All Forum Posts by: Tom Bardin

I am a first time investor and I recently have had a offer accepted on a Triplex and am going through the closing process. We have requested the lease agreements of the 3 occupied units. The seller stated that all 3 units are occupied and have year to year lease agreements. We requested the lease agreements and there was some information missing/ wrong. 1 agreement looks good and is up in October of this year. 1 agreement is from 2018-2019 and there is no paper work that says they have extended their lease. The seller has no paper work for the 3rd tenant. The seller is a older gentlemen who is having serious health issues and may not have been the best landlord. 

How do I go about acquiring a updated lease agreement for these tenants who are already in place? 

Do I request new leases be signed prior to closing? Do I wait till after we close to approach the tenants individually? 

I do not plan on doing any renovations immediately so would prefer to keep the tenants in-place.

Thanks all.

My partner and I recently decided to get into STR's. We have been pre approved and have the down payment in hand. We are looking at the gulf coast of Florida and neither of us live there. Is it best to just pick one area and use a local relator or is it better to find a agent who specializes in finding STR and not site specific?

Thanks

@Charlie Tunstall- I will give them a call. Thanks for the info!

Hey All, I’m attempting to get a cash out refinance on my primary residence. I have approximately 90k in equity and am trying to pull that out to reinvest but I’m having trouble finding a local lender. Has anyone had any luck with working with someone locally on a cash out refi?
I have tried getting a HELOC but have gotten no where with that either.

Thanks in advance.