All Forum Posts by: Jeff Mcardle

Hello everyone!! I am a new investor and have a few (4) properties (12 doors) in and around Pittsburgh. Looking for other local members to network with.

Mannan

Can I ask what bank you used to get a 25 year amortization?  I am only getting 15 and 20 years.

Thanks and best of luck

Yes I am getting an Estoppel Agreement filled out for each of the tenants,  this should cover the deposits and other moneys being help by the current owner.  I did look into the contract and the rent is pro-rated.  I was more questioning how I would or who I would collect it from.  I would think that if rent is "due" on the 1st, then the owner should have that rent and be required to pay it to me.  I hope I do not have to be the one who collects the rent and have to pay the seller for 1 day rent at close. 

thanks,

I am purchasing a 4 unit with a monthly rental income of $XXX.  If I close on April 2nd, will I get the rental income from the landlord for April (minus the 1 day pro rated amount)?  Or would I have to get it from the actual tenants?  Any help would be great.

Thanks,

Thanks for all the information.  I will update as to how I handled it when I get there.

Looking to purchase a 4 unit rental with good financial numbers from retiring landlords.  When I got the copy of the 4 leases,  I about fell on the floor.  They were 1 page leases with most of the information missing.  Some didn’t have property address, rental amounts, SS #, and one was never even signed by the renter.  How should I handle this?  Have seller get good leases in place before closing?  Wait till I own the property?  This is my first investment property and need suggestions.  Thanks in advance.