All Forum Posts by: Yoni Benimetzky

Hey @Christopher Olsen

Different states have different eviction laws.
I would defiantly consult with an eviction attorney in your area to get accurate guidance on this. 

There are procedures like giving notice that are better done sooner then later. 

Hey @Edward Jordan

I obviously don't have the full picture here but my advise would be to renovate first. The renovation should take less time, you could rent it out once the job is done and refinance it. 

Use the refinanced equity along with a construction loan to build your vacant lot. 

Hey @Meryl McElwain

What size loan are you looking for? Have you considered freddie SBL (small balance sheet) 

What's the difference between what they are paying now and what's market rent? 

That sounds right to me. I like splitting investment into single purpose entities. 

Are these single member entities? Some states no longer offer the same protection and will consider you a sole proprietor if you're the only member, meaning, you forgo the protections you created the LLC's for in the first place.

Welcome, hope you're successful in your endeavors!! 

Hey @Keith Martinez

That really depends on your outlook, I'm of the camp that thinks prices and rents should be going down later this year. Unemployment is still off the charts and believe it's going to take time for things to stabilize. People will be downsizing and looking for cheaper living alternatives etc. 

Hey @Ray Reed

I've dealt with this a few times in the past and I completely get where you're coming from. My plans were to renovate an apartment building that had a few senior citizen renters that were paying way below market rents. 

I spoke to them personally, helped them find a new apartment that was within their budget and payed for the moving company to relocate them. 

It's a hard part of the business but it is still a business. 

Hey Alex, 

I would suggest you run a solid comp report for the area to see what people are paying more for. Call and ask local realtors, act like a buyer and actually go see product in that submarket. 

Appraisals will use a lot of factors when determining value, so if you plan on renting out the house that you want to refinance, you might as well make the improvements that will get you higher rents.  

Hey @Roi Horowitz

$50,000 can provide you with a solid down payment for a lot of different things. If you want to get your feet wet maybe try looking for a duplex around where you live. 

As a first time investor I think it's very important to self manage. You want to be able to control issues and learn the ropes while not having to drive far or having to count on third party management.