All Forum Posts by: Stephen Neto

Good to know @John Broussard

I just completed my first 3 family purchase with a mortgage broker my real estate agent recommended.  I was frustrated with all the financial documents they needed to see. Here I am putting down 25% of my money, have a great credit score of 780, have a job showing good income and yet they still want to see all my other financial documents. Now the loan is via Fannie Mae so i don't know if they are stricter than most?

But I have to believe there is an easier option to get financing on investment properties when you are a good risk. 

I was told to always use other peoples money to buy real estate, well that a what I was doing.  But is there another less annoying way?

Am I looking at the wrong types of banks or is this just part of the process for any business lending you money?

Also by looking into 5 units and above and going into the commercial loan side of things, will they have have document demands or do they mainly look at current rents coming in to the property?

I wish there was a webinar or such on all financing options for investment properties.

Thanks @Jonathan R McLaughlin  That's why I love these forums, so helpful!

Thank you @Courtney King

I am acquiring my first 3 family.  I hate the fact that I have to pay for something the tenants use such as water.  Currently landlord pays water.  After signing and when property is mine, is it reasonable to require the tenants to pay for the water even though all this time they didn't have to pay for it?  

If so I can get an average water expense amount and divide it in 3 and include that figure in the rent.  Does that make sense and sound reasonable?

Thank you all for the excellent advice!

I am having my first 3 family closing.  Do I treat the existing tenants like new tenants and have them fill out an application just so I can have information on them?  Current landlord was not very good at paper work.  How do I go in there and set the Law going forward?

I was thinking about giving each tenant 12 self addressed stamped envelopes to me so they can put the rent check in and send to me.  Bad idea?

Also I would love if the tenants shared the water bill.  How can I do this?  Just pump up the rent $50 or so?  Do I rock the boat and ask for more money or hold on to a good tenant?

Thank you @John Leavelle for taking the time to explain your thoughts.  I will take your advice above on the percentages.  Just needed a little guidance.  Thanks again!

I plan on keeping for cash flow. Did minimum percentage because I’m new. Yes I plan on managing myself until I get enough properties that I can afford to pay a management co. 

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