All Forum Posts by: Greg Grochowski

@Lisa Sluss I inherited a 12-unit multi family with no mortgage. I did a cash out refi which allowed me to buy a few more properties! You should definitely look into doing that. It takes about the same time as a closing.

Seeing who places a for rent sign in front of their property to find tenants? Has it been effective strategy for finding a tenant? What do you put on your for rent sign? Name, number, unit size...?

I currently use Zillow, trulia, hotpads, and cozy for listing my rentals. Are there any other sites that I may be missing?

Any help would be greatly appreciated!

@Chris Mason

I am closing on a 3-family which I am house hacking. The purchase price was $210k. I have to come out of pocket 16k using an fha loan. Can’t forget those closing costs! 7500 for a down payment and then the rest of the closing costs. Make sure you have more than to cover those costs. They will ask for bank statements!

I would let the tenant stay as long as there is clear communication between the property manager and the tenant. @Ryan Deasy is correct. The amount you will lose just paying an attorney for an eviction process and the 3-4 months lost rent is not worth it. $1000 for an eviction + 3-4 months of lost rent or deal with the rent being a little late. If you do decide to do the cash for keys idea, I’d do it later in spring or summer (Warmer outside/ more tenants are looking for a new place. People don’t like moving when it’s cold out). Pick your poison! Good luck!

A couple years ago I inherited a 12 unit rental property with no mortgage. After a couple years of rehabbing the place, I pulled a HELOC to purchase a 6 family. It was brought to my attention by another investor that I should refinance the property to have buying power. Where should I start looking to refinance my property? I would love to start seriously investing in more rental properties!

Thanks for your help,

Greg