All Forum Posts by: Account Closed

@Brandon Heimsoth That sounds good, I'm doing a subject to edal currently and the owner has other properties he's willing to bundle together for a discount. I've been looking into combining the properties under one loan. This story was great, thank you. 

I used gray in my rentals, just grab 5 colors you like paint all 5 with a brush and go with the one that looks best. Always better to go a little lighter than you want vs darker. 

@Brandon Heimsoth Congrats. What was the down payment on the Commercial loan? Will you be able to do a refi easily?

traditional. Just look up how it works. And it's repeatable. 

I would actually look into "delayed financing" in your case. You could have a faster closing paying cash, then almost immediately get a mortgage on it and pull your money back out to repeat. If I had that amount of capital liquid I'd try to do it all the time in my market. 

Sounds good, I think a lot of investors will look into section 8 with the panic of Covid and tenants not paying. How much is the rent for this unti?

I went through this in December so I can help with some of these. 

• Pretty much any and everything related to a normal tenant hiring process is available to you if they still have them on file. Luckily I was in a situation just like yours and the tenant wanted to leave at the end of her lease as well so I was kind of lax in the due diligence of the tenant. 

• Lease is pretty much attached to the land and not the owner so yes you have to honor it. Major ways around this is making a tenant relation a condition for the sale to the owner, or trying to buy the tenant out of their lease yourself. 

• The security deposit would go to you on closing if you choose to manage yourself. I had the same thoughts you did. If I know for a fact I'm changing out floors, appliances, painting etc, it seems unnecessary/ even petty for me to hold onto a security deposit since I already accounted for those costs. As long as major damage wasn't done by them after you purchased the property. 

• Yes you can see and make sure you understanding any long standing repairs or anything they've had to do with the property. 

• That's fine just keep the deposit that you'll get at closing. Gotta leave some kind of incentive for them to not trash the house. 

• I'd say after closing just talk to them and get any additional information about the house that the owner wouldn't tell you. 

Good luck with everything! I loved buying a property with a tenant already in, even if the rent was under market. Getting paid immediately felt great. 

Had a lot of use out of the 5 gallon Glidden Speedwall. Cost less than the other 5 gallons and you can choose your colors. Believe it's holding up pretty well. I assume during turnover I'll probably be touching up paint anyway so I don't worry about getting the most expensive paint. 

@Vijay Rao One of my current tenants has a felony on his record plays on time and not a problem. I think a large part of this equation is what asset class your property is in.