All Forum Posts by: Lee Whitford

I close on my first property tomorrow! Does anyone have any tips or "To-Do" Lists when inheriting tenants? Also, how early can i request the tenants to sign a new lease (ow what is the process in general when inheriting tenants?) I know the previous lease stands (expires Jan 2, 2023) but can I ask them to sign a new one now, if they intend to stay. The main reason is the inheriting documentation is all spanish and I would like to get english ones as well. Is there any other advice or to-do for a new investor when inheriting tenants?

Thank you all!

Good Evening BP,
Just as the name suggests, has anyone dealt with having to translate lease agreements from inheriting tenants for loans or other?

My loan provider is saying they cannot proceed without english leases. The tenants I am inheriting are primary spanish speakers and thus signed a spanish agreement. Are there services that do quick turn translations, or is there any other recommendations on how to handle this?

Best

I am about to close on my first duplex in Dundalk, Maryland. As such, things that i did not immediately consider start to pop and the first is what type of insurance should i be looking at to get to protect my property! Any information about insurance would be much appreciated!

Best!

Quote from @Da Shiek Woodard:

Quote from @Lee Whitford:

@Da Shiek Woodard I am in a very similar boat as you! Would love to connect and keep up as we continue our journey! 

 That sounds good to me, what is your current situation?  Or if you'd rather not share, go ahead and DM me.  I hope you can give some background here as well though because the viewers tend to have great advice.

Absolutely! I have a SFH as my primary residence here in NoVA (Sterling), recently sold my old SFR in Wilmington, NC and now have a duplex under contract in Baltimore (Dundalk to be exact). Now im looking for creative ways to continue my REI journey so i dont get stuck in the proverbial single purchase loop! 

@Da Shiek Woodard I am in a very similar boat as you! Would love to connect and keep up as we continue our journey! 

Best of luck and be sure to post your first purchase! 

Quote from @Joseph Harris III:

Good question. What you are referring to is multifamily syndication. In these types of deals, the deal sponsor or general partner syndicates the deal meaning they raise money from limited partners that fund their deal. So, a syndicator pools money from various sources to fund large apartment buildings. Most deals of a larger size will also need bank financing. So, syndicators use bank financing in conjunction with the private lenders called LPs or limited partners. To find multifamily Syndicators is easy. Just network and build relationships so you can form a team. There are groups you can join and virtual networking events to meet other syndicators who are even sometimes LPs on deals. The key for you would be to find an off market property. Don't use realtors that list there properties because syndicators want off market properties and if you can find one without a realtor by using Costar, Reonomy or Prospect Now software, that that is even better. Also these deals are governed by the SEC if you pool money so you definitely need a lawyer. If you just want to joint venture, that is the same way. Network to find joint venture partners to take down larger deals. There are multifamily  meetups virtually every week and people nationwide are in these groups and attend these meetups.

 Thank you for the response. I should have mentioned that these deals he brings to my attention are off market. So my question would extend here to, how can i find a syndicator who might be interested? These deals are obviously live now, so unfortunately due to my poor planning i do not have the time to cultivate deep relationships with LPs etc. Are there syndicators who would be interested in taking “control” of these deals should i bring them to them? 

What are some of the best practices/methods you have used to find buyers (cash or otherwise) that are active and looking for wholesalers to do the grunt work?

I have had a rental property that the sell will close on very soon. I am 1031 into more properties as that happens, and look to diversify my portfolio with SFH and small MFH in a great appreciation area.

Since I have been working with a real estate agent for some time, he also brings me deals on larger multifamily, apartments, and commercial deals. I don’t have the capital for this type of deal but would LOVE to be involved. My question is, how do i find the investors that would be interested, and how do i make a case to not only partner, but take the property on as s/he would be financially responsible in a large way as opposed to the small percentage i could contribute. Or is this the type to simply wholesale, and if so how do i go about presenting this deal to someone interested in that? 

Examples - 30-50 unit portfolios or large “neighborhood apartments” in the 5-7 million list price range.

Quote from @Drew Sygit:

@Lee Whitford guessing you are NOT selling your primary residence for the 1031x?

How are you going to find these propeties? What ROI are you targeting?

 It is my first primary residence that I moved from and have been allowing family to live in for the last 5ish years.