All Forum Posts by: Darren Budahn

Are they month to month tenants or are they on a lease? If they are on a lease, you are bound by that until it expires. If they are month to month then you just need to follow your local laws for raising their rent or having them vacate. I'm not sure how you would be liable if the tenant gets sicker.

If there is no written lease in place, you have no obligation to honor the prior landlord's arrangement. There's no reason to accept way below market rent.

Yes if you plan on owner occupying

No.

If you are buying for 180k and it really only needs $6,700 in repairs for an ARV of 240k, why not just sell it and make 53k minus closing costs, commissions

You should be able to refinance in 5 years as long as there is enough equity there. 

You are going to need commercial financing. Terms will vary. Typical terms might be 25 year amortization, 5-6% IR, and a 5 year ballon

No problem. I would talk with a few lenders and see what they can do for you. But with that kind of equity you should have plenty of options.

Cynthia Ng You could do it either way I suppose. If you were able to find a portfolio lender to take the combined equity of the properties and give you a line of credit this would probably result in the lowest closing costs. Of course if you wanted to lock in long term financing with today's low interest rates you would need to refinance each property separately

50 years investing in C class areas and no evictions.....Come on