All Forum Posts by: Kristie Eddy

@Christina L. Hi there! Not sure how large of multi-family but I recently worked with Dan Yribar at Prime Lending and loved the experience on a 4-plex. 

Hi @Jeff Shelton, I invest in Tucson as well and am happy to help answer questions as well.  Are you focusing solely on students as tenants?  We are a bit closer but not by much and are having an ok time renting.  Feel free to reach out with more specifics, I wouldn't throw the towel in on Tucson just yet, it's been great for us!

@Account Closed - we begin to show in November of the prior year for a lease starting August 1st.  I know that sounds crazy but with the larger properties, 5 bed for example, these groups of students look early and you do not want to miss the boat.  We also only sign 12 month lease agreements.  I'm happy to connect via phone if you have more questions!  We have yet to have a bad experience with these tenants. We also get all parent contact information and never hesitate to call the parents if need be.

@Jeffrey T. Hey Jeff! I'm in your same boat, although I don't have great book rec's coming to mind, I've asked 3 lenders recently to lunch and learned SO MUCH. Ask for lender rec's on BP in your area as I did and take these people to lunch and pick their brains - I went with a residential lender, a commercial broker and a lender who specializing literally in BRRR and knew a ton about this strategy. Good luck!

@Marty Gold Hi Marty! I have 5 units all renting to college students and I am very carefully to not pay the bills for them. I only pay water on the multi that would cost me $8000 to individually meter, but for the SFH homes, I pay ZERO bills. All bills/utlities are on the tenants. We are in Arizona and this is extremely common. I would also echo above - the only way I was confident closing on these properties was via BP and the rental property calculator. I knew the numbers as best as possibly and where we did and did not have room in the deals. I should also say we bought one flipped home and spent close to $2000 on ancillary costs, blinds, some rubbish removal in the yard, light landscaping, etc. (although you'd think flipped is perfectly ready to go). Hidden costs are real so don't cut this deal too tight, estimate over on that basement unit!

Hahaha that's amazing!! That would keep us young! ;) @Peter Tverdov

@Peter Tverdov Great point about 'interviewing' the tenant when you meet them.  You can tell a lot about a person through that face to face interaction.  Thank you for the advice Peter, I really appreciate it!

@Kelly N. Good point about past landlord screening.  We actually had not done that prior but wow, we are getting some amazing tips. Feel like we got lucky with our first group but are much better prepared now.  Thanks for responding, I really appreciate it!

@Edward Lawrence Thank you for the help! Ok, sold.  We just added a parent co-sign to the lease and had our attorney review. Great point!

@David Dachtera Great point about finding out any potential issues with former schooling.  Also the possibility of criminal record or eviction past history would be crucial to know.  Thank you for taking the time to respond!