All Forum Posts by: Tim Ger

Hello Friends,

I am about to go to contract on my first investment property. I am very excited about deal. One cause for concern is that it is a duplex with tenants in the house. I have received a copy of the leases and all looks good. From what I have heard the tenents seem to be good. One tenant has been there for 4 years and the other for 15 years. The problem is that their rents are way under valued. The tenant who has been there for 15 years pays 1300 and should be paying 2000. The other tenant pays 1100 and should be paying at least 1600. Leases run out 4 months after I acquire property. How should I handle this?

I am afraid the woman who has been there for 15 years may consider it "Her House" and will refuse to move unless I evict. Should I raise rents slowly and try to keep them? Should I just not renew leases? Should I see if they can pay the new rents? What else should I be concerned about with inheriting tenants? I dont want to start with 2 tenants not paying rent.

I don't want to spook the owner. It seems like an estate sale and they want it down fast with no complications. I am going to look into a local bank, but would love to hear more ideas. thanks all

Hello All,

So I am looking to invest in a 2 family and they have accepted my offer. My first deal.  This will be purchased as an investment property and my lender has informed me that it will require a down payment of 25% in order to take advantage of a competitive interest rate. 25% will really take me to my max financially and wont allow for money to be put towards repairs and renovations for some time. I have considered taking on a partner but was wondering if anyone has some creative financial ideas to make this deal work with 20% down, not 25%. Im Soooooo close

Hello All,

I found an interesting property in my area. It's a mixed use commercial/residential. It is sitting vacant so I wanted to contact the owner and try to make an offer. I went down to the tax office in my neighborhood and got his name. His mailing address is the property in question. I googled his name and it appears he may have passed away 6 months ago. Does anyone have any more advice on how to further inquire about this property. Any way to contact the estate etc? Or should I just do a mailer to the property? Thanks In Advance.