All Forum Posts by: Felicia Hamilton

Currently, I have a multi-family property under contract that is being managed by a property management company.  We are sked to close the end of this month, however, I would like to chat with the property manager... not about anything that would affect my decision to buy the property.  I'm committed to this purchase.  It's more about their recommendations for contractors in the area, his "feel" for the current tenants, and also for me to get a feel for them - if I want to continue with the property management company, look for a replacement or manage it myself.  

My question, is it proper for me to contact them prior to closing?  Will they even engage with me?  Is it legal for them to engage with me regarding a property I don't own at this point? 

That would be great!  The property is NW of the city, not too far from Phoebe Putney Memorial Hospital.

Looking for contractors servicing Albany, GA... work to start as soon as possible.

Exterior: Roofing repairs (replacing fascia boards)

Interior: Flooring (installing luxury vinyl planks), painting, plumbing (replacing fixtures) for a couple of units. Another unit will need more specialized/extensive skills... partial remodel.

Will require references from past work completed.

Looking for contractors servicing Albany, GA... work to start as soon as possible.

Exterior: Roofing repairs (replacing fascia boards)

Interior: Flooring (installing luxury vinyl planks), painting, plumbing (replacing fixtures) for a couple of units.  Another unit will need more specialized/extensive skills... partial remodel.  

Will require references from past work completed.

I was looking around at properties in an area that I'm highly interested in, and found one multifamily building that the owner has not paid the property taxes for 2018 (so 6 months past due).  The building is not listed for sale, but I'm wondering... is this indicative of a financial hardship?  Should I approach the owner with an offer to buy?  Is this in bad form???  Should I mind my own business on this... Lol... 

Anyone familiar with the rules of acquiring properties with delinquent property taxes?  I imagine, being 6 months late is not a reason to force a sale, but what is the time frame?

Mitchell, thanks a ton for your feedback!  Just today I decided to move forward, so reading your response really helped settle my mind on the issue.

Thanks Timothy.  I'm new to this as well.  My first property was also last year, and am hoping to complete the purchase of the next two before the end of June (this is the deal in question).

My goal is 2 properties per year... so after June I will use the remainder of 2019 to sit back and monitor, refine housing policies, maybe take a RE course, move to e-docs lease signing... basically just come up with ways to automate and make things easier for myself moving forward (since I also have a semi-demanding FT job).

Would really appreciate it if someone could offer me some additional insights here... so I had decided to move forward with the 15% down loan since it was easier on my pockets.  The 15% DP, would have wiped out my savings, however, I wasn't overly concerned as I do have a decent gig, relatively low expenses, a healthy amount of available credit and expected cash flow from another investment property in which I would start to re-build my savings.  

The bank had reservations about my using all my cash for the DP and offered me 100% financing, however, I would have to use my investment property as additional collateral.  What are your thoughts on this deal?  On one hand, I'm happy not to use my cash, but on the other hand... I'm risking a property that I own outright and is cash flowing nicely.  WWYD?

Hi Harjeet, thank you for responding.  It’s a heavier lift for me to come up with the 25% down, which is why option A is so attractive.  I was just curious how one bank could consider this “commercial” when the other considers it “multi family”.   Are there no uniform rules across the industry?  Bank B does not offer the 15% down/15 term.