All Forum Posts by: Korie Apgar

Call your small local banks that keep their loans in-house.  Have your list of questions ready and in no time you'll be able to compare many programs and what suits your needs. 

@Sam T.

Brandon Turner has a webinar on BRRRR. I recommend you watch it. Invaluable. Take notes and Good Luck!!

@Isiah Ferguson

I agree that your rate should be no more than 4.5%, 5% tops.  What are some ways you can add value to your current property?  Can you raise rents to increase value?  or You might have to wait until you have enough equity to refi in this case.  But you know that, and are thinking about the next one.  

Going forward, you must buy low enough to be able to refinance.  Look for properties that you can add value to, also known as "value add" and then get the market rate on those as far as rents.  Remember, you don't decide what it'll rent for, the market does. 

Brandon Turner just did a BRRRR webinar which is invaluable. I recommend you watch it and take notes. Good luck!!

It doesn't matter if he starts paying the rent.  He owes that to you per the lease regardless of other violations.  Stick with your attorney on this one and get him out.

@Rob Snyder

some small local banks don't even have PMIs, call around

I totally agree though that actually doing it is something that comes with experience. 

Converse with an agent.  (one familiar with investors, preferably has their own rentals, knows how to negotiate deals).  Take them out to lunch and practice.  Take notes.  I'm sure their comebacks will have your head spinning and it'll get you thinking about what's in it for the other person, what they want, and thinking like a banker or a seller.  If you can think like a banker or a seller you'll learn to negotiate.  Currently reading Tips & Traps for Negotiating Real Estate by Irwin and also Mortgage Ripoffs and Money Savers... (something like that) by Carolyn Warren. 

currently reading a book right now on negotiating real estate, look up on internet, go for ones with great reviews

https://www.biggerpockets.com/renewsblog/2014/11/1...

(If property built before 1978 you need to add a step here.  Give prospective tenants a booklet and have them sign form).

This is not legal advice, I'm just an investor. 

The above are all great responses.  At the end of the day I would think that the new tenant would be in agreement to cancel the lease being that you'd be the landlord and knowing they were the result of you not occupying the property.   I myself wouldn't want to be in that position if I was the tenant.  Good luck.