All Forum Posts by: Xela Batchelder

@Anthony Wick  Yep, great idea to do a "move-in checklist" if collecting a deposit.  Great points!

@Mike Cumbie  Those are some great points.  So makes sense IF one were to collect a deposit, one would need to re-evaluate everything from this point forward.  But that does sound like a pain.

@Tom Mills  Great idea!  Like the testing the waters part.

@Tom Mills Why are you keeping them month to month, and not doing a year lease?

@Mike McCarthy  That makes sense.  Thanks!

I'm taking over a building and leaving the tenants in the space.  They are all long term tenants (newest is 2 years).  The leases are now month to month.  They said they have not given any security deposits or similar.  If you were taking over a place, would you now charge your tenants' security deposits?  And if so, how would you do this?  Slowly over a few months?  I'm already planning on raising rents closer to Market rates over the next 2 years, so they will already be getting some increases.  

@Charles Carillo Great advice! Thank you! Great to hear we can get more than 15 years for refinancing. Still wondering if there is something like a HELOC where you can use it more like a source for cash temporarily.

I just got accepted for a 5 unit with cash (my first buy!).  Trying to figure out my finance strategy to refinance, but commercial is so different.  Are their HELOCs on commercial?  How long do I need to wait to "season" a commercial?  Is Delayed Financing available on commercial?  How would you get your cash back out on a commercial multi-family?  Love to hear all the possible strategies!  

@Chris B. Yeah, I didn't realize the Cash Out would be a different rate from a regular refinance, so that is helpful! My HELOC looked to be in the 3.4% range, but regular mortgages so far is 5.9% or higher. So maybe I need to keep shopping it! And you managed 3.99% on a cash our refinance? That would be wonderful to find. I'll keep looking (unless you want to mention who, no worries if you don't).

Thanks!!

 Oh, good point.  Just wondering since the market is a bit hot if it helps my offer go to the top even if it is the same as someone else contingent on loan.  But yeah, it would have to be a combo of a bit of that but really a better rate would really help.