All Forum Posts by: Kristen Ray

I’m interested @Jon K. send me a PM. 

@Brian Karlow @Michele Fischer @Nathan Gesner @Fred Heller @Wesley W. @Austin Chambers @Ryan Murdock @Kelly N. 

I would like to thank everyone for responding. It appears that the group overwhelming response was to generally have no tenants in place at closing.  Often times I see properties for sale with tenants in place. I often wonder the rationale for selling if everything is going well (rents are at market, tenants are paying on time, property is in good shape etc).  Someone once suggested that it is better to do a pocket listing vs putting the property on the market when tenants are there.  The rationale I was provided was so the tenants would not be immediately alerted that the property was for sale.  Moreover, I was also informed to not bother to inspect the property if tenants were there to lessen the odds of them moving.  I thought the advice was a little odd but as someone new to the business I thought I would see what more experienced investors thought.  

Personally, I would prefer to have the property inspected to better gauge what I am purchasing. The individual that advised to purchase a rental with tenants without an inspection rationale was if something major is wrong with the property the tenants will let you know.  Again, I am new but investing several thousands of dollars into a property that has not been inspected is more of a risk than I am willing to handle. I have heard of several horror stories where the property had issues the tenants never reported. 

Hello BP!

I wanted to get some input from some experienced buy and hold investors. When investing in a single unit or small multiple unit (2-4 units) is it better to have tenants in place or screen and place the tenants yourself? Let’s discuss 

Great discussion all! Thank you

@Lane Kawaoka Thanks for responding. I had a deal in DC that I wanted to act on. However, I was unable to find a partner at the time. We are still looking for partners for suture deals. 

Thank you Stephanie. I will reach out to your further.

@Megan Phillips many thanks. After a long night of reading, a long day of calling around and probing BP I have a better understanding of what I’m up against. I really appreciate everyone’s input.

@Russell Brazil @JD Martin @Chris Mason @Jeff Dulla Thank you for the insight! I didn't know it would be such hell getting a buy and hold. Often I hear of REI stating they use OPM and other investors to fund their deals. How are these deals structured? I feel like I'm missing something.

Hello Bp Pros!

Can someone please help me to understand the lending process.

Can investors use a gift from a family member for a down payment?

In what circumstances will a bank lend to a LLC? I have had lenders state that they will lend to the LLC with the owner personal guarantee/backing. While other lenders will not entertain lending to the LLC.

Can an unsecured line of credit be used for a down payment?

Any feedback is helpful. Thanks in advance.

Hello Bp!

Can someone please help me to understand the lending process.

Can investors use a gift from a family member for a down payment?

In what circumstances will a bank lend to a LLC? I have had lenders state that they will lend to the LLC with the owner personal guarantee/backing. While other lenders will not entertain lending to the LLC.

Can an unsecured line of credit be used for a down payment?

Any feedback is helpful. Thanks in advance.