All Forum Posts by: Emmy K.

We cannot thank everyone enough--- so far it's been a great transition. These tips and ideas were incredibly helpful and useful. No BBQ, no gift cards, thank you!!

We gave questionnaires out to all tenants and it's been incredibly helpful, and reaffirmed many of the repairs we planned. There were a few surprise issues but we are happy to know about them now. 

@Jane A.

@Jane A. thank you for the incredibly helpful tip. This is one question we have gotten and not yet answered. On that note, what about the tenants that are month to month and $100 or more BELOW market rent (we have 2) Would you do more than a $25 increase? Thanks again to everyone!

I cannot thank you all enough--- this is wonderful advice and a great community.

It makes complete sense on no gift cards and no BBQ. It's a business.

A questionnaire is not something we considered--- wonderful idea. Going over safety/ lease terms also excellent. I feel more prepared already. 

Here's to a great year of investing for all! 

Thank you so much, @Steve Vaughan this is incredibly helpful!

My husband and I are thrilled and a bit nervous about closing next week on our first property--- 3 four plex's a mile from our home. A HUGE thanks to bigger pockets for helping us crunch numbers, network and give us confidence to take the plunge!

With that being said anything you Pro's recommend we do before we close? 

We are planning to leave a note on everyone's door the day of closing with new contact info, PO Box for rent, parking diagram (parking is tight and can be an issue).

We are thinking of giving everyone a $10-$20 gift card as a 'new owner' gift. We are also condidering a small cookout in a few weeks as a meet and greet, Is this odd? We are doing some exterior updates and want to let tenants know that we will work as quickly as possible. Would you notify tenants of vague plans? 

We have met w/ lawyers, bankers, etc. now I feel like we are going to get the keys and be thrown to the wolves, any tips greatly appreciated!!

Thanks in advance, now to upgrade to a BP Pro 😊

Thanks for clarifying, @Chuck B. fingers crossed, we hear from underwriting today. Will let you know. 

Thanks for the update, 

@Chuck B.! I have found very similar terms with Dave, rate is 4.5% as loan amount is over $300k. 

All other terms same. Hope to hear back from Dave this week, will update as things progress. 

I met with an investor last week that was unable to close with Republic last year because property being purchased (SFR) was vacant, be sure this doesn't happen to you, @Chuck B!

@Michael Seeker-- thanks, I agree! 

Happy Derby to all! 

@Clay Smith sincerely appreciate your input, will contact Robbie. Thanks so much!

@Chuck B. thank you so much for your reply. I'm afraid your rates/terms are more accurate than what I've been quoted. Will update! Have also heard great things about River City. Thanks again! Emmy 

Quick question, my husband and I have stumbled upon a 12 unit deal in a great area needing some TLC. Price we have agreed to is $675,000. It appraised last year for $830,000. Has some differed maintenance but we have set more than enough aside, we think. 

My question is lender A requires 25% down,($168,750) 5/20 ARM with rates starting @ 5.25.

Lender B says we can do 10% down, ($67,500) 5/20 ARM with rates starting @ 4.25.

Should we be suspicious of Lender B?(Republic Bank in KY.)

Lender A (SYB in KY) says we should be suspicious...

ANYinsight or advice is greatly appreciated, meeting with Lawyers and lenders Monday morning. 

TIA!!!