All Forum Posts by: Kaybreh Mathis

Hello!

I have a small retail space that a prospective tenant would like to turn into a local coffee shop. In the past, tenants at this location have always used it as is, without modification. This new business would essentially take an empty shell (currently just an office with a bathroom) and turn it into a functional shop by adding plumbing, espresso bar, countertops, etc. I have no idea where to start on a lease. Looking for advice on what things to add to our regular commercial lease. I’m sure there are things I wouldn’t even think of since I haven’t done it before. Request modifications in writing before doing? Say that it needs to go back to what it was if/when she moves out? I don’t want to be severely limited in my future rent options if this is now only a coffee shop unless I spend a lot of money undoing what she did. Thanks in advance for anything you can offer!

It's super frustrating. I don't know why they require that, but they always have and I've used them for a few years. Also, in case you were unaware, if a building has more than 4 units, it's no longer free to post. You have to have a paid community account. Just mentioning that because even after I filled in all the info for the other units, it was still giving me an error message and that was why. They're forcing upgrades.

 Can't find a local lender that offers that type of loan.

 Cash in hand for purchase and rehab

Hello! I'm looking for a lender that will offer a cash out refi through a DSCR loan for a house that I'd like to BRRRR but am not having much success locally. Is there someone out there that other investors could recommend? That's the only thing holding me back right now and I'd love to knock that piece of the puzzle out and buy the house. Thanks!

Hello!

My husband and I own 3 multi family properties. We found an amazing deal nearby that we want to BRRRR. We have the cash to purchase and rehab. However, my husband just took a part-time job as we're making the transition to living off rental income and him spending more time with our kids. I reached out to our lender and he says due to our lower income and DTI based on 3 mortgages, we couldn't get approved for the refi with him. Who do you go to if traditional lenders aren't willing? I'm afraid this deal is going to be snatched up, but don't want to jump on the deal without a way to refi at the end. Thanks!

Hello! Up until now, my husband and I have invested solo. We have a great potential property to brrrr, but it’s going to take $100k and we have $75k. My sister and BIL want to contribute the other $25k. However, he’s a professional painter but excellent handyman and can do lots of things like replace siding on house, lay flooring, etc. He could save us money by doing a lot of things that don’t require professionals like electricians or plumbers. How can I set this up fairly for us both? He doesn’t want paid hourly for the work, he wants that to be part of his contribution along with the $25k. I’m unsure how to figure out what everyone gets at the end. It’s not an easy 75/25 split if you factor in his labor. Advice is welcome! Thanks!

Thanks! My rents are way under market and it’s also unusual for utilities to be included. So I figured I could do two birds, one stone and recoup some of my expenses. My questions mainly revolve around the how-to of implementation, especially considering different lease time frames. Just start it for new leases and add it as the others come available?

Hello! My husband and I have 20 units that all had tenants when we purchased them. They are in leases with the previous landlord, but most of them have expired which means in my state that they automatically become month to month. The former owner didn’t increase rents annually and he also paid all utilities, so these are significantly below market value. I would like to start the process for billing utilities back to the tenants, but I have some questions. I will double check with my lawyer, but I believe I just need to give them 30 days notice. Has anyone done this? Do you figure that month’s utilities as the bills come in, and tack that amount on to the following month’s rent bill? Do you distribute evenly by the number of units or per adult? Is there an app or software to streamline this? I know this is an easy way for us to instantly start making back $3k a month but am a little unsure on how to go about it. Thanks in advance for any advice!

Hello! There is a company in my area that will install solar panels with no up-front cost, and simply take the difference in your electric bill as payment until they're paid off. I own a few apartment buildings that do not have separate utilities, so I pay all electric. At face value, going the solar route seems like a no-brainer to me. Is there anything I should be considering, that I'm missing? I'm new to REI and as utilities are easily my biggest expense (even more than the mortgage), I'm looking for ways to help offset that cost. Would appreciate any input!