All Forum Posts by: Justin Dragon

Thanks so much for the replies. 

The property has $200k of equity, but the additional challenge is that it's registered under an LLC which is causing some banks to require much higher net worth.

Good morning, all!

I’m having a really difficult time finding a lender for a home equity loan to pull equity from one of my multifams. Any advice on how to get this done?

I understand there is higher risk to the lender, but surely there are some banks or lenders that will do this?

I'm also open to a HELOC but would prefer loan.

For background, I have excellent credit and the home has a lot of equity (50% of the value)

Thanks so much,

Justin

Thanks, all! Woke up to great responses. Appreciate the insight this community brings. 

Hi all,

Hoping to get some advice/insight on my situation.

Purchased my first property last November (Triplex in the Hampton Roads, VA area) and one of my inherited tenants is about to complete her lease.

She’s paying $1350 for a 3/1 which is below expected rent for the area by about $100, plus, I pay the ~$75/month water bill. Sadly, that’s just how the lease was structured. She’s an excellent tenant (been there 2 years, good credit, etc) and I don’t want to lose her. She’s offered to pay 6 months in advance if she can keep the current conditions and extend her lease one year.

Right now, I’m cash flowing $500/month so I don’t need the increased rent. The apartment does need work so if she left,I’d have to spend some money to get it fixed up a bit.

What are your thoughts on keeping a good tenant at a lower price point versus taking the risk in finding a new tenant with higher rent and utilities being paid by tenant. Rental market remains relatively strong.

Thanks,

Justin

Good morning all,

I recently closed on my first Triplex in the OceanView (Norfolk, VA) area and am having trouble finding a carrier to insure the property due to its proximity to water. Anyone have any recommendations for those in VA?

Thanks!

Justin

@Anthoney Hanks

@Justin Hoggatt Really appreciate your insight. I agree, I'm a bit behind on this and appreciate your perspective. Lessons learned along the way!

Afternoon all!

I am about to close on the sale of my rental property, which I own with another party (50/50 ownership). I have managed the property and the relationship with the Property Management team for the past 10 years. Wanted to know if there is a standard for compensation for those duties. I think it makes sense i get some percentage higher than 50, or a flat fee, but i want to be equitable in coming to the decision. Looking for input from the community. Thanks so much.

Best,

Justin

Afternoon all!

I am about to close on the sale of my rental property, which I own with another party (50/50 ownership). I have managed the property and the relationship with the Property Management team for the past 10 years. Wanted to know if there is a standard for compensation for those duties. I think it makes sense i get some percentage higher than 50, or a flat fee, but i want to be equitable in coming to the decision. Looking for input from the community. Thanks so much.

Best,

Justin

Nathan,

Apologies for the delayed reply. Thank you so much for your response. Extremely helpful and an equitable way to have tenants share their utility fees. Appreciate your insight.