All Forum Posts by: Ross A.

I plan to use some of my IRA funds as a down payment to buy and hold income properties. What type of lenders are out there? Will this be a commercial loan? I hope not :(

TIA

 I have an applicant who is moving to Florida, and they’re looking for a seven month lease. They have a good credit and a good background but no job yet. Am I legally allowed to ask for the entire seven months rent to be pre-paid in a lump sum?

Thank you

This is really strange to me and I need to ask the forum what they think.

I called QuickenLoans on a new property that I'd like to purchase in the state of FL. The QL agent tells me that I cannot obtain a loan directly from them because I seem to have another property (in the state of MI) that I refinanced some time ago through a broker. So now I can't get a loan from QL unless I have to go through that MI broker? he said they "honor their relationship with their brokers". I told the QL rep what if the MI broker isn't licensed in FL? his answer was that "you have to go through your broker, if he can't do it, we'll have to find you another broker in FL". I asked to speak with their senior advisor, and he basically said the same thing; he told me "I have a very unique situation"!

Does that make sense?

@Leon Lee first, congrats!

Second, I empathize with you as I experienced something similar a while back.

My advice is for you to first write them a letter letting them know you’ll be coming on that day. The you go on knocking on their doors that day. The idea is to introduce yourself and change their perception about landlords in case they have bad experience.

If they’re late on rent offer to waive the late fee or some of the rent as a good gesture (depending on how they respond to you).

Also, bring your handyman with you if you have any and let them know that he will take care of them when needed.

That worked with me and I now have paying tenants!

Good luck

Hi Matt, I have a 3-in-1 units similar to what you have. Each of my tenants were able to call the cable company and request a separate installation and bill for their unit. Cable company assigned a (address #1) and (address #2) in addition to the main (address) for easy billing.

As for the other utilities, I usually offer the tenants a fixed amount to be added on top of their rent. This usually solve a lot of problems and headache. Good luck!

@Macintyre Braun the short answer is no, in my opinion.

College tuition is a horrible investment. You’re going to borrow money then slave away for years just to pay the loan off. Whereas if you borrow the same money and invest it in a rental property, not only the tenant will pay off your loan but you’ll also make money from that investment with minimal work and being your own boss.

Education is education. Whether you get education from college or from reading real estate and investment books - both are education. Only difference is that the one COSTS you money and the other MAKES you money.

And then when you start having cash flow for life, go back to college if pleases you.

My two cents

@Michael Helfant et al,

Thank you all for your responses! I’ll try reaching out to you today.

@Dave Mitchell the property is in Michigan. $600/mo positive cash flow, no liens, just that one mortgage.

I have a rental property that’s worth about $180k and I owe around $50k on it. My current rate is at 4.9% so I’m looking to refinance, but can’t find a lender who’s willing to loan a $50k. I guess I could ask for a bigger loan with cash out but I don’t want to for the moment.

Hello fellow San Diego investors. I've always bought turn key rental properties but this time I would like to explore adding three more bedrooms and 1-2 additional baths to an existing 1000 sf house with a 1.5 acre land. But I just don't have any idea how much it would cost to have these additions. Assuming I can get a permit and an engineering design to do all that. All ideas and feedback are welcome - thanks in advance!