All Forum Posts by: Jeremy Anan

Hello BP - Hope all are doing great. I am reaching out to have your input. I last communicated with my tenant in early June; he was doing okay. He last paid his June rent on June 6. After not receiving his July rent payment (totally unusual from him not to pay on time), I was in his area and decided to stop by the house because he wasn't answering any calls/texts. When I arrived there, after knocking hard for a while with no answer, I kept calling his phone while at the door. His daughter finally answered his phone, I introduced myself and she told me that her dad suddenly passed away on June 25.

The wife called us about 6 months ago to have her remove from the lease because they were splitting. The house was now occupied by the dad and one daughter; only the dad was on the lease.

The daughter promised to remove everything from the house by last Friday (AUG 5). She was hoping that her mom and another sister will join her. They didn't. She only got help from a neighbor (who is also our tenant). Yesterday, I entered the house and it is quite full of their belongings. The sister who informed me of the death is quite active; she rented a U-Haul, removed all her items from the house and gave her keys to the neighbor so they can be return to me.

I also finally spoke to the "ex wife" yesterday, she was very polite and simply wants more time. No one is paying rent. 

45 days after the death of the lease holder, the house is still full of personal items?

What should I do? Thanks as always for the input.

@Tarik Turner @Givo Aghasi The purchase price is $790K.

Hello @Scott Wolf - I am/was avoiding the hard money route because of the cost. That route is totally back on the table. The lender is a small bank that has financed 3 of our properties so far. From the lender's own words, ...."at this point in the real estate cycle, the bank is getting more conservative...".

Hello BP - We currently have a few small multifamily properties. We just went under contract for a new one; a 8-units. 

One unit is vacant. 

All rents are under market. 

The current yearly gross for the 7 occupied units (1 vacant) is $70K. 

The projected yearly rent will be $99K. 

We will bring rents to market right after closing with minimum repairs.

We reached out to our lender yesterday. We need a loan of about $630K. Without even getting to the appraisal, the lender is concern that the current rental income won't support the loan that we are seeking and thinks they can only do a loan of about $450-$475K.
We can't acquire with cash or hard money, bring rents up to market, stabilize the property and then go to the bank to refi.

How can we convince the lender to see what we are seeing and give us the $630K loan?

Thank you BP

@Dale Summons, indeed I will NEVER buy a used appliance again. I get a new one with 5 years warranty.

Wow...Great stuff.

Hello BP - 

I am currently rehabbing a 5-unit multi-family and need advice on kitchen cabinet choice/quality.
The shaker doesn't look like an option that would be able to stand up to some abuse.
What is your kitchen cabinet recommendation for a rental?

@Chris Levarek Great stuff.

@Jaron Walling Are you suggesting that the $20k that he pulled out would have grown to $200k?

My understanding is that @Jonathan Cevallos needs these funds to invest, not "keep food on the table". Jonathan, do your due diligence, take calculated risks, and if possible, use ALL available retirement funds to invest in RE. You won't regret 20 years from today.

@Nathan Gesner Thanks a lot. That's exactly what I was asking.