All Forum Posts by: Jonathan Boyd

@Stephanie P. I know that if I go through a standard residential lender I can only take out 75%.  I am hoping to find a private lender or other alternative lender to take out more.  There is enough cash flow to justify it and I think now is a good time to take that money out.

Thanks Greg Scott I love the 2 properties I have now and they definitely are working for us. 

Leave the boxes and buy new doors to match.  You can get new doors pre-finished pretty cheap and the doors will cover most of the unmatching frames.  This I think would be a good mid range fix.

Hello,

We bought our first duplex in 2010 and have been renting 1 or both sides out since.  Last winter we were about to sell figuring we were close to the top of the market but right before we listed our neighbor approached us about buying theirs.  Considering that it was identical to ours and knowing what we get for rent we decided to go ahead and buy.  We bought it as a primary residence and moved into it so we did not have to make a large down payment.  

Now here is the question: If we want to continue down this path how do we take cash out of both to finance the next? We are not worried about cashflowing, even if I pulled 100% out they still would CF just fine.

• Currently the 1st duplex is bringing in $2600 a month in rents, it is worth around $250,000 & we owe about 153,000.

• On the second duplex we collect $1,100 in rent each month while living on the other side, It is worth around $250,000 & we owe $189,000.

I remember something about the 1st property being seasoned and therefore we should be able to take out 85% of the value based on the property alone regardless of our personal finances.  Can you tell me if this is true and if so what lenders do I need to talk to?

Thanks for the help.

So I had a realtor bring some prospective tenants through an apartment the other day.  They loved the apartment and want to move forward with signing a lease, but then the realtor told me the fee he charges is 1/2 months rent or in my case $650.

That seems high and who typically pays that fee?

Thanks everyone for the feedback.  @Tim Vandentorn I also agree there are so many new developments in the area I was wondering if it would push prices down. @Paul Leason I also use rentlinx to get my listings on many sites and I do already have an ad on Facebook. 

So what now? After a month do I lower the rent, edit the listing, or be patient?  I'm not moving out of the apartment until mid-December, but it would be nice to have a lease in place by then.

Thanks again.

Hello All,

So my wife and I have owned a duplex on the NE side of Grand Rapids for the last 7 years and have never had a problem finding tenants. We are situated right between downtown and Knapp Corner with easy access to the expressway.  Both units are updated and in great condition.

Recently we bought an identical duplex right next door.  The plan is to move from our current duplex into the new one so that we can update that one as well.  

So in my current duplex I listed the 2 bedroom apartment for $1200 and had multiple qualified applicants within a couple days. In the new, un-updated, duplex I listed the same apartment for $1100 and again had multiple qualified applicants within 48 hours.

However, I've had my 3 bedroom, 2.5 bathroom, 2200 sq/ft, apartment listed for almost a month with almost no interest at all. The apartment has an attached garage, large fenced in backyard, and private laundry.  I'm asking $1350 which is only $150 more than the 2 bedroom.

What is going on?  Is it the wrong time of year?  Is the rent to high?

Any help would be much appreciated.