All Forum Posts by: Marshall Stewman

I love the energy surrounding the meetup. Unfortunately, I won't be able to attend as I'm headed to Missouri for the weekend but I'm definitely interested in the next one. Based on Jerry Puckett's podcast, it sounds like the presentation info will be great.

Exciting stuff!

I'm not sure where this falls on the etiquette spectrum but yesterday I learned more about a potential property during a 5 minute conversation with an existing tenant than the remainder of the inspection. The inspector simply asked the tenant if they knew about any building issues we should look into. As far as I'm concerned I'll always ask tenants some form of this question anytime the opportunity presents itself. I think the trick is how the inquiry is framed and not being invasive.

@Sam S.

Thanks @Jose EnageVery helpful.

The good news is I'm getting very close to closing my first multifamily property but the bad news is I woke up this morning thinking about my inexperience regarding the differences between leasing a SFH versus inheriting existing tenants currently in the complex. I know the existing leases must remain in place until their expiration dates but I imagine I need to provide the existing tenants a "change of ownership" form, provide new mgmt contact info, provide new rules regarding repairs and policies, etc. Admittedly, I have yet to do a thorough search on what the action items may be but I don't remember any advice specific to this scenario in any of the REI books I've read. Please point me toward a good book or other resource that covers this topic. Additionally, any first hand knowledge that can be shared is even better. Thanks in advance for everyone's help.

-Marshall

Congrats @Ryan G.

REI immediately after college graduation was my goal as well but the 1st deal was unfortunately delayed a couple years due to analysis paralysis. It's great to hear about someone else making the goal a reality. Nice work and continued success!

-Marshall

I definitely agree with @Byrce Y. We're also finding that many of the off market DFW multifamily deals are priced just as high with owners presumably testing the hot market.

-Marshall

Hi Robert. I'm in the DFW area and would love to take a look at this deal once you have it locked up. I'm primarily interested in buy and hold properties with value add opportunities through light rehab, rent increases, and self management. If the deal doesn't work for me, I'd be happy to pass your info along to other potential buyers as well. Please message me the deal specifics.

-Marshall

Thanks for the thorough response, Dion! Your post accurately captured the entire scenario and made it clear that I need to view the LOC and CD completely separate. My confusion stemmed from me trying to determine the best return on the "initial capital" which is the CD the bank requested to secure the LOC. After your post, I contacted them and confirmed that the CD ownership is 100% mine and can be withdrawn at the maturity date so in essence the LOC is allowing me to purchase properties with zero down. Thanks again as I was burying myself in spreadsheets trying to figure out!

-Marshall