All Forum Posts by: Kelly Conrad

You're welcome @Karen Bivans

@Bob Floss II Gotcha, we don’t have experience with a straight up flip, we just have a buy and hold. Is one more advantageous for outside investors?

We have a friend who is working over seas, and because of this, he cannot put his foreign money into a Roth account. We have been talking about getting other investors to help fund another multifamily, and when our friend offered, we were very excited about the opportunity.

Now, I want to be fair to our friend and make it worth his money and time. My searching hasn't really had a lot of good info on deal structures that have worked for others when using OPM.

We currently have a buy and hold property that cashflows well (~650-700). Since our friend is out of the country, we would be assuming the debt and have the title in our name for the future property. Our friend would just be providing the cash. I'm thinking 6 or 7% would be a good return for him, as that seems to be pretty good in terms of getting a loan.

I'm thinking we'd use his money towards a downpayment (we're not sure how much he has currently, we'll be finding out in a few days. This is all assuming he has a good bit of cash, which it sounds like he does since he has no expenses) and then we'd send him a check monthly until we sell the house and then give him his original loan back. So we would be taking the home equity. It seems like that is a more common way to do these kinds of deals, but is it the best way? I want it to be a win for both of us, and hopefully if it goes well, others would want in later.

I'm very open to ideas and what you have all done to make this work before. I'm also not completely tied to a buy and hold structure if it would make more sense to flip a house with someone else's money to get a better ROI. Thanks for reading!

Thanks for the response! I think we’ll credit $5 as it’s more expensive for us to actually drive out there and do it for them. However, how should I word it so that it’s extremely clear that no credits will be given going forward? I don’t want to set a precedent that every time little things happen like this that they’re going to not pay the full rent.

We sprayed a nest that was forming, and apparently that didn’t take care of the bees. Tenant asked us to come back out and spray,and we told them they can spray the bees going forward as needed. Once we told them that, they sent,”The wasps unfortunately never left but we thought it was a slow acting poison or something. In any case that makes sense, we can take care of it. Thanks for getting back to me right away! Should we just take a picture of the receipt to have it counted toward rent since this was an exciting pest problem?” Thoughts?

I'm hoping this is pretty easy. When eFiling a summons, it asks me to put my address, and I don't want to put my actual address for the old tenant to see for safety concerns. Should I be listing my rental unit address? So under "Statement of Claims and Summons" I'd rather not have my full home address so they can't drive by and do damage.

Had a chat with the person as they came out of the unit, he said he only stayed there last night, he doesn’t live there. Current tenant said it’s her dad and he’s not living there and she’s upset that someone would tell me he was. Not sure I believe her, but either way her dad knows that he’s raised my interest about him being there, so hopefully enough that if he was staying there all the time, that now he will be uncomfortable and not want to hang around and stay over all the time. So, I’ll leave them be until I give them notice of not renewing their lease.

Also, in my city there is a 2 person per bedroom limit, and they have two adults and two kids there already (2 bedroom). Formal inspection is happening on the 10th.

Hello! I believe someone else has moved into one of my units who is not on the lease. I’m not renewing this tenants lease (up May 31), but wondering how I should handle someone that is living there without me knowing? I don’t think eviction is worth it since they’re going to be told they’re out very soon, but I don’t like the idea of this person being in my unit who I have no idea who they are. Should I say call the police and have them removed for trespassing? I’m eagerly awaiting your thoughts!

Thanks @John Woodrich & @Tim Joyce for your responses! Looks like this wouldn't help me accomplish what I was hoping.

@Tim Swierczek I appreciate the insight! My biggest thing was the DTI, but sounds like any lender would see what's going on and not hold that against me? Just sucks that my credit takes such a huge hit...but I suppose that doesn't really matter unless I'm talking to someone that I need a loan from, and then I'd be able to explain it.