All Forum Posts by: Karolina Powell

What does your lease say about how much notice you have to give to increase rent?  Make sure to follow that and any local laws.  I personally would be very upset if I was a tenant and made a decision based on a verbal agreement and then got a larger amount told to me later.  Imho, the right thing to do is honor the amount that was discussed and you can increase it again at next renewal.

I buy a lot off the MLS. I just offer what I think it's worth no matter what the listing price is. Last year I was closing about 25% of the offers I made. This year I'm only at about 10% unfortunately so I do see a lot of properties and make a lot of offers.

 I self manage.  Good point on the generational differences

I'm interested in hearing about the differences in tenants that you get in a 1-4 multifamily versus a 10+ apartment building?  Let's assume they're both in a C+ neighborhood.  I currently only have experience with the former and am looking at possibly acquiring the latter.  

Thanks for any insight!

 Thanks Erik!  That's what I had figured

A portfolio of six buildings came across my desk today that has good numbers - 15.5K gross rent for ~1.1M with lots of upside to increase rents. PITI would be around 9K. Unfortunately I am only prepared to put 10% down. I have used DSCR loans to get 14 other properties and an additional two under contract so I've always been able to find the 20% but I am stuck at the moment. Seller will not finance and I really would prefer not to have to find partners. Unfortunately I don't have much equity in my home to do a HELOC there.

Does anyone have a possible lending solution? I can do DSCR loans or a full doc loan. I don't mind doing a short term loan and then refinancing as it won't take me more than a year to get the other 10% together. Great credit, great W2 income, I am local so I am well aware of the market here. Thanks for any and all advice!

 Hi Derek, 

I do have an agent although I only have a property specific contract with them so if you know good folks, I would appreciate any insight.  Unfortunately I do not purchase within the city, only in the south hills and washington county but I do appreciate the mention of the programs.

I'm looking to make two SFH purchases (~250K and ~200K). Can do a DSCR or full doc loans but these will be long term rentals. Adequate W2 income and 780+ credit score. Properties will be bought in an LLC and are located in western Pennsylvania. Is anyone close to or under 7% interest with only 1-2 points? Looking for 80% LTV but can do 75% if rates are much better.

Thanks

I've recently been successful just letting people out of the lease.  After 2-3 noise complaints and a discussion, I speak with the tenant and tell them that they may benefit from a single family home instead of an apartment or maybe a different kind of apartment setup and that I would be happy to let them out of the lease if they wanted to move.  I've had them move out 1-2 months later.

I have a side by side duplex built in the late 1800s and the tenant is constantly complaining about the noise from next door.  Has anyone tried to soundproof between units?  If so, how did you do it and did you have success?  Looking for all ideas.  Thanks!