All Forum Posts by: Xochitl Cadena

@Kenneth Garrett Thank you Kenneth, yes exactly. I told a bank that I am moving to one of the units and transferring the LLC into my name but still didn't want to do it. I just need to keep looking as banks seem to not want to do the cash out these days.

@Drew Sygit Great idea, thank you!

@Dennis Wayne Thank you Wayne! lol

@Nathan G. Thank you for your valuable input!

@John Underwood Thank you so much for your response. I don’t have drip pans but I should specify that about the oven, and microwave since I got it new. To me is common sense but great idea to include it. I probably need to print out a guidelines booklet to include in the contract as a “refer to the property guidelines”.

@Jill F. Thank you Jill, I did explain when this occurred and slowly is getting better.

@Karen O.

Thank you! Your response is very thorough.

@Kenneth Garrett

Thank you! I actually prefer to revert back to a non commercial refi bc terms are better. I want cash out and low interest rates which are better for residential lenders. But by being a 2-fam in an LLC both sides residential/commercial sends me one to the other.

@Guifre Mora

Yeah my property is a 2 family in an LLC. I called a number of banks and so far nobody is interested. I am not on a W2 so my income is low. But is weird, some banks send me to their commercial side, but then they don't look just at the property numbers (both apartments are rented) they want to see my personal income. Strategically there must be a way to do this. I put down 30% on the property so after a year I want cash out taking advantage of the low interest rates.

Thank you Guifre!

I am a newbie at REI and recently have run into issues that are kind of stupid but that I would highly appreciate your input. I recently bought a 2-fam home and rented out one of the apartments (4-1) to a S8 tenant. They are ok but call me often and most of the time for things that were non issues.

a) How do manage calls that are stupid like changing a bulb, and the like? I am thinking sending a formal letter specifying that for items that are deemed non issue they will be charged $200+ per visit to the property and deducted from their deposit.

b) Apartment is delivered with one large trash bin, and 2 recycling containers. They broke one (i suspect negligence) of the recycling containers and now they asked me for a replacement. I did not include this lingo specifically in their contract but I don’t want this to become a habit.

c) I’ve had to go and unclog toilets about 4 times and is due to tenant usage not because the house pipes or drains have issues. I didn’t charge them for this but want to include lingo on the renewal lease to specify that they are responsible for this not me. Covid has everyone by the nuts so I do it bc I am stupid and bc I don’t want to lose them but want to set expectations in writing not just verbally.

d) The second apartment (a 2-1) will be vacated soon and luckily i found another interested party. This time I will go S8 also, and albeit the new tenant signed the lease, she hasn’t provided the deposit. Because of the holidays we will finalize it next week. I was under the impression S8 requires that we sign the lease, then present it to the tenant’s case worker so that they send me the appropriate paperwork to fill out and sign. Then they must set the appointments to come verify everything is ok with the apartment and then is a go. The prospective tenant said the case worker told her to not sign any leases until she has everything finalized (albeit she was notified since last august that this tenant was looking to move out of her current apartment). Anyways, should I remove the “for rent” advertisement? Since we signed the lease for a move -in date 2/1 i am honoring the agreement but now I don’t know what to expect from such a case worker. I’ll see what happens this week along with the payment of the deposit.

I would highly appreciate it if you can share with me HOW you handle these types of issues. Mandy, many thanks!!!

Sochi