All Forum Posts by: Tomas Gutierrez

Ill come. Thanks for the invite!

Awesome find project Dawn. Can you share more about the carpet installer you used? I am trying to find a value carpet installer in the area. Right now im getting quotes or $750 - 1000 for a 240sqft area installed. I think the lower end is still expensive given the carpet they will be using is poorly rated. Ill priv message you as well.

@Alex Corvin is correct. I myself just bought a duplex which closed last month. Multifamily properties are pretty competitive to get a hold of around the Triangle. So I am trying to expand my criteria to bigger complexes. 

Here are my answers to your question @Nick Ferrer

1. The closer the better unless you are planning to hire somebody to manage it. In which they will charge 6-10% from the income.

2. Watch the bigger pockets podcast. And listen to their experiences. After that I am pretty sure you will have a good idea where you stand. Read a lot of their blogs as well.

3. Subpar credit means higher rates. Once strategy it for you first property, live in it and consider it as primary residence. That means lower rates. However the next property will be rated for investment which is usually .5-1% higher. I would recommend also fix your credit before buying if to get the best rate and shop for rate and let them fight.

I saw myself like you 6 months ago trying to get ahead of the race. But I dont have much experience and pretty scared to fall since money is not cheap on this kind of investment. So what I did is to educate myself I took Real Estate Licensing course and it helped me a lot during my deal last month. I was confident and I correct my lender 5 times when they were preparing the Settlement statement. Although this is not a requirement but it will help you tons! It took me 6months to accomplish this and a lot of self study on the weekend. Anyways its one time deal. And its already paying back already for my investment.

Just talking from my experience so far.

Good luck!

 Good stuff. This is a little different from my state. But I was thinking of putting something like this to make it easier to review if it happens again and remind me to do what on when. Thanks for sharing. I am guessing you might be working in the IT industry since we use a lot of this kind of flow charts :D

Thanks Dawn! I appreciate it!

Hi, I just closed on this duplex. Both of them received a letter from me saying that I am the new tenant. I reminded them of the existing lease contract and the due rent dates. One unit I sent an additional notice to vacate in 30 days. All is legal under the contract since its month to month lease at this point. Tomorrow its the last day for a no penalty payment and I have not received payments as of today. I plan to call them tomorrow to remind them just to make sure they know that their is a change in ownership. The other guy that get a notice actually called me back to ask why he is getting the notice, that was before closing on the property. So at least at this point I know they already got the letters I sent.

I am hoping not to evict them just because of the whole process but I will do so if needed. 

How do you guys suggest I handle this?

Also anybody dealt with the eviction in Cary, NC? I would like to know the details on where to file and what you did. I would like to pick your brain, maybe buy you coffee or lunch?

Thanks for the laughs guys. I learned something, which is to maintain professionalism and continue with the program after getting the awkward comments. Love the way you guys handle it in the end... "Here is the rental application form and $25 to apply, and will contact you when you qualify". I just got my first rental property so this will really come in handy.

Thanks Sue! This helps a lot. I appreciate it.

Hi Guys, it is my first time to own a rental property and trying to find the right template/letters to send to the current tenants. Below are the letters I would need in the next few days.

- Change of ownership ( what is the best way to communicated this as well as direct the payments to my account)

- I wanted the give 30 day notice as well to once of the tenants.

I have search the net and BP for this but would like to get some more to make sure i cover all corners.

Any help is appreciated.

Thanks,

Tomas

 Thanks for the info Jeremy. I am starting mine tomorrow.