All Forum Posts by: Cedrick Gervin

Thanks for all the wonderful advise, I'm loving this site. Mr. Ron Climer I would like to know why would someone hold the mortgage when they can rent the unit for more? The example you gave was $60k property at 5 % interest with payment equals $500. In the Atlanta market I'm getting $800 monthly on a 40k investment renting.

I appreciate you sharing you knowledge.

Brant,

Thanks for the info, I forgot about the 4th mortgage loan issue. Back to the drawing board.

Hi Dustan,

I normally try to show my property one client at a time, I try to allow 1 hour per client which will help you deal with the what if's such as running late etc. I keep a stack of application at the property and I give them a fax number to send it back. You can charge a reasonable application fee so that you can verify the information on the application. I use a company on the web called Tenant Verification Services (TVS).

As far as question to ask the previous landlord are basic questions about there payment history, property up keep and reason for leaving. But the TVS is your best bet, the report gives you credit rating, criminal history and previous addresses.

Hello BP family,

I would like to know the best way to move forward. We presently own 6 rental properties (townhomes) and have done fairly well keeping them rented for the past 4 years. Now we would like to buy more units but not really sure how to proceed. we spent all of our capital purchasing the 6 units.

1) we need to purchase a primary home which will cost around 300k

2) we are mortgage free on the 6 units (worth 45k each)

3) we would like to purchase 12+ units (cost per unit 50k)

So my question is what is the best way to accomplish our goal? Should we take mortgages the properties we have now?

I was wondering if we could possibly apply for a $600k and mortgage the rental for the 20% down payment?

Then some how we could take the 600k and purchase additional units. The primary house purchase would be separate from the investment deal. So should we try to work the investment deal prior to purchasing the primary home? or purchase the primary first?

Open to any suggestion

Thanks in advance.