All Forum Posts by: Andre Taylor

just go up to the office with proof you own the property with the tenant information and they will have you fill out paperwork that they will submit to their case worker to update the file...wont take long... 

If you finance the property the lender may require you a season period from 6 months to a year before they do a cash out refi..so ask around with lenders. So say if its 6 months... then I would go to improve the units over that course of time. Now with the tenants... I would sit them down and inform them about the updates and what the new rent will be...now they could be okay with that or not okay.. if they are not okay then allow them to get out their lease to move so you can get in right away, update the units and find tenants that have no problem paying the $800. Now if the tenants are okay with the rent increase if you are doing a cosmetic update.. I would give myself more then 2 nights to turn a unit over.. especially if they been in those units for years and honestly you would want all their stuff out the unit when you do the updates.. just makes it easier...but those my thoughts... good job on finding the deal.

Yeah best bet is to call alot of local banks and credit unions....I agree with some of the investors.. the banks are making of new rules as we navigate through the pandemic and cash out refi's are taking at min about 90 days...thats what I have been experiencing

Awesome Matthew!!!!!!!! THat before and after looks amazing. Great Job!

Congrats on your 1st Investment property.. If you live in the area then schedule face to face appointments to properly introduce yourself and go over some of your plans on how you will manage and your expectations. If you are away then send an email and attach a welcome video and in the email list out your expectations on paying rent, following the lease, etc.

Best thing is to educate them on what the market rent is supposed to be in that area. I am taking over a 4 unit at the end of the month and I already sat with the tenants and showed them what units very similar to theirs are renting for and inform them about some updates that I was going to do with the building after that they where understanding and okay with the increase...now if your tenants are not.. hey let them go to the next landlord and you bring new ones in that will expect to pay the market rent

Look forward to networking with more local investors!

If he did conventional on the first home as an investment property... he can use an owner occupied loan on the next one and even an FHA as well. Due to COVID most banks are requiring 20% down on owner occupied loans vs 5%. I am doing owner occupant loan for a 4 Plex I close on this month using a Freddie Mac loan and they required 20% down.

I agree with most the other investors you have to go commercial lending... there is nothing more you can do for the DTI unless you clear up any debts but if you only have a truck payment then it won't make a big difference like that so I would suggest talking to your small local bank they are more investor friendly that can structure but dont be surprise if their commercial department is not taking on any new loans due to the commercial market being hit by Covid-19

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