All Forum Posts by: Richard Mercurio

I bought my first college rental last May, its been rented ever since, had to pay all cash, no bank would lend to me, all said my debt to income ratio was too high, so I made the LLC, and bought house in name of LLC, was told wait 1 year and then refinance, 1 yr later, I need to refi, I want to purchase another 1-2 properties, lenders will not lend to my LLC, they want me to convert back to my personal name, one said will lend to LLC @ 8%, and points, but paying 7-9% for the refi seems high, I am quoted 5-6% if I put property in my personal name. Seems like I am spinning my wheels, asking the wrong lenders, can anyone sort this out for me?

Thanks Will

@Tim S.

Thanks Tim, I'm on it!

@Steven McCutcheon

Steve, thanks, I am going to get going on this renewal thing.

@Will Gaston

Thanks again.  I downloaded the NJ Lease Extension Form from BP, I will use that.  And I agree, I will not change the security deposit amount.

Question, I assume that if I had the students parents cosigned the original lease, i would need them to cosign this Extension agreement also?

Another newbie question- can you explain the reason for the @ thing at the top

@Will Gaston

I already now Feb-March is the renewal time for this campus.  I also know that at some schools where is very competitive for student housing, they do it in the prior Fall, before Christmas break.  I learned when I signed this lease back last May, most all the renters had already picked their places, and also its very hard to reach the students May-Aug when they are home for summer break,

Will, 

thank you for your suggestions.  

Question- If they say they are renewing, how is this formalized,

Do you suggest preparing a whole new lease with the new dates, etc, or is an addendum to the old lease more appropriate which states the new beginning and end dates are for 1 year, and not month - month.  And if i raise the rent, i would think I need to collect additional security moneys to reflect the new monthly rent.  I am thinking I will ask for the first months rent also for the new term just to make sure they have some skin in this.

Sorry, newbie jitters.

I signed my first student rental lease in May 31 2018 , immediately after i purchased the property. The lease is up this May 31 2019.  My hope is to resign with the existing students, all sophomores.  How and when should I approach the renewal, I want to lock in the new lease (formal agreement, not just a verbal they can then change there mind at the 19th hour) as soon as possible, and do i execute a new lease with a new first month rent and security deposit.  Any advise is appreciated.

Sam, TY, and yes, i have been paying attention to the players, and it does seem like a handful each week are pros, and about rest 20+ just sit there like me and dont say a word, i already did the title report but i still have questions, so maybe a come ready to bid, and just wait, if no one bids anything, maybe they know something i dont, and i pass.  in the meantime, i have a few more weeks before the date, assuming it doesnt get postponed again, , question- who would you turn to if the title report didnt answer all your questions,

Patrice, TY for your reply, so i paid for the title report, and im pretty sure the plaintiff is the original mortgagee, $505K, back in 2002, so i  guess you call that the first position, so how would i know for sure if i bid on this house, and lets just say the winning bid is $300K, the other defendants, which are not only the homeowners, but 2 other bank entities, get nothing, and i get the house for $300K, do i need to have a lawyer look at the title report, is that what really cautious people do, i am so trying to get started, to make that first deal a success.