All Forum Posts by: Kevin Stringari

Does anyone know of a commercial lender or a bank that does multifamily apartment loans in Memphis, TN? I have a deal under contract but am have trouble finding a lender who will return my call. I guess people are using this time as a staycation!

try Blue Ram, LLC in Charlotte

@Sreeni Guntupalli how did you end up with this? All work out ok?

I think that covers you. They didn’t have to but according to those words they essentially gifted you their money. Once again, I’m not a lawyer and if this went to court the magistrates could go either way...But it sounds like they conceded that money to you by their own choice.

The rule is that you can use their deposit to cover any damage, lost rent, or the cost for re-renting. If you had none of those or they were less than the deposit you would need to return their deposit or whatever is left.

I’m not a lawyer just a simple property manager but one thing (I think) that you could’ve done is that you could’ve had them agree in writing that they were converting their deposit into an ‘early termination fee’ or a ‘lease buy out’ Then none of this would’ve applied. This is actually pretty common in the apartment industry and some apartments will even give you, as the renter, the option to pay the rent until they re-rent it or pay a fee and not have to worry about them re-renting. It’s kind of a gamble but I guess you can make an educated bet based on the market, supply/demand, and the quality of management.

If you didn’t do that then I do think they’re due back their deposit.

On the positive side, it sounds like you have a nice property in a popular area if it rented that quick..

Best of luck! 

I have found that StateFarm is good with single family investment homes. I use Juan Rubio in North Charlotte.

We use Kathryn Cook-Crespo at Bottom Line for our sales, she is very much in the trenches and does a good job understanding the needs of investors.

Interesting. I wonder how Turnkey is able to give a credit for referral to non-licensed individuals...that’s illegal in most states. Maybe they found a loophole?

Would probably be best to narrow it down to a specific area. There are likely hundreds if not thousands of homes on the market that could meet what you are seeking. Shoot me a PM with some more specifics if you want me to keep an eye out. We have some flips in the works that could be interesting but I really think you just need to be more specific on your criteria or it would be tough to even start looking. My suggestion would be to find an area you like that has homes in that price range and focus on finding a house you like in that area.

Would recommend connecting with a good realtor and wholesalers. What is your criteria?