All Forum Posts by: Amanda G.

Most banks are going to want to see leases, and even better if they can see rent payments. They may also have a seasoning period of 6 or 12 months of you owning the property before they will refinance on a conventional loan. Commercial loans may be faster, but they cost more and tend to be shorter.

Sounds like he wants a number. If you have a number you would be happy to purchase the property at, text it to him. It sounds like he is not going to do any repairs, so factor that into your offer price. Good luck!

I don't know the Memphis market, but with that amount of cash you could BRRR in the right city. Also, talk to a friendly mortgage broker about what you need to do to get your credit score up. With that much savings, you should be able to turn things around. Good luck!

@Steven Booty, not the answer you want to hear, but probably not. If he is very motivated there is the possibility of a subject to existing financing, but you'd only want to do that if the numbers still worked for you. You could reach out and let him know that is an option, and then move on and let it sit in the back of his mind. Then follow up if it sits on the market for ages.

Hi Nicholas,

Have you ever gone through the hiring process for a job? Think of this like that, only more so. You want to see what they have already done. Find out what their strengths are, and what parts they don't like to do. Ask them those questions: Has this person partnered up with anyone else before? How's this person's track record? Etc etc. Agree to swap credit score and background info with each other.
An actual partner is going to want to know you as much as you want to know them. Good luck!

Hi Nathan,

You have the whole U.S. to choose from, so do your research and find a market you like. Not all US cities are created equal (that is an understatement). Good luck!

Amanda

I second what @Joe Villeneuve says, but I would add- hey, look, you are not in a panic situation, you can get a good market price for it and then put that money into a purchase that will actually help your family's financial life. Good luck!

Not aware of one. BP has some forms for sale, I haven't used them so I can't speak to their quality. I like cozy.co for collecting applications (I have no affiliation, just use it). I'm told Atlanta has a great real estate investment group. Maybe go to a meeting or two and ask around for local versions of a lease. Good luck!

Hi @Tyler Battaglia,

Good for you thinking through all these parts. I'm not aware of anywhere where you need a lawyer to write your rental agreement, although it is a good idea to have one check what you write to make sure it is legal. Mike Butler's book on landlording is a good place to start, as well as your local real estate investment group. Many people self-manage, and others hate it and make sure they have the cash flow to pay someone else to do it. It depends on your goals and interests.
Your idea of setting up separate bank accounts is a wise one, in my opinion. what isn't clear is whether you plan on kicking out current tenants, or aiming for a multifamily. 
You've got a lot of good questions, I hope this helps with some of them. Finding your local people will help with even more.

what I would do first actually has nothing to do with how much I had in my pocket. I would find the local real estate investment groups and go soak up everything they had to teach me. Good luck!