All Forum Posts by: Aaron T.

Welcome. sounds like you are already where most of us want to be at. if you have any insight on the local market, please share. I know there is a lot of interest for property up that way.

The leases run up in July and August. They know the building is being sold and will be on a month to month.

I will do proper screening for the tenant that stays. It does not matter which unit I live in. they will both need a little cosmetic touch ups and I can increase rents to market in the next year or so.

I have used titlemark in south tampa on a few deals. they are always pleasant and extremely helpful. 

TitleMark of South Tampa, LLC

I am in the process of closing on a duplex. Both sides are rented, but I plan on living in one side. additionally, they are rented way below market, so i plan on raising the rent by $150-$200 per unit.

When I close, i plan on sending a letter to the tenants with lease renewal information (increased rents), and asking for a letter of intent to renew or move. (Both leases run up 1.july 2.august)

IF both tenants want to stay and are ok with the rent increase, how is the best way to determine who stays or goes? I dont know either tenant or have any affiliation in anyway. they are preexisting to my acquisition.

thoughts?

Welcome Jonathan. There are several of us in the local area that are willing to lend knowledge.

most PM in the Tampa area charge a placement fee, normally one months rent. and then a 10% monthly fee.

be careful the contracts you sign with a PM company. Some will say as long as the tenant stays, you must keep their services, even when you pay a placement fee.

I would be interested in hearing about your tampa market funding.

Devon,

Welcome to the site. the best advice I could see is to pick one or two topics and really dig in. after that you can open up to learning more. There are a lot of smart people on here who are willing to help and answer questions.

I have networked with several people who are interested and willing to loan private funds. I will be meeting with them this week, to go over what it is we are doing with the capital and details of mutual goals and interests. 

now that I am at this point. I need advice on how others close the deal. 

1. how or where are the funds held (escrow, LLC, trust)? how are they transferred?

2. once we have a potential property lined up, should the funding be in place already, or have funds transferred after deal is found?

3. how are you securing their capital? are you putting their name on deed? 

4. I assume the lawyer and contracts will have to be drawn up for all this to happen. 

5. how do you usually pay out interest and/or principle (monthly, quarterly, annual)? 

I would like to get all this info before sitting down with them, so they are more comfortable with the process. We plan to group a few individuals together to fund a few flips or new construction.

I have networked with several people who are interested and willing to loan private funds. I will be meeting with them this week, to go over what it is we are doing with the capital and details of mutual goals and interests. 

now that I am at this point. I need advice on how others close the deal. 

1. how or where are the funds held (escrow, LLC, trust)? how are they transferred?

2. once we have a potential property lined up, should the funding be in place already, or have funds transferred after deal is found?

3. how are you securing their capital? are you putting their name on deed? 

4. I assume the lawyer and contracts will have to be drawn up for all this to happen. 

5. how do you usually pay out interest and/or principle (monthly, quarterly, annual)? 

I would like to get all this info before sitting down with them, so they are more comfortable with the process. We plan to group a few individuals together to fund a few flips or new construction.