All Forum Posts by: Kristen P.

In general who is responsible for being available to let in contractors for maintenance on a rental property, the tenant or landlord ?

My husband and I usually schedule maintenance for a day I am available if we are meeting them for the first time , getting quotes , or discussing the work etc.

One of our tenants doesn’t mind having contractors come when they are not there but the other requests that someone be there with them which implies it should be us which is thought because we all work full time jobs.

We are usually pretty accommodating but it can be tough. Thoughts ?

@Scott Rivers thanks for the input , I have heard the same about HELOCS recently. We currently have a 2-family that we do not want to refinance and our home which has a lot of equity so we are considering taking some out to get our next investment property as we are looking for a good property for a BRRR. We plan on talking with some banks within the next week or so.

Can you take a HELOC or a home equity loan out on a investment property you do not occupy ? I live in NYS

@Derek Dombeck thank you that’s very helpful

Thinking about asking a family member to be sort of a hard money lender or private lender (not sure what the correct term would be here) for a future investing plan. Does this sound like a solid plan , or do you have any advice for these kind of deals.

Us buying property , asking the lender for cash for the rehab , holding the property , refinancing , and giving them their money back plus a extra percentage.

We already have a successful 2 -family rehab on our hands that they have seen FYI.

Hi everyone !

I currently only own 2 family properties purchased with a traditional mortgage. I am curious how the loans work for purchasing a larger (6 unit) property . What are the typical down payment percentages and loan terms ? I am in Nys if that helps.

Thank you !

@Gio Corpus yes thanks, I appreciate your input. I did mean owner finance ! It’s actually my fathers property that he is looking to sell so he may be interested in owner financing. Depending on when he sells we are looking to keep all tenants in place and rehab in the spring/summer but we would still ideally like to refinance within a year to get another property.

Hi everyone,

Stupid question , but can you perform a BRRR if you buy a property when the owner holds the note ? I assume at home point you can get a mortgage but then you would probably have to wait a while to refinance? Any information , advice , pros , and cons would be appreciated !

When should you update a rental property if you don’t have the cash to do so at the time of purchase? Could someone provide some advice on borrowing extra money from the bank in the mortgage to fund the Reno. For example, borrowing 115,000 but purchasing for 100,000?

My husband and I are considering buying one of my fathers multi family properties as he no longer wants to put in the work and time. The location is decent , a block to the left is a nice neighborhood , a block to the right , not as nice. Currently he undercharges for rent but the units have not been updated in a very long time and the downstairs tenants smoke inside and have essentially trashed the place. My husband is in the trades so he can do a lot of work himself but we are estimating the total reno cost for the downstairs unit and the outside to be less than 15,000. The upstairs unit is currently renter to a quiet elderly lady who is happy with everything except the downstairs tenants so we would like to keep her there and save her rehab for another time.

If we were to purchase , we need to find the best way to approach the rehab. Do we let the tenants stay , raise the rents slightly and let the account build until we have enough to rehab ? Or , do we borrow extra from the bank , rehab , and get new tenants. Our issue is that we currently do not have enough on hand cash to perform the renovations right away but we want to be able to use this property as a BRRR to get our next one.

If we rehabbed downstairs we would essentially be able to raise rent $250/mo based on other rents in the area.

We currently have a multi-family that we rehabbed and have rented out but we are “saving” that refinancing option for a future project that will be a complete gut.

We are also open to holding the note and purchasing it that way but we still need to discuss that with my parents and see if that’s something they are comfortable with . We don’t love the idea of holding the note with a family members property.

Thoughts ?

Thanks so much !