All Forum Posts by: Charles Carillo

@Cary Miller

Cash for keys is a great option. Have them say a number and a date they can be out by. I would then increase the number and shorten the time to move out. I would inspect the unit prior to shaking on the deal and setting a date and an amount. The unit needs to be clean and empty for them to receive the full amount.

@Ponni Carlin

I would reach out to all local banks and credit unions to see what they offer. Usually you should be able to find one that works with smaller properties. No matter who you find, be prepared for higher fees.

@Jim Pellerin

You can go straight to owner and start the conversation of possibly selling and/or start building relationships with commercial multifamily brokers. Working with brokers will not yield you off-market deals from the beginning but once you have built a relationship, you should be able get "short listed" for new listings before they get formally listed and presented to their entire network. You can also start talking to contractors and property managers about who might be looking to sell. 

@Stanley Russell

It depends on how you want to structure it. How much do you plan on putting down? What term will the seller accept? Have they discussed an interest rate? I would try to get the longest term possible from the seller. You can start working out different scenarios with a mortgage calculator and then present them to the seller. Maybe offer a higher interest rate with less down or a lower rate with more down.

@Robert Pfenninger

I have found good, long-term virtual assistants on Upwork. Place a job post and then filter through the applicants.

@Henry Bass

Contact local landlords (possibly the person who sold you the property) and ask them who their insurance agent is. The goal is to find an independent insurance agent (that works with landlords with your size properties) who is able to shop your property to dozens of companies.

@Jacob Holler

You need to review your loans (preferably with your attorney) and see if you are able to move these properties into a LLC without a due-on-sale. If there is a due-on-sale clause; you can just quitclaim them anyway and hope there is no issue or get written acceptance/agreement of the quitclaim from your lender (most likely never going to happen). Either way, I would speak to your attorney first.

@David Shives

I would have a separate checking account for the property where rent is deposited and expenses are paid out of and then a savings account or money market account where you can keep reserves. When you purchase additional properties I would get a new checking account for each LLC but you really can use the same savings account for reserves (unless you have partners).

@Tomas Castano

Hi, I see you are a fellow warrior. I have been investing in multifamily since 2006 and I am based in Florida. Are you currently invested in MF real estate?

@Francisco Miranda

Typically, house hacking is for people purchasing 1-4 unit properties; properties where FHA financing is able to be utilized. 5+ multifamily properties are usually going to require 20%-25% down while FHA financing on 1-4 unit properties will usually require less than 4% down. The buyer then will rent out the additional rooms/units to help pay their mortgage while hopefully cash flowing at the same time.