All Forum Posts by: Account Closed

 What type property you looking at?  4 and less units or 5 and more?

if commercial style I’d just google and call. If you have a realtor they should be pointing you in a direction to start.  I’ve found google works wonders and everyone’s mileage will vary with how you talk to them.  

right now everyone and their brother is wanting to refinance so I’d start with ensuring you aren’t kicking tires.  Do some research online before calling someone.  My guess is that every single underwriter is swamped with work and so they have to filter the people that aren’t serious or that will qualify. Make sure you have your ducks in a row before calling. 

@Serge S. I’m on the same page as @Mark Allen Kenny with regards to making sure that the tenants aren’t going to be negatively impacted by a recession or other economic hardship out of their control.  I am also about to close on a medium sized property and am just enjoying the unexpected lower interest rates.  

 I would say Trustco. But don’t think they are in Georgia.  

There has to be numerous small banks in town.  I’d just google and call until the answer is yes.

If it’s a commercial loan then where the money comes from for the down payment is never asked.  Also most small banks don’t have a net worth requirement.  Good luck 

 What state?

@Andy Nichols how much would this loan be for?  Over 750k?  You should know the requirements.  You’d need a principle that can satisfy the net worth requirement.  

Why would someone give you money at 5%?   my current private loans are running 8% and that’s family.  

@Thomas Whittlesey keep an eye on the market and you can raise/lower in ratio to the current market.  

In my opinion, There’s no X number that you can plug in and be right all the time. That being said there’s a thread on here talking about whether to always raise the rents annually or to keep someone in there for longer periods of time (if that works or not is up for debt). 

Lately I have moved rent 25 dollars up a month which is around 3.5% for previous rents.  No one moved out so it worked for me. 

@Jack Zhuang and this is why using a CPA or tax pro saves you more money in the long run.  

You should be able to file a amendment to your return and get the right amount back.  

I would say interview some folks And find a CPA that works with you.  Good luck

 Yes however unlikely vaping Can and will set off a smoke detector.  

yes anything that produces residue that sticks to the wallS can cause issues.  

@Marisa Alvarez

Same thing @Max T. is saying and most others.  
send a letter stating they have 3 days to correct the issue.  Then inspect if they fail to file for eviction. 
if you didn’t smell cigarette smoke either they are vaping inside (just as bad for property damage), or if you smoke you wouldn’t be able to smell it sadly.  

I had a Chain smoker in a property I took over and they refused to stop smoking inside so they were sent packing.  However, they caused thousands of dollars in damage.  Never again.  

@Patrick Owens