All Forum Posts by: Brad E.

Thanks @Linda S.

Im looking at comps too.  Was just wondering if the cozy report was worth it.

Any idea how to get Trulia to list you as best value?  Did you have to pay for that?  That's awesome.

Considering giving this a shot but curious if other folks have used it and what feedback they have.  

Thanks in advance.

@Chris Mason

Thanks.  Its the first scenario assuming the zoning is correct.  It is 2 houses built from cinder blocks all tile floors and metal roofs.  They seem to be built for rental usage.

Thanks @Stephanie P.

I am not sure of the real value at this point.  I just found the property last Friday.  I do have an agent I can reach out to though.

What kind of lender do you think I would have luck with when trying to handle this as a 2 unit property?

Pretty sure I can get a better rate and term going with a residential loan, but based on my search so far, it doesn't seem like an option.

Hi all - I found a property that is a single lot and has 2 separate standing structures that are 3 bed/1 bath houses.  It appears to be a decent deal:

Ask is $129K

Rent (total) $1500

I reached out to a local mortgage broker I have used in the past to ask about financing and he said they would not be able to finance it with a traditional mortgage because of the fact that it is 2 separate buildings and advised me to reach out to a local bank that does commercial lending.

Reached out to the commercial lender and was told I could get a 5 year ballon loan amortized over 20 yrs.  I am not familiar with the intricacies of this loan type but I understand how a balloon loan works at a high level.

I am wondering what advice someone might have regarding this situation.  I'm thinking the 5 yr balloon might not be a bad idea, but not clear on the risks and not sure what my options would be at the end of year 5.  Could I refinance to another balloon?  I do not anticipate having the cash to make the final balloon payment at that time.

I feel like there is some opportunity here but not sure the best options for my financing.   Thanks for your thoughts.

Thanks.

I just closed on a property with an inherited tenant.  The tenant is moved out and really hasn't caused any noticeable damage, however I did not receive a move in condition report from the previous owner.

I do have the tenants security deposit, which I am planning to return all of, but I was wondering if I can deduct the cost to re-key the unit from the security deposit.  There is nothing specifically stated about re-keying charge in the lease.  Thanks.

@Deanna McCormick

I have most of that thankfully.  The problem now with the security deposit.  The seller has not addressed the deposit of $500 or how it would be handled.  

Also I also took your advice about getting it in writing that the seller would send me any funds that the tenant sends him.  I dont know why I am having to push so hard for either of these things.

What I did today was go ahead and send both tenants letters with instructions on paying rent on the 1st via certified mail.   

@Kenneth Mooney

Thanks.  That is what I am trying to avoid for sure...chasing rent from the previous owner.  Who knows if I would ever see it.

I had an estoppel over to him through my agent but it wasn't responded to.

Yep the rental is in Athens on the west side.

@Deanna McCormick

Great advice....thank you so much!