All Forum Posts by: Christopher Drane

@Tanner Kenneth Jenkins Generally speaking, your school history only counts if your studies and new employment are in the same/related fields...and you would usually have recently graduated or be close to graduating. Also, since realtors are almost always commission, you'd need at least 1 year of earnings before it would be considered stable income. Reach out directly if I can offer more specific advice.

@Richard Kelly if the terms are better, why not just have your title company deed it back into your name, close on the refi, then deed it back to the LLC?

Thanks Nathan! I think that's the most treat-it-as-an-investment option...my only hesitation is that I'll be living there for a short period of time. Any advice for getting past that mental roadblock?

Any thoughts on the deposits?

Hi All! I just purchased a 4-plex. 3 of the units are leased month to month and have long term tenants (13 years, 4 years, and just over 2 years) The 4th is going to be owner-occupied. The rents are currently well below market average by 25-30%. I’m looking for recommendations on raising rents as the new owner. I’ve thought of just ripping the band-aid off so to speak, or giving them an option of a 12-month lease at one rate, or another (higher) rate staying month to month.

Also the previous owner did not collect security deposits on the 2 oldest leases. What are your thoughts on adding security deposits to either lease now considering that the tenants have been there for quite some time? I'm assuming since the "original" lease expires every month that any new lease can comes with its own terms; correct?

Thanks guys...sent you both a message

Hi Everyone! I am looking for 3 or 4 unit to buy as a primary residence. This will be my first investment property. I would REALLY prefer a 4 unit but I am open to a 3. Max purchase price is $300k. I am looking in or around Louisville (So. Indiana, Lexington, E-Town, etc.). I'm a local mortgage lender and I am using a VA mortgage. If you have any questions about property conditions requirements, just let me know. I can close fast! Thanks for any help!

Great story...even better advice. Well done!

Hi Aaron! In most cases. both Fannie Mae and Freddie Mac require only 6 months seasoning for cash-out refinancing. 

We can do small balance commercial but I doubt 30 days will be enough time for any common SBC lender. We can close retail in as little as 7 days...any chance to switch to retail?