All Forum Posts by: Kelly A.

Thanks!

For Boise and surrounding areas, what do you think rent trends will be in the near to mid-term? Do you see any softening, given the significant run-up?

I used conventional financing for a few smaller properties but am now looking at some 8-plexes. Looking to borrow about $500-800k, depending. Commercial financing is new to me -- how do I navigate finding small loans? I'm looking to buy out of state (live in CA, buy in NC), which I suspect will add another layer of complexity in finding a local lender. Also, what kind of interest rates should I expect (I have a strong borrower profile)?

Thanks all for the info -- very helpful!

Down payment is my preference right now

Can someone give me a gut check on current rates? I'm looking to buy duplexes to fourplexes (won't occupy), 35-50% down. My current lender is offering 4%, no points (great credit, good W2 income). Is this reasonable, or should I start working the phones? If so, any recommendations?

Thanks!

Thank you for the replies -- I went the "you signed a lease agreeing to the house rules and I will pass along any fines" route, and today when I inspected, saucers were there. I hope that works. I am caught between a difficult tenant (kind of a nuisance neighbor) and a board that does not like her.  I try not to press too much in case she calls my bluff; I can't imagine the city would be too sympathetic to my plight!

I have a tenant in a condo, and she is irresponsible with her watering of plants on the balcony, which may be affecting the balcony structurally (the board seems to think so, which may be the only relevant reality), and is definitely annoying the downstairs owner due to runoff. I've had this conversation with them multiple times, offered to buy saucers, etc., but nothing has worked. 

Can I prohibit the tenant from keeping plants on the balcony? The balcony isn't mentioned in the lease one way or the other. 

I am having my tenant sign a new lease on November 1 -- can anyone recommend a lawyer to give it a quick once-over?

Thanks,

Kelly

@Susan O. do you mean that if Prop 10 passes, and a city passed their new regulations, we would have time to plan, before the individual cities enact their policies?

I've just started diving into this topic: One thing I'm curious about is how quickly municipalities can act if it passes-- I would imagine they would want to avoid the situation where everyone who can jacks up their rent all at once by the city's new implementation deadline. But they would have to give us notice, right?  

@David S. @Arlen Chou 

Thanks for the feedback. Rents have really exploded in the neighborhood-more than I realized--so I could raise it by a third to bring it to low/middle market, appropriate because it's a little beat up and dated, especially now that the area has become so much more expensive. 

I like the idea of the conditional raise. I may go ahead and give her notice of an almost full market raise, with a renegotiation if Prop 10 doesn't pass. At least we then know how one person will vote. :)

I'm an investor, yes, but also don't want to be a jerk, which is what I fear the city will force me to be. We had a satisfactory arrangement -- she's been there long-term, is low maintenance, and only one person in a large condo. I have a demanding day job. When she moves I'll have to dump in effort and cash, and I can always find other uses for those. The arrangement works for me now, precisely because I have pricing control. The unit is also not a pure investment; I plan on moving  back into it eventually. Otherwise I'd just sell it. 

I will join the EBRHA for sure.