All Forum Posts by: Bobby Dini

This information provided above is invaluable. Thank you very much Suzanne,Kenneth, Cameron and Michael for the comprehensive responses. 

The only follow question I would have is at what point in the transaction would these documents be transmitted and filled out by the seller and tenants? In the hyper competitive market of multifamily real estate it seems to me these would have to be transmitted sometime after an offer has been submitted. Unless, you wrote these as requirements into the initial offer?

From my perspective, I find myself asking why would a landlord willing disclose more information that wasn't apart of the sales agreement unless this is some type of legal requirement or was baked in to the offer. I'm speaking as a person who, in my market, deals with multiple offer (all cash) competition within the first 24 hours of a property hitting the MLS.

I am about to have a duplex under contract as non owner occupied and I am curious if there is any way to determine if the current tenants who are under individual lease agreements are current on their rent payments. The fear is purchasing the property, and having to immediately go through the eviction process (or lack thereof).

I am, of course, going to ask the question to the seller but want to get some feedback from others who may have gone through this already or are currently.

I want to get a HELOC on my primary residence in which I have about $100K in equity in to use for a down payment of $30,000 on a duplex that is rent ready and won't require much work as it is currently rented out. Property will cash flow nicely with about a $1000 PITI payment monthly and $2000/month in rent. My question is what are some factors to look for in a HELOC for a buy and hold rental like this? I've talked to two banks already, both are coming in at about 6.1% interest with the ability to convert to fixed rate at any time. I found an interest only loan for the initial draw period which seems appealing as I could add some cosmetic value over the first year and cash out refi to repay my $30,000 HELOC.Any advice for shopping good HELOCs is appreciated.

Going to be buying a half finished renovation (2bdr 1 bath), upstairs bedrooms are done but yhe downstairs is completely gutted and needs finished. I'd like to hire someone to finished it out right rather than coordinating someone to do each piece (kitchen, bath, living room etc). All of my usual contractors are tied up and I need someone that I can hold to a contract and also looking to make a good relationship as I have more renovations after this lined up.

It's a small row house in south side, construction costs I approximated to be about $20,000-$30,000