All Forum Posts by: Juan Contreras

@Afam Agbodike @Peter Mckernan thanks for your help guys. Greatly appreciate it.

Anything else you’d suggest I ask for?

@Peter Mckernan I agree 100% but I believe the unit was managed by a property management company for the past few years, so the property management company should be able to provide the requested information. Just wondering if they could actually decline providing such information. Also whether I could speak/interview the current tenants. 

Hi all!

I'm purchasing a townhouse as an investment that is currently occupied by tenants. I'm in the middle of my due diligence period and would like to know what I could/should ask for during this period with regards to the tenants. Can I ask for the following;

- Copies of current lease, rent roll for past 12 months, estoppel letter from tenants, property management records of all maintenance within the past 24 months.

Can the seller or the property management company refuse to provide the requested information? Also can I request to meet and speak with the current tenants to discuss continuing their tenancy and potential rent increase?

Any help would be greatly appreciated!

@Hamlet J. Hi Hamlet, I’m getting into it more now. I just got licensed in CT for investment purposes. Doing research on property managers in the Waterbury area since I’m 2 hour away in NYC.

What areas are you investing in Waterbury? Any recommendation on property managers?

Looking for advice on on using an ARM loan for a multi-family. I'm considering purchasing a multi-family home to house hack using FHA. However, I'm considering using an 5 year interest only loan rather than a principal & interest FHA loan. The property currently has 3 rental incomes which, if I use an IO loan, will pay the mortgage entirely and provide a profit. Therefore I can use the cashflow to make necessary renovations and save for the unknown, gaining over 150K during the span of the first 5 years of the loan. I don't see myself holding on to the property for more than 5 years.

Thoughts on using ARM loan?

LOL "get off google/bp"?, Great advice from a "moderator". Grab a cup of coffee before you respond in a negative way in a forum where people who are looking to start out are interested in feedback from knowledgable people.
 

I need thoughts on using an interest only loan for a multi-family. I'm considering purchasing a multi-family home to house hack using FHA. However, I'm considering using an 5 year interest only loan rather than a principal & interest FHA loan. The property currently has 3 rental incomes which, if I use an IO loan, will pay the mortgage entirely and provide a profit. Therefore I can use the cashflow to make necessary renovations and save for the unknown, gaining over 150K during the span of the IO loan. I don't see myself holding on to the property for more than 5 years.

Thoughts on using IO loan?

@Joshua Shamah

I’m in NYC & recently joined a cloud based realty. They have live online trainings or recorded trainings if you want to attend when you have the time. It gives people like me, who want to grow their business at their own pace, the flexibility we seek. All from the comfort of your home.

Reach out to myself or my colleague @Charlie Cameron if you have any questions!

@Hamlet J. how is your experience investing in Waterbury? Currently looking in the area & see a lot of great multi families. Curious to see what your experience has been especially during Covid.

@Roger Evans sure I’d definitely like her contact information. I’m still very early in the home buying process but just want to start looking at loan options.