All Forum Posts by: Seth Nowak

Quote from @Drew Sygit:

Why not just incentivize the tenant to find a place? 

Your offer of free rent, etc should have a deadline on it and the TENANT should be doing all the work, not you

Yes, I like that mindset about it. I texted her today that I'd pay her TWO months rent if she could find a place in the next week (to move into in March), and instead of being motivated and incentivized, she thought I meant move OUT within a week, and she got panicked. 

 She does seem to be "sort of" trying to find a place, but she keeps saying she has a legal right to stay until August (at my place, because that is how long the lease goes)

Thank you so much for this good list of options. My goal is to find someone to do all the calling and searching for me. But I could also just block out some time and go through all of these resources systematically. Anyone reading this want to be hired ?  Message me.

Thank you for these suggestions! Very helpful so far. I'm on the same page. I've called 2 real estate brokers I know in the area and explained I'd pay for a successful search. I've also told my current tenant I'll give her a good reference, pay a full month of her current rent to her, return her deposit in full, and if the new place charges extra pet fees, I'll pay those, too. 

Is there a "concierge" apartment or rental house - finding service? 

I am house hacking and my upstairs tenant has a lease that doesn't end until August. Me and my partner are having a baby in July; her current lease ends in March. Our plan is to have her move in to my house. 

My upstairs tenant is willing to voluntarily move IF she can get accepted to a place that will accept her German shepherd and 2 cats and cost about $1200 per month or less, in Madison, WI. 

I've been online at apartments . com and craigslist and a few other sites searching for possibilities, but is SO time consuming! 

Who can I hire to find a place ASAP for my current tenant to move to? I'm open to any advice and ideas and solutions. 

I'm not asking the first mortgage bank to lend the second mortgage. I'm seeking an investor to do the second mortgage at the time of closing. 

Best agents I've worked with in Madison are Tori Wagner at KW and Darcy Haber (broker) of Solidarity Realty 

I see some of the BP lenders listed, but the details they post don't quite seem like a fit. Anyone bought a motel with bank financing before? What was your experience? 

I've got an offer accepted to buy a 21-room single story motel in rural Wisconsin. It is currently used as a motel, with some rooms rented 30 days as transitional housing. 2021 financials and our business plan show very high cap rate and DSCR. Building is in very good condition and we have confirmed the zoning allows for multiple uses.

I'm looking for long-term first mortgage bank financing at 5.25% or lower, based on the asset, not my individual DTI. I've got good credit and strong balance sheet, but not the 2 years tax-return verified income some commercial lenders want. Also I want to get a first mortgage loan that will accept a second mortgage for most of the down payment. I can put in cash, but not the full down payment. Accepted offer price $535,000.

What lenders and deal structure do you recommend? 

I did a Rich Day weekend course about ten years ago when the price was $300 and my experience was similar to Vince's in this thread. While I enjoyed the first day of content, I was shocked at the end when they tried the upsell to the $60,000 program. What a bait-and-switch! I felt like a chump.  

@Scott Steffek this is out of date. Environmental attributes are more important than ever