All Forum Posts by: Chan K.

@John Thedford Thank you so much for the input. It is ridiculous that they pick on the stain on the ceiling and wall. 

Hi All,

I need some opinions!

Case:

I gave a 30 days notice to a tenant to vacant the premise. A few weeks later they called the board of health on me.

I review the items from board of health, and they are very ridiculous.

Example, stain on the ceiling (need repair), the toilet seat is old and not smooth (need repair), tenant has no access to the basement, I don't post my contact information in the building ... etc.

What is your opinion on this matter if you have encountered it in the past? Any recommendation .... 

Hi Team,

I am hoping to discuss and get some opinion on the following matter. 1) I have this one tenant, every time she/he calls, everything is emergency/urgent. For example, I got a call on the Holiday weekend at 6:30 PM reporting an emergency/urgent leak. I asked if it can be addressed on Tues, the tenant threat me that she/he will get their own plumber and deduct from my rent. I eventually managed to get my maintenance guy down there. He checked the leak, and it was a slow leak that occurred from a wax ring issue from the second floor. It seems to be there for about 1-week already. So obviously, it was not an emergency/urgent. We eventually fixed it on the Holiday (Monday) as the tenant on the second floor is finally home.
  2) Other tenants in the building have been telling me, and this morning I received a call complaining about tenant from 1) above due to loud noise generated by karaoke singing all the time in the weekday. I quickly sent out a text to the concern tenant to low or stop playing the karaoke. She/he allows to do such karaoke on Sat at 11 only. Then, her husband called me and screaming. This guy went off on me. Not normal - threatening to sue me if I kicked him out as he is on disability and I am causing him distress, and threatening to have the tenants who complain to talk to him (probably plan on beating them up or something). I told him that it is the building rule and I want to enforce it. He told me that he is not a kid why the heck am I doing rule .... blah screaming unprofessionally.
  So what are your thoughts? Let's discuss ...

@Account Closed What do you have in mind in term of skin in the game? Would paying for closing cost and 5% in meet your condition?

Anything more than that would not make any sense for me as I can walk into my conventional portfolio lender and give him 20% to seal the deal any minute. 

Thanks,

-Chan-

Hi BPers,

I am working on a deal multifamily in MA, where seller is willing to seller finance for 50%. 

I am looking for lenders or recommendation for lenders who are willing to finance me another 50%. 

If the 50% proposal won't work, what can you do to help me close this deal from a financing structure perspective?

FYI: I am an experience landlord in this market, and I own more than 22 units.

Thanks,

-Chan-

@Tom V. Maybe you don't have to stir thing up right away. Get in and get managed, then learn about them for a few weeks. I think if your property is local, you can show up on the weekend a few times. You will find out quickly who you want to keep and get ride off. 

For those you want to get ride off, just serve a 30 days notice to quit by a sheriff (I know it is only applicable to M2M). If they are smart enough to question, just tell them their lease is not honor as it is an agreement between prior owner and them not you.  

For the good tenants, you wait for a few months, then give them an application to fill out to collect information in case you have to evict them / debt collection for damage or money owe. Just tell them, it is for your record only. I don't think you want to do any criminal check / background check at this moment. As nowaday, you can't discriminate against criminal in your building with the Obama new law that just came out. 

I agree with @Thomas S., lease is pretty useless. All my units are M2M agreement. Easy out / easy in. It gives landlord more control. 

@Kyle J. I guess not too many people carry the SS card or even know where they place it nowaday with all the technology. If it is a requirement for every showing, the tenant demand might be really slim. The credit report consistency sound more promising. 

For beginner, I would recommend buying off from the MLS. There are a lot of things to learn initially, so you should expose to conventional process upfront. It is a bit save, then you can expand to do more advance and non-conventional things. This is reducing your risk greatly as an investor. Just make sure your cash flow and appreciation work.

I am in the same boat as you. Some of them are single or with a girlfriend and have no kid. 

I have a kid that I pay a lot of money for private school, Summer camp, and extra activities for each year. I pay for student loan. I take vacation every year. I save every dollar to buy more rental properties. 

I guess it came down to what you want in life and your value. 

The tenants are what considered high income maker, and hardly had any saving. 

@Mike Hurney Hi Mike, I did read that line "I would do it myself and meet the seller directly and negotiate what you're looking for." I don't have contact straight to the seller. Everything has been going through the buyer agent. Then, at some point, the buyer agent starts talking directly to lender attorney bypass me, but CC me in the email instead. Strange ..... I have to mention to him to go back to basic as he told me that it is normal that he talks directly to lender attorney. (I am not saying who is right/wrong, and he is entitle to his own judgement). 

From my opinion, lender attorney is representing the bank interest only. He does not talk to seller either. Everything is so unconventional. 

In any case, will see how this thing plays out. Sound like the deal is going dead, following by court case ..., I guess. Right now, seller is sitting with my two deposits. 

@Troy Fisher No sure if you ever bought multifamily before. If you did, your process might be different from mine at/after acquisition. So from your conclusion without given any details to me, look like we are not aligning.