All Forum Posts by: Dave Carpenter

For me it was the classic FHA 3.5% for the first one. That got me bit by the "bug" pretty effectively!

Could also reach out to local commercial brokers and see if someone knows the owner. May be an in that would help.

Ronnie, Not sure how it works in your market, but I have had pretty good luck with Craigslist. I agree that setting up showing times for everyone can help with creating a buzz. Having said that, I value the ability to meet each prospective tenant and talk with them for a few minutes while they walk around the property. It gives me a invaluable amount of "gut feel" information. One other thought would be to offer a varied lease term. Maybe 6, 12, or 18 months to provide more options without having to lower your standard. Good luck!

I agree with JC

Loren, from what I have seen and heard i would suggest it really depends on the company. Many folks on BP have gone through multiple companies and were not happy with the management they provided. I would say a good GENERAL rule is that the more professional (higher price and bigger company usually) the less involvement you will have to have. If you hire a guy down the street who managers 6 other units on the side while being a full time RE agent you may have to be more involved. Hiring a professional management company, while more expensive per month will likely provide you less of a headache, but you will pay for that convenience. It all comes down to how much cashflow on these properties do you want to sacrifice to be 99% hands off?

congrats on the deal!  I bet there are some folks in the port Washington area that would have good contractor recommendations. 

Michael, Just read your post. Very cool. It seems like two smart deals and in an area that you want to stay in makes the management easy in the short term. 

It was great to meet you the other day, and I look forward to talking in the future as well!

Also, I previously bundled 3 duplexes from individual residential loans to a commercial loan. Worked just fine. Since you can save on closing costs and possibly get better terms I don't see any glaring reasons why you couldn't bundle them.

Drew, I am doing a commercial loan right now using 75% LTV on equity from properties I currently own. The banker I AMA working with originally said I could possibly get 80%, but the board for the bank didn't feel comfortable giving me 80% since I had never worked with them before and had not purchased the mixed use properties I am hoping to buy. All in all, 75% does seem reasonable, though 80% might be found with another bank. Good luck!

Brandyn, There are tenants in the winter, but certainly less. The upside to winter is you are likely getting people that are moving for work which means they have a job... Consider if the tenant would be willing to move all of there stuff even if it's just upstairs. Are the units the same layout etc? Is it more cost effective for you to do the work or hire someone and get it rented faster. Simple math there knowing the rent you will lose each month it's empty. Good luck whatever you decide!