All Forum Posts by: Moncy Samuel

@Mack Benson

It’s a residential 2-4 unit.

As for agent, we are not confortable with agent.

1. Buyer Agent is taking 3% and not contributing to closing. We found the property and no hep from agent

2. Buyer agent want to sign an exclusive agreement for 60 days and trying to tie down.

I am looking at a multi family out of state.

I realized that the local ga agent cannot work on this because his license is valid only in ga state. We work together as a team and during closing, he contributes towards closing because we mostly get the property leads and he help with the paper work.

When we hire a new agent, can we ask them to help in contributing toward the closing ?. Looking to hear your thoughts.

Financing challenges ?.

@Deisy P.

I would suggest to not give up and recover from this. There are unethical people everywhere and you just need to be cautious before giving a large advance and paying rest without verifying the work. I may suggest, if you don’t have a crew, reach out to friends or nextdoor for reference and get couple of quotes for the same project before picking one. If you are going to give up on this, then every first obstacle in your life you are going to surrender. Systems, process and contacts helps a lot to handle maintenance.

Having a property manager may be helpful or get a mentor to get some help.

Recently my property manager told me that a unit need a new stove replacement(600 bucks) , which was replaced brand new 6 months back and when we inspected that found that the flooring guy pulled the stove out and cause a wire loose. Be strong and face the challenges. Slowly you will learn to figure out good vs bad.

@Alex Craig

Update:

Talked to the tenant explaining gently the reason for the rent increase.

I told him that “I would like him to stay” with new rent and if it’s not acceptable, he can move out.

@Moncy Samuel

Or No agent at all ?

When we give an offer for a multi family out of state, Is having a local agent (property location) more valuable or my own agent. ?.

Any concerns on financing out of state properties ? It is conventional

Thank you

Update:

Single family: I texted the tenant about the lease renewal and rent increase. She called me back and explained nicely the need for a rent increase. She accepted.

Multi; texted the tenant and no response.

Should i send a rent increase letter or a lease document because the lease expired long back.

@David Robinson

Lower interest rate

I would like to seek advise about refinancing Multifamily duplex rental property. Interest rate is 5% and loan is just below 100k.

When I talked to a loan officer, he discouraged me. Would like to hear your thoughts and experiences.

Credit score is above 800+