All Forum Posts by: Charles Carillo

@Brandon Lee

I believe the first step in filtering out non-lenders and fraudsters is to ask which properties they have recently lent on. Check the land records to see if they were actually the lender. 

Be careful with giving upfront money. I have given lenders upfront money for inspections (less than $500) that I verified through other local real estate investors, but be very careful if they start asking for $500+ for some sort of origination fees, etc. Most fees (especially the big-ticket fees) will be deducted from proceeds at closing.

Lastly, locate lenders through local referrals from other real estate investors, who have actually received a loan from them. Real estate agents can be a source of referrals, but I want to speak to an investor who has actually borrowed money from them.

If you get private lender referrals from local investors, verify that they have recently lent on local properties and avoid paying large up-front fees, I think you will filter out most scammers and unprofessional lenders.

@Ashley Dos Santos

I would find a local bank or credit union that lends on your target properties. This way, you open a business bank account and establish a relationship with a potential future lender.

@Wodida Kevin

We have partners who are foreign investors. DM me, and I will send you contacts for attorneys, lenders, and accountants they have previously used. It is important that you hire professionals who have experience working with foreign investors.

@Elsa Hsu

I think you are past the cash for keys option. Cash for keys is best suited for honest tenants who are a little behind on their rent. Tenants who have not paid rent for six months and have not communicated with you should be evicted. I think it is clear that they are not paying rent, and they are not leaving. Why hasn't your property manager already evicted them? 

@Carol Burns

Yes, we always require renters' insurance, especially if they have pets. Not only to cover potential damage, but also to protect against liability in the event of an issue.

@Andrew Sangar

If your stocks are in a taxable account, you can take a margin loan against them.

@Josephine Ch

We have partners who are foreign investors. DM me, and I will send you contacts for attorneys, lenders, and accountants they have previously used. It is important that you hire professionals who have experience working with foreign investors.

@Brandon Simpson

Why can't you list the property for rent online? If someone were going to rent an apartment in that town, how would they find a rental? I would list the unit for rent online and see if you receive any calls or inquiries. If not, maybe this town has minimal rental demand, in which case I would probably pass on the deal.

@Natalia Perlova

I probably wouldn't do anything. He's hopefully leaving this month, and if he doesn't, that's when I might consider consulting an attorney. Once he is out, you can clean and prep the room quickly and start showing it. 

@Jason V.

You can have them sign a month-to-month lease; otherwise, it becomes a verbal lease. Are they very sure they will only be there for 2 months? If they are not sure, I might have them sign a month-to-month lease at the higher amount. Different states have different rules regarding verbal or oral leases versus written ones.