All Forum Posts by: James Herbert

Grace there are lenders that will go that low for purchase and rehab. if it is rent ready you may have to go with a local portfolio lender. 

Did you haev any success with this? Would like to talk about it.

What online tools are you using for remote landlord? We are looking to purchase a property (multifamily 12 and 12 doors) a few hours away and the current management fee makes the deal not worth purchasing. After covid and handling our local properties semi remote I now believe there has to be a way. We know about the local maintenance team required, we are looking for online tools for applications. rent collections, maintenance requests, and allowing remote access to show units if possible. current Vac is very high and will require some on site presence to get it up and running property, we would like to switch that to remote as we go forward though. 

I am searching for the same thing right now, I would be interested in learning what you find out. I will share as well

We are looking for options with the Covid 19 and deposit insurance is one of the options we are looking at. Can anyone recommend a company? Why? Please post here or pm me. Thank you 

We have an application for deferred rents and a promissory note for payment of rents. We are curious what others are doing. 

We have a tenant that has signed a lease with a spouse, they have since separated and she has been late on rent. We would like to be proactive and talk to her checking if she can still afford the rent. We don't want the property to be abandoned or neglected. Suggestions? 

We have several properties that we purchased in a foreclosure sale, Smaller ARV 65k-125K we have 2 rehabbed and tenants in them we would like to do a cash out refi. Anyone know a lender that will lend on that small a value property? As soon as we do these two we will have two more right around the corner. The properties are in individual LLC's Thank you,

Eric, Thomas and Dick,Thanks for the input, In your opinions what are the pros and cons of each? I imagine my market would also have something to say about how I handle this. 

We purchased a bundle of foreclosures from the bank. We inherited tenants and the current rents are month to month and have not been raised in years. (8-10 years) some Tenant’s have leases to prove some don’t, the stories are consistent across all and the houses are not to close to each other. We are believing them on the rents. To bring rents to market we have to go up 40-60%. My question is do we do this in one big increase? we will loose some tenants, one in particular we would like to see them find a better fit for themselves. Others we want to stay. Or do we have graduated increases over the next 2 years. I have my opinion but want to leave the door wide open for comments.