All Forum Posts by: Jonathan Santana

Thank you for the input, we definitely want to go about it in the right manner which aligns a lot with your approach.

Current market value is around $1500-$1600 a month. Current tenants rent range from $1025-$1200, the tenants that are with the lower rents are already on a month to month status. 

Thank you for the input, i’ll definitely consider that once we take possession and meet with the tenants.

Greetings BP!

We are in the process of acquiring a four-plex through an FHA loan and will be house hacking the property.

After assessing the market through the MLS with both properties that are up for rent and that have closed within the last 6-12 months we found that the current tenants rent are well below market value, Approx. $200-$400 below.

I have read about increasing the rent gradually over time in order to keep the tenants and not have a mass exodus. As far as increasing rent I know that there should be some upgrades to the property but the properties are in great condition and are current/comparable with all the other properties that have closed in the last 12 months for the increased rent amount. 

I am hoping to gain some extra nuggets of information about how to handle the current tenants and be able to bring up the rent to fair market value. We want to be fair to the current tenants as they have lived there for over 5 years but also need the numbers to make sense for investment purposes. 

Thank you all in advance for your time and input!

Best Regards,

Jonathan

Michael,

Thank you! 

Hey Abel, 

Thank you for the information! We are looking to do a househack with the owner-occupant scenario. I have been able to find a lot of information regarding returns/cashflow with conventional lending, what type of return/cashflow should we expect or aim for with a low down payment (3.5%)? Do we focus primarily on Cap Rates in this situation since the low money down cuts into monthly cashflow?

Thank you again for your time

Best,

Jonathan 

Greetings BP!!

There is a significant difference between the down payment required with 20-25% conventional down payments versus FHA 3.5% with house hacking type scenarios, what kind of return should be aimed for when targeting a househack/FHA 3.5% DP?

Thank you in advance

Best,

Jonathan 

Greetings BP! 

I am close to being under contract on a multifamily property which has a tenant with a lease until 2019. Am I able to adjust (increase to current market value) the current tenants rent even though a contract is already in place with the previous owner? 

Thank you for your time.

Best regards,

Jonathan 

Great event! Thank you all for having us, we are looking forward to building more with everyone in the near future. 

Jon if you could please tag us for future events, thank you!

Best regards,

Jonathan

Thank you for the insight!

Greetings BP!

While researching properties I have run into some that are in great neighborhoods but come with high taxes.I am looking to buy and hold the properties, the properties have potential to cash flow but the taxes do cut into the income. Could there be a way to benefit from the high taxes?

Thank you for your time and insight

Best,

Jonathan