All Forum Posts by: Mirzet Mehovic

 I don't think that would work in my favor. Would be a pretty hefty bill upfront but if they reduce it maybe, I'll ask, thanks.

Hi, I'm going to be renting my first commercial property soon. A broker told me its 7% commission in perpetuity. Never rented before so sorry for my lack of knowledge. I have heard that for residential that the commission is like 1 or 2 months rent. But yea just wondering what an average commission is and is there and other structure that I can suggest for the commission or is it always for the entire length of the lease? Thanks. 

@Theresa Harris will do thank you

@Callum K. Will do ty

@Carl Fischer. Thank you. I will

So I bought this property from someone who had it under contract with a private money lender so then I continued the payments to him. I sent the guy the mortgage every month and last month was the final payment. We usually communicate through text. I texted him to confirm if he received it. He texted that he did.

This was a few days ago. He didnt deposit it yet but he usually takes his time. Anyway my question is, do I need to ask him to fill out any forms stating I paid or that the mortgage is done? He never was so official and I do have records of payments but I'm just curious is there anything I need to do on my end now or that's it?

Anything I should worry about?

I looked at over 30 homes to buy. Found a great one thats basically ready to be moved into with just a little work. 2 family home. It has been winterized so plumbing is off and they don't allow me to turn on electric nor gas either until purchase. Purchase is as is and inspector cant inspect electrical for example if it is off. Should I be wary? Never had this issue before when purchasing other properties to not let us test utilities. 

So I have a house got it for $380k, put about $120k down if I remember correctly. Now worth almost $800k according to zillow (if its accurate) but they don't even know all the work I completed(total rehab with top of the line stuff for myself to live in), may be more or less I don't know. 

Also got a multifamily for $75k almost paid off now on zillow the cost is not even listed I guess they assume its in **** condition like it was when I got it. 4 family 1 commercial space. Totally gutted and renovated, brand new. Got to be worth a lot more now. 

I need to pull out 150k-200k if possible. How do I do it? Home equity line of credit on the single family? Can I get the multi family appraised and take a loan on the appraisal amount? What are my options? Thanks for any advice you can give me or point me to where to find it. 

I am in business with my father. I'm also about to start renting a multi-family with my father. It is a balancing act but ideally you both have the same goal, for your family to prosper financially and be financially independant. With sound minds and listening to each other it could be great because hopefully your goals are aligned. It is far from easy depending on personalities and complexes but could be wonderful if you work out the kinks. 

@Theo HicksThanks for the tip, I could handle that for now. I guess I'd have to reconsider though if the calls come too often in the future but I don't expect it yet since everything is new because we did a full renovation. Can you tell me a general fee property managers would charge? I think a realtor would probably be the first months rent, that's what I've heard atleast.  Do they screen as well as you would like and would do on your own and also do most of them allow me to take over some aspects? I'm sort of picky about screening.