All Forum Posts by: Brad E.

Thanks for the insight.  My agent is telling me that the rent cannot be transferred to me at closing b/c it would be a type of mortgage fraud?  She said not funds can be transferred to me from the seller. That doesn't make sense to me because they are already transferring the security deposit.  

She says I will have to collect rent after closing.  Seems like I might not be off to the best start.

When you say 'post on entry' what exactly does that mean?

As I am writing this I am thinking I should maybe go ahead and get something in the mail now and then follow up on the day of.

Ok thanks guys.

Hi folks - I am closing on my first rental property (duplex) this Friday and have some questions about inherited tenants. 

1.  If I close on 9/1, which is also the day rent is due, how do I get the rent payment?  I assume the tenant would not be aware of the closing date and would submit payment to the seller as the normally do this time of month.

2.  Unit A's lease is up on 8/30.  How do I know for sure he intending to be out by 9/1 as the agents are telling me he is?  

3. Unit B has a lease extending through July 2018.  I want to have that inherited tenant sign a new lease with the same terms, but on my paper.  How do I go about doing this?  Can I force it?

3a. The current lease states that rent is due on the first of the month. This is in conflict with a section titled 'additional provisions' under which it states the tenant can break payments in two payments due on the 1st and 15th.  I do not want to allow this.  Can I remove this stipulation on the new lease I am wanting to have them sign?

3b.  I want to add additional fees, specifically for parking violations, so that I can use that as motivation should the need arise.  Can I add fees like this to the lease?

4.  I want to require renter's insurance.  Can I force the inherited tenants to purchase renter's insurance?

Thanks in advance for any wisdom you can share.

thanks @Nick Watkins

Just wanted to update the thread here with some great news I received today.

The second appraisal came back today at 4K over the contracted price.  I'm shocked at a 15K difference in appraisal value.  I just don't understand how there could be that much difference between appraisers but I'll take it.

Looks like I'm actually going to be able to close on the property next week assuming everything else goes smooth moving forward.

Hi all 

I was wondering if it is possible/advisable to get a HELOC on a property immediately after purchasing it?

What I was thinking about doing is taking out the HELOC in order to make some improvements to the property using OPM and hang on to my cash.

Given that I am putting down 25% on the property it seems like I would have enough equity to get a HELOC but I'm not up to speed on how HELOCs work.

If there is a better option to accomplish the same goal that you can suggest I would love to hear it.  Thanks!

Adding @Charles Jones here as well in case he can make it. 

@Joel Snipes

@Georgui Kasaev

@Jonathan Malnati

@Sterling Cox

@Account Closed

@Darius Johnson

Hope I didnt miss tagging someone on the thread.

Still planning on this for tomorrrow @ 6:30, upstairs at Blue Sky.  Hope to see you there.

Hey guys, looks like Thursday 8/24 @ 630 works for most folks so I think thats what we shoot for.  Hope to see everyone there.