All Forum Posts by: Account Closed

@Dana Dunford This helps. In my scenario, I was thinking of doing the following:

Tenant wants to move in on Feb 1 (4 days from now). If approved, I would ask for 1.5 Deposit to hold in certified funds. When they move in, this will be transferred to the Security Deposit Bank Account. If they don't move in, its forfeited.  If we are just 2 days away or so, I may just do them both in the move-in.  

Also, at what point do we transfer utilities? I guess the day before move-in? 

Can someone please review the process im taking below and let me know if theres anything to change?

1. Deposit to hold (up to15 days) (1.5x)

2. We agree on lease start date.

3. Tenant performs pre-inspection of the property, reviews lease, disclosures, sign off all rules, and provide copy of ID/Pay Stub/Letter of employment. Both parties sign off lease.

4. On day of key exchange, pay the 1st month rent.

5. If pro-rating, the 2nd or 3rd month would be prorated [not sure which is preferable].

Am I understanding the standard practice correctly?

 Thank you. Do you work across the US? 

Hi guys, I just performed my first BRRR. The house purchase was around 15k, rehab around 15k, and cash out around 45k after 75% arv @ 4.5% under my own name.

During the mortgage application, the bank was very weary of any debts, and loans used to help fund this venture. More specifically, they didn't want a small 7K cash advance from the bank appearing as if it was used to purchase the home. 

So here we are...Long term I want to acquire more properties, more loans, but we may be at a hard stop if the lender thinks that this cash out refi was used as funds to purchase the next home. 

I operate as a sole prop, with 2 separate banking institutions: one for business (re) the other for personal. I considered putting the check into my personal account, then "trickling" in 3-4K a month (what I earn normally from the day job) as conributions to the business account.  With this method it will confirm that the funds used for the next house were from my day-job paycheck, transferred weekly to the business account until it reached 20k. 

Am I way off with this thinking? 

@Kim Meredith Hampton

Very useful, in my case, it looks like we would be waiting 22 days rather than 15. Which is why i'm a bit confused.  Example: 

Move in date 2-15 and rent is $1250. Now this is  already 22 days hold time.. 

Deposit due tomorrow 1/25 - $1875

Rent due 2/15:  1250

Rent Due March 1: $625.00 

Rent Due April 1: $1250 

----

(Mount / Day (Feb): $44.64

Billable Days: 14

@Russ Draper

I will talk with him later, but i'm assuming the lease will start on the 15th, because I really cant hold it much longer.  Still a bit confused on the math... 

Hi guys, 

I have a motivated tenant looking to move. He has to give 1 month's notice to current land lord. I'm not exactly certain how the dates/math all works out. Does 15 days notice mean on a given day (ex: 24th->24th?), or does it mean on the given month of lease (1st to 1st?). I'd like to request 15 days move in, any longer is a stretch. How do I best work this out with the renter? 

The rent is $1250, and deposit is 1.5. 

I'm thinking:

Deposit paid on 1/25: 1875

Move in Date: 2/15 (which is 22 days later)

On the Move in - Pay full month. (Could be tough, due to having 2 apartments at once). Then on the next month, pro rate February.  How do we prorate the balance?  

Also, does anyone happen to have a hold agreement form?

Because in D class areas everyone steals them :(

 True, get what you pay for, buy only what you can afford 

 Hes not licensed or insured. I found a few things on google but hoping for real estate specific docs