All Forum Posts by: Ryan Kinley

Thanks Will  . That’s helpful 

Hello - Looking for any tips or options I can offer to my neighbor. She just lost her husband and told me she is looking to sell his 10 unit apartment bldg. She told me around 550k and i immediately got preapproved and sent her the letter from the bank.

Now she said she needs to have it valued before she can get back to me. 

Does anyone have any options or other ideas i can offer to her that will incentivize her to sell it to me? im afraid she is going to ask for a lot more on this property after she has it valued. The county has it listed for 400 k. 

Hello All hopefully this is an easy one to answer. I did some searching but couldn’t find the answer so I’m putting it out there. I had a tenant move out in September 2019 and I did not go in to make it rent ready until the end of December but made sure it was cleaned out and the heat was at 55.

Basically she never had the gas shut off and there was roughly a 2 month period that it was in my possession.

Keep in mind she was not paying the rent and did not let me know she was moving out . Her stuff was in there after she left as she was telling me that it’s her belongings and not to go inside.

I went in once to make sure there was no food left out due to mice

To avoid any kind of legal problems I let her keep her stuff they’re basically for a month until I was clear with her that we had to get her stuff out of there.

Contractors were in there working and painting so the heat was turned up during the end of December and I had a tenant filled by the end of January. At that point the gas was transferred.

Until that point the gas was in the tenants name but I was unaware at that time .

Now the tenant is asking me for $6000 because the gas was never paid .

Thanks for taking the time to assist .

@Marcia Maynard great post thank you

@Andy Patel

Any chance you ever found a contact with information on this? I am in the same position where I’m looking at a 10 unit apartment with finishing it for veteran funded housing. I’m trying to verify what the seller is telling me because he started on this path and has to sell for personal reasons. Any information or someone that has done this before would be greatly appreciated.

Thanks

Ryan

@Sharad M. That was an awesome quote

Is anyone a seasoned investor in the Lorain Ohio area? I am thinking of purchasing a deal there containing a large portfolio but wanted to discuss with someone about the area before I do.

Thanks

Ryan

What is the secondary market? Higher interest loans? 

@Matt Motil or Angel Yan please let me know the banks and I will reach out to them . 

Thanks 

Ryan

Yes anyone that knows of a bank that can refinance this deal would be great . I suppose I could see if he would wait for me to get financing initially. 

I’m prepared to give the 50 k he is asking for both properties (triplex in front and Sfr in rear) , but want to make sure I can get the refinance later in hopes I can get most of my cash back. 

My plan is to get the triplex rented as a duplex ASAP and the slowlyvwork on the rear SFR. The Sfr needs a lot of work