All Forum Posts by: Mike Crissy

Thank you all for the feedback. I am a member at PenFed so I will give them a try as well as Quorum. 

I own a duplex out right and was wondering if anybody has been able to secure a HELOC on an investment property? Is a HELOC only for primary residences? Thanks!

Look forward to hearing from anybody who has done business with this firm. The rates seem fair, the initial process was somewhat smooth, but as time goes by things are dragging out and the communication is getting worse. 

Congrats! 

Companies have different models. If you own the land you should market it to retail brokers or reach out to retail clients that you think would be a good fit for the area. Brokers and Tenants will do a need analysis on the area as well. Triple Net tenants will have their formula and know right away what they can pay in rent then it is up to you to see if you can make the numbers work from a development and construction standpoint. Good luck!

Unfortunately, this has probably happened to all of us in one way or another. I would take dog urine over some of the destruction tenants have done over the years to my units. I agree with others chalk it up as a loss and move on, it happens and it will happen again. The tenants that have checked out the best have turned out to be the biggest nightmare you just never know? I just started forgoing "Security Deposits" in my leases. For years my leases called for a tenant to put up First months, last months, and security (equal to one month's rent). I found that tenants would not pay me last months and just say "oh use my security" even though that's not what the lease says that is what they do and what am I going to do fight them in court for one months rent? My leases now state at lease signing the tenant pays First months, second months, and last months. I rather have 3 months rent paid then a security deposit marked for what will turn out to be a future argument. My operating budget always includes a new tenant makeover so I have alway gone in and do what I have always done for a new tenant. Hopefully this helps!

loss and move on

I ask them for a list of all the materials needed and I order them online at Home Depot for contractor pick-up. If it is a contractor/handyman I know and trust I recognize that on friday he might need to pay some of his labors and I will give him a couple bucks. But, I agree if it is somebody new that you have never used do not give them any money I'm sure we have all learned that lesson.

Thanks Geoff, and you are right the next tenant is going to go through the ringer. Funny thing is she had an agent and they were very organized pay check stubs, reference letters, clean background, etc... but, a professional scam artist. 

Do you do month to month leases or yearly? My friend just told me he only does month to month he says the yearly protects the tenant more then the landlord? 

I just experienced my first eviction, oh what fun. The actual process was pretty simple and I gave the tenant numerous opportunities to leave on her own but she refused my last attempt I even offered her $500 to leave. Quick background: Single mom with two kids at the time of move in. Couldn't do 1st, last, and security so I structured for it to be paid over the first 3 months. Three weeks after she moved in baby #3 was born (I had no idea she was pregnant). After that my back tenant told me there was a guy living there as well and he had a kid. That's 4 kids and 2 adults in a 700 SF 2/1. I told her she can't have that many people there and it's in the lease (she didn't care). She moved in Feb 1st 2018 she stopped paying rent in April and even that rent was only half what she owed. Excuse after excuse and 8 months later I'm $10k in unpaid rent. I spent approx $7k getting the unit ready new floors, appliances, vanity, sprayed the shower/tub, etc...it looked great. When the final eviction took place and I was able to get in the unit back last Tuesday night I couldn't believe what I saw. At what point does the damage become vandalism? I know I am wasting my time chasing down somebody like her who has no money, maybe she does since I know she wasn't paying rent and lived for free? I figure between what I spent getting the place ready, loss rent, and what I need to spend now to clean and fix it will be over $20k. Is this just part of being a landlord? Are there sites to warn other landlords about this tenant? 

I am looking to REFI 3 duplexes in Fort Lauderdale. Any recommendations on banks in South Florida who like doing multi-family real estate loans?