All Forum Posts by: Kyle Lecy

Personal check put in a drop box in our multifamily properties. Gives me a reason to stop by at least once a month. I am interested in offering other options, such as a digital payment method. Just haven't pulled the trigger yet.

Hi @Alen Helmer, I'm invest in a couple multi-family properties over in the Granite Falls area. It's nice to see someone from the area on BP.

@John Warren

Thanks for the reply, John!

Additionally to doing own lawn mowing, should eliminate any risk of liability if a tenant were to injure themselves mowing.

Currently my wife and I are invested in a couple multifamily properties where we hire out or do ourselves the lawn care and snow removal for the properties. We are interested in investing in a few single family homes, but aren't sure how to handle those two responsibilities with that type of investment.

Any advice or examples of how you handle these items would be appreciated!

My plan I've been following is to somewhat aggressively pay down mortgages, receiving the "guaranteed return" of lower interest payments. If a new property becomes available, I should be able to tap into the equity from current properties by using them as additional collateral.

If need be, I can also look into refinancing current mortgages to re-amortize if I need additional cash flow. The lower principal amount should lower the monthly payment. This has worked well in a falling rate environment, probably will be different when they go back up.

However, this puts me at a disadvantage compared to cash buyers, since I'm not as liquid.

Hello,

Working on issue CRP's 2019. There was one tenant from 2019 that their employer issued the rent checks directly to our LLC. Do we issue the CRP to the tenant even though their checks came right from their employer?

Thank-you!

Hello,

I have a potential applicant filling out the an application through Zillow rental manager. They are asking if an ITIN will suffice in place of a SSN? I'm not sure how this will effect the credit and/or background check? Has anyone ran into this before?

Thanks for the input!

@Simon Hernandez

This seems high for a commercial loan with 25% down. 5-6.5% is the range I've seen/experienced. Not knowing how the lender risk rates, or the credit scenario, 7.99% isn't implausible, but it does seem high for an average borrower.

Nathan, just wondering how others go about making sure that the tenants have switched the utilities, which ones the lease states at least, to them so they get billed when you hand over the keys. 

Thanks for the responses!

How does everyone ensure that utilities, electric, water, etc, are switched to the tenant upon move in? Providing a slip showing they've contacted the companies or do you call the utility company the day of to make sure they did?

Thanks!