All Forum Posts by: Pavel K.

Vladimir Kononenko happy to chat as well.. !

@Justin Jarboe... this is super helpful, thanks for sharing. If dealing with a Section 8 standard Massachusetts lease, do you just create a separate page with this addendum and attach to the MA standard residential lease form?

Hi all,

I'm curious if you use any contingencies to protect yourself when making an offer on a fix and flip project using a hard money lender? Do you include anything to the offer addendum? 

Curious how other investors approach making an offer and what type of things are good to include / exclude.

Thanks @Ray Johnson... that's good to know regarding the DTI ratio, didn't think of that!

@Lana Lee ... I agree, this makes more sense to me now and thanks for your insights... seems like as long as the rates are low, it's a lot better option for flips or BRRR vs hard money loans.

Hi all,

I'm curious as to how some of you are utilizing HELOC and strategies when it comes to investing in buy and hold properties/rentals. Let's assume I will not use it for fix and flips or short term deals.

Here's a scenario I want to run by you guys:

Let's say there is a unit on the market for $150k. I decide to tap into the HELOC and borrow the funds to put 25% down towards the downpayment only - the rest I just get a traditional conventional 30 year loan. This does sound good since I do not have to use any of my own money towards the downpayment.

The question is: what is the best strategy in terms of repayment of the HELOC debt. Do you stretch it out for many years and pay INTEREST ONLY? Let's assume interest only is $80/month in this case.

Assuming the numbers work ... do I just treat HELOC interest rate monthly expense of $80 in a similar way you would calculate things like monthly estimated repairs or monthly utilities and then see what kind of cap rate this type of deal provides?

My goal is to make sure the property has positive cash flow after all expenses including interest rate towards HELOC is paid off.

Just curious if anyone has any recommendations how to be strategic with using HELOC.

Thanks! :)

Hi all,

My tenant's family member and her boyfriend (who are not on the lease) are causing destruction of property and many issues - such as damaging another tenant's property during an argument. I was wondering if anyone has a sample letter or an approach I can use to ban the 2 individuals from the property completely. Both of these individuals already have a police report filed against them as well as a restraining order from the other unit owner in process.

I need both of these individuals to stay away from the property and if they violate the terms, I need to proceed with eviction.

Does anyone have any language or template I can use?

Thanks in advance!

Thank you both I was able to find a credit union to do a 30 year fixed and am going through application process. Fingers crossed

I forgot to add. It is for an investment property to be used as a rental

Hi all. New here and hoping to get your advice. I put an offer on a condo for 119k$ short sale which the bank accepted. Bad news is banks won't finance the deal due to less than 50% owner occupancy. One lender thinks she can get the Loan with 25% down but it would be 10 years at fixed rate and ARM for remainder 20. Is this a smart idea or not ? Or do I consider a delayed financing ? Honestly not sure what's best and would love your advice in this situation. If anyone can help ?

Hoping I can get some advice from you guys on a dilemma I have.

I am working on making an offer on a property which has 3 condos. The 1st floor condo is currently utilized as a commercial office space and the layout is set-up without a full bath, proper kitchen, etc, but just right for a smaller office.

The other 2 units are regular condos for families.

I'm trying to figure out what option I am better off with:

Option 1: Leaving the first floor unit condo as a commercial space, renovating it and trying to find an office to occupy it.

or

Option 2: Invest in doing a full kitchen and a full bath to make it a proper Tenant rental.

Option 1 seems like it will be more economical but there is a risk it will take longer to find an office to rent the space vs a tenant, and the loss I take on finding that commercial renter may offset what it would cost to re-do the whole unit by investing in a full bath, kitchen, etc.

I'm also wondering whether I'm better off having all 3 units be tenant-rental condos if it makes it easier to sell down the road or should I just consider keeping 1st unit as a commercial space and take the chance?

If anyone has any experience in this area, would love your thoughts