All Forum Posts by: Oleg I.

Thank you all for your feedback. It looks like i have some more homework to do. 

Friends, I have a couple of rental properties, and two of them completely paid off. I am trying to find a way to leverage them to buy my first multi-unit property. It seems that everyone I’ve talked to wants me to refinance them and pull the equity out and use these funds as a down payment. I have some cash to put down as a down payment, but I really want to find a way to leverage paid off properties.

Is this even an option? How does underwriting works in this case? Would I have to look for more private investors vs. conventional organizations for the loan?

Any help is appreciated.

We have a tenant who is looking for a rental property on the Norfolk side of Hampton Roads. She has been an excellent tenant, great credit score and has always paid on time. If you have something available or know somebody who is looking to rent a 2 bedroom house or apartment please let us know. 

Hello BiggerPockets community. I am in the process of trying to finance my fourth rental property and having a difficulty finding a lander for the rental property mortgage who would finance less than 75k. I need a loan in the amount of 45 to 50k after I put 20% down. My question: does anyone know any lenders who would accommodate my needs? Any help is appreciated.

100 miles (one way) and I manage them myself. Anything further away would delay my response time in the case of emergency repairs. 

@Kuba F. Thank you. ARV came from comps. (I have a full access to MLS) as far as the buyers goes, i've could not find anyone for couple of days, but after some thinking I've called a good friend of mine who is a real estate agent and most likely he will be taking it. Anyway, thank you for your help and a good advice. I really appreciate it. 

I have a property in Newport News, VA for 195k with 250 ARV and very small amount of work to be done. I am not sure how to go about finding the buyer. Also I am not sure if the spread between 195 and 250 is lucrative for the flipper? Any advice would be appreciated.

Since they moved out you can have an immediate possession. (please be sure what they moved out. If you going to open the door, call PD to be with you and record everything on your phone. Have everything on video). Assess the damages and file a warrant in debt at your local court. You would have to find them and present them with court paperwork…. From that point on, judge will decide…

Can you use unpaid (with the current mortgage) rental property or portfolio of the rental properties as collateral for a new loan used to purchase another investment property?

What are other types of collateral investors normally use?

Very good question. Most resent reaeration of my lease (after a very, very bad tenant and months in court) now has:

• Very detailed explanation of the security deposits and my ability to use it at any time if repair was due to the negligence of the tenant and that tenant has to restore this deposit back to the full amount within 10 days.
• Alteration and improvements – we had to clarify that under no circumstances we don’t pay for it, even if we approve it.
• Added a part about Mechanic’s liens
• Unlawful use, use of drugs.
• Full liability and indemnification.
• In case of holdover rent doubles.
• Electronic agreement and communication/electronic copy and signature paragraph.

Somehow my rental agreement went from 5 pages to 15… its funny what bad tenants can teach you.