All Forum Posts by: Kevin McDonald

Thanks for all the advice.  I looked in the resources and could not find a template walk through form.  I will search the web for one.  I will also check out the app. I do agree with everyone its better to cover too  much and have tons of pictures than not enough.

thanks for the advice, if anyone has a link to a good form could you send it to me? 

Thanks

Kevin

Newbie landlord have my second tenant moving in Saturday.  The first rental I had a real estate company find tenant and handle transaction, this one I am doing everything myself.  During the walkthrough on the first property we really just walked through with the tenant and I took notes on any damaged items they noticed.  Noting was signed no documentation, etc....  I was just checking on what others do on a walkthrough, do you have a standard form both parties sign?  Do you do the walkthrough before they start to occupy the property?  The tenants are moving from out of state, I have met them, I have security deposits and first months rent, I would like to do the walk through before they start moving everything in just in case they do any damage moving in, but same token don't want to hold them up.   

Thanks

Kevin  

Thanks for all the advice,

I think I will just wait out the 6 months and get the loan for everything I have into the property (original price, rehab costs, and loan costs) .

Thanks

Kevin

Hello,

Newbie investor just purchased my second rental home.What I am doing is buying bank owned homes that need work (cash only sales). I use a HELOC to purchase the property and do all the repairs.I am fixing them up (myself doing the majority of the work subbing out big tasks).When I am done I get a cash out 30 year mortgage for what I have into the investment and pay back what I used on my HELOC. This is how I did the first house which needed extensive renovations and took me a year to complete.

The second rental house I just purchased using my HELOC needed minimal work and I was able to do all the repairs and I have a signed lease and the tenant is moving in 30 days after I purchased the house. I called my lender and he said fannie mae rules say I must have the property titled in my name for 6 months before I can get a cash out 30 year mortgage on it.

I was curious if others have ran into this problem and was curious if this is a true statement.

Thanks

Kevin

Thanks for all the great ideas, how do you do the electronic pdf signing? 

I will have them sign first. 

Kevin

I have my second rental property recently purchased and ready to rent out.  My first property was done with the assistance of a realtor, using their lease agreement.  I have not received a copy of the lease agreement, but have requested it.  Does anyone have any examples of a lease agreement available for use as I do not want to use the realtor for this transaction and don't currently have a copy of the previous lease for guidance.  

Thanks! 

I have a tenant who is relocating to my area who is interested in renting my house.  I have met them and ran credit and background checks and all is good.   Trying to determine what options are available/legal for them to sign the lease agreement as they are not planning on returning to the area until the day of move in.   I was thinking of signing my portions in front of a notary, mailing it to them and having them sign in front of a notary as well and then having them return the document to me via track-able mail.   They are willing to do what ever is necessary, but I want to make sure it is being done legally for CYA purposes.  Any suggestions or comments are appreciated.  

Thanks!

Thanks for all the advice.  The house is actively advertised and I have multiple applicants at this time who want the place in 2 weeks.  I probably wont have time to do repairs before tenants move in.

Thanks

Kevin 

I just purchased my second rental house and I am getting it ready for my new tenant to move in.  I am doing the standard (fixing up the inside (painting, minor repairs, etc now).  I plan on keeping this house for at least 15/20 years.  The heat pump works fine but is at least 20 if not 25 years old, the house also has some big trees too close to the house where big branch's have already fallen off the tree and have done damage to the roof in the past (I can tell by the patched shingles).  I want to have the trees removed just for preventative maintenance and change out the heat pump.  From a tax/write off point of view Should I make these repairs prior to the tenants moving in or after the tenants are in the house? 

Thanks

First deal, I bought an unfinished half built house had to use my HELOC from my existing residence (could not get any other type of financing). I took 2 years killing myself doing most of the work myself, once I had occupancy permit, I was able to get a cash out 30 year mortgage on property and pay back my heloc on the residence I was living in at the time. Its an upscale home and I have plenty of equity in it.

I moved into the house and old house is rented now (18 month signed lease for a few months)

second deal I am about to do:  I am getting ready to close on a bank owned house in a week "cash as is only deal".  The house needs work but not much (interior painting, new carpets, new appliances, broken window, etc....)  Overall the house has really good bones and is in good shape.  I am using my heloc again to purchase house.  I will do repairs myself and I should have it ready to be rented in a month.  My lender said I cant get a traditional mortgage until It has been titled in my name for 6 months.  I plan in 6 months to get a cash out 30 year loan again (rates seem to be same as typical mortgage) and pay off my heloc. 

I plan on doing the same thing again in 6 months, just wanted opinions on my strategy.  I am not a fulltime in realestate, but would like to have 9 or 10 rentals and manage them myself eventually.