All Forum Posts by: Tyler VanWinkle

@Will Fraser Thanks for the knowledge!  The appraiser, agents, and tenants finally all got on the same page and it got appraised yesterday!   

Hello BP friends!

We were scheduled to close on our first deal on August 6th.  The Duplex we have under contract had a roof leak during showings and the current owners insurance took care of a new roof and fixed the inside.  I was told by my mortgage broker and RE agent that we were having issues getting an appraiser scheduled to look at the property because of work load and all the refi's taking place. 

First issue, the appraiser went to site and did a drive by and said that there is potential commercial use so he could not do the appraisal and it needed re assigned.  

Second issue, next appraiser goes to site and inspects the vacant unit and then the second unit tenant says they may have Covid-19 and its best not to go in.  (completely understand but why did someone not communicate with the tenant?)  

Third issue, now in between all of this it has been difficult getting an appraiser scheduled and we come off the quarantine and try and get that appraiser back out, he passes as he does not feel comfortable.  Next appraiser is scheduled and actually calls me personally two days before he plans on looking at the property about making sure someone is on site.  I actually give him the sellers agent and my agents number telling him he will have to get with them to make sure he can get in the occupied unit.  He says he will reach out and make sure all is good and the sellers agents can meet the morning of so he does not waist a trip.  Low and behold the occupied unit is locked and he can not get in to look at it!  

What do I do at this point?  Who is responsible for scheduling this and where is the breakdown in communication?  I feel like I am out of the loop and every time I talk to my agent or the mortgage broker they seem like they don't have much info either.  Has anyone had similar issues recently?  Any suggestions on how to better organize or get this handled is much appreciated!

@Dick Rosen I am looking into what it will take for me to get in section 8.  With the tenant already being in the program that means the house should already be set up and getting inspections monthly correct?  Thanks for the feed back!

@Stephen Kehoe Thank you for the advice!

Hello BP community,

Just got my first duplex under contract!  Scheduled to close in roughly 2 weeks, during my due diligence I requested to see the current tenant lease, it is a month to month and I noticed a section 8 voucher attached.  The current rent is roughly $100 below market rent and the tenant has been in the property since 2017.  When I looked at the property I saw no issues with the up keep and everything looked well kept except for a few normal wear and tear issues with the trim or paint.

My issue is I have no idea how to go about getting set up with Section 8 and the property management company that I will be using said they do not manage section 8.  Should I not renew their lease after I close and get both units on the market and fill with tenants that the property managers have vetted?  If the tenant wants to stay and will sign a 1 year lease with a rent increase to market rent (which I think has to be approved by the housing authority) would this be a smart choice?  I was not planning on getting into the section 8 program and I also had planned on this being handled by a management company, I spent a lot of time with the current company I plan on using and they invested some time in looking at properties with me.  Any thoughts?  

Thanks for the help guys! 

Thanks for the info Jeff!   

I started the conversation off with the bank that I wanted to open a business account for my newly formed LLC. This brings up a new concern. If I take out the loan in my name can the property be titled in the LLC's name? If so will that break the corporate veil?

Hello BP community, needing some advice. Looking to purchase my first rental property. I am wondering what types of conventional loans you have used. The bank I talked to would only offer a 5-1 arm for 15 years at 5.75%. That will not cash flow very good! I asked about a conventional loan and they said that would only work if it was my primary residence. I thought that was only for an FHA loan. I am hoping that is just this specific bank. My goal is to build my portfolio with buy and holds.