All Forum Posts by: Conn G.

I would let them know you're doing an inspection (after XX hr notice). If they are still there, I would post a pay or quit notice on their door and see if you get a response within said timeframe. After that, cash for keys or eviction process

The real estate market should be judge by a whole but rather at a micro scale. The market I'm in is cooling down from a red-hot market to a hot market. It's been good seeing some more inventory

Sounds like you need a better and more detailed way of what the expectations are in this LL/tenant relationship. I know they are scissors, but those are the tenant's. 

 Yes, that's correct. Two separate loan products.

Yes, you can get 5% down with owner-occupied conventional loan. Some banks will want to see a higher LTV for 2-4 units. I did a FHA on a 4-unit and haven't had any complaints. Yes, I will have forever PMI, however I got a 30yr amortization at 2.375% which is historically low. So it all works out.

Ouch, did you tell the owner not to renew their leases or anything of that matter? I would talk with owner about canceling these contracts because as a new owner, you want to enforce your own contract with tenants

I'll never let the seller do the repairs. Been burned once, so it's not going to happen again. They will always find a way to do it as cheaply as possible. Most of the time, this results in improper installation and headaches down the road.

What are the expenses? Before you buy any deal, you must figure the expenses associated with it.

You have a binding agreement with the tenant. The tenant could easily charge for damages that occurred since signing the agreement plus more time. I would talk to the tenant immediately and explain the situation. Give them a few hundred dollars to cover their loss and make them sign a early termination of lease.

I usually estimate 4-8% of GSI on vacancy (based on your market). With repairs and CapEx, I put a XX dollar amount per unit. It's very dependent on number of units and type of mechanical systems the property uses.