All Forum Posts by: Frank Procopio

The refinance is tax free money so that would be my vote 

Age was known when the offer was made so that should not have been a surprise. I also have units that are 20 years past their prime and still running. 

The security deposit and any prorated rent should be transferred to you at closing. Sounds like you have already communicated with the tenant? I would ask if they have any issues. If you want the tenant to stay, then yes have them sign a new lease with you.

Does the buyer file U.S. tax returns? Any ties to the states at all? I would want to know as many details about them as possible. I work with alot of foreign nationals who are unable to obtain financing and my experience has always been positive.

Albert with 3g

Proof of funds is normal especially paying cash but have never asked for it to see the down payment. If you have a preapproval from a bank then that should suffice 

Sent you a message, let's connect 

I think time will tell. Banks gave 90 day deferments and that all ended last month. This was the month payments were due and banks are just starting to see what their financial position is. If lenders start to tighten up then this will obviously effect the market and alter the supply/demand 

I sold all my multi family and only purchase singles. Tenants pay all the utilities, handle the lawn care, taxes are less, it's less management intensive , tenants stay longer and my returns are better. However the multi family guys will always argue they can scale quicker and it's easier on the maint side of things. 

Do you not want to accept it or do you just not understand it? I love getting my money deposited into my account and not having to chase it. The process is actually really simply. You just need to make sure you screen the tenant just like you would any other tenant