All Forum Posts by: Account Closed

@Dustin Davis thanks. That's what I'm leaning toward. So if you have a loan office to suggest, I'm open to suggestions.

@Shane Ziegler I'm in the far Northwest corner of the state.

Looking for some advice. I live in Northwest Arkansas, the home of Wal-mart where property values are seeing a steady appreciation. Last year, I bought a triplex and took out a HELOC on one of my other rental properties that is situated in a high growth area of Northwest Arkansas. Well, it is now time to renew my loan and the new in-house appraisal my bank used came back with a $50,000 depreciation from just one year ago. As a result, they are asking for money to pay down the loan to comply with the 80% Loan to Value rule.

I'm confused as to this depreciation and find it questionable, especially when real estate is trending upward in this area. I've never faced this situation before and hoping someone has and can advise me on what recourse I have. Thanks in advance. 

@Ryan Keenan

Sorry you are having to deal with this. As Landlord's, we all have to learn the sad truth about people is that they are dishonest and will tell you anything in order to make themselves look good. Being a Landlord has really taught me a lot about myself and people. You have received some good advice here on this forum. One thing I may add is that you review your process of how you got to this point with this particular tenant and ask yourself what kind of changes do I need to make so that this doesn't happen again. 

To be successful Landlord's, I believe that we need to always be looking for ways we can improve our processes. One of the goals of being a successful Landlord is NO EVICTIONS! 

If you don't want to lower your price, add some things to your unit to make it more attractive (appliances, furnishings, yard maintenance, etc). 

We closed on a multi-unit building last May. All the units are rented and have a current lease in place. When is the property available to borrow against for a new purchase?

Thank you. I’m playing the game and moving forward.

Hello all,

I have recently applied for a commercial loan for a property that will be a rental property for me. During the process, we found that we had some unpaid federal taxes that is now being paid to satisfy the bank. But since finding that error, the bank is now asking for proof of payment of federal taxes paid for up to 5 years. Do they have a right to do this? 

Thanks. And glad to hear from another Northwest Arkansas poster. The builder and I decided to pour an extra small pad attached to the driveways that extend out to the side so that 2nd cars can park out of the way of 1st car. I’m just trying to think of as many headaches that I will encounter and address them now in the building process.

A rental with appliances will bring a higher rent. I furnish my rentals with all appliances which helps justify me charging a higher rent. When people realize they are getting a value for their rent, they tend not to mind that your rent is higher than the guy down the street.