renters were behind at some point during the past year and a half by what the old rent rolls showed.  Where do I go from here?  Do I make them pay their share of the utilities and risk more non or late payments or do I ease into a new structure?  The gross income is 1861.00 per month and the expenses as it stands would be 1390.00 with a 91.07 coc  roi, and a 50.58% 5 yr annualized return.  Please help. Please advise.

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Thank you very much.   That explained it better than two hours of searching the web and coming up with very litlle.

If I am looking at a fire damaged property that is listed at $19,000, and there is a $34,000 promissory judgement note due at closing, what does this mean?  Is this something that makes sense?  What is the downside/upside?  Should I run away?

 Joe,

If I treat it like a BRRR, and refinance after six or eight months would that be the same as originally taking out a mortgage? I feel that bringing cash into the offer is what is going to separate me from other buyers that may need lending. Thanks in advance for your answer.

Hey everyone!

I'm sure this isn't the first time this has been asked, but here it goes...

Is it better, or smarter to pay cash for a property, say $45,000.00, or just take out a mortgage and use someone else's money?  I have been running the numbers and the cocroi varies greatly from one to the other.  Any input?  Again, sorry that this has probably been answered a thousand times before, I'm new into this and would really appreciate the help.  Would it matter if I were using this as a fix and flip, short term rental, or long term rental?  Do the same rules apply to each?