All Forum Posts by: Derek Martin

Thank you for the info Chris! I'll be looking into that further.

What I'm saying is that there is currently no HOA. I would have to create one in order to do a cash out refi... I'd like to avoid that but I don't see a way around it.

I looked into a line of credit, but no one will do a LOC on a rental condo.

You're right, I did not do my due diligence to see about an HOA. I bought it for 33,600 and put about 3k into the property. I have had a long term tenant paying $800/month for the past 5 years. It's now worth 60-65k conservatively.

It's only a 2 unit building, we share a wall and split exterior maintenance fees. 

The previous owner was the single owner as a duplex. I'm just looking to get some cash out without creating a HOA. Any ideas?

I bought a condo (one of 2 in a 2 unit building side by side). I paid cash and so did my neighbor. When I purchased the condo there was no HOA because we both used cash to purchase and the previous owner owned both units and was foreclosed on. The bank sold each unit individually for some reason. My neighbor and I just split the expenses when it comes to exterior repairs. I currently have the unit rented out, but i'm running into issues getting my money back out.

I am running into a problem because there is no HOA and i'm trying to refi or do a HELOC. Anyone know how I can get this done?

HELP!!!

@Account Closed  thanks Jim! If you get a voicemail do you just call back or do you leave a message?

@Gerald Harris  I have just been testing this so far. Out of 10 calls I've had 3 that would entertain a offer. I've called them back with a price, but no luck. 

@Account Closed  don't you think coming right out saying you're an investor and own property in the area would give you some common ground to start the discussion? Can you give me an example of how you would start the call? I'm putting a list of owners together and plan on leaving a message on their phone using Slydial (an app that rings directly to voicemail) so I can automate this and contact the most people

@Cass R. Smith 

I've been cold calling multifamily owners trying to purchase their rental property (in areas where I currently own rental properties). Most times we cannot agree on a price for a number of reasons. As a REALTOR does anyone have any experience turning these calls into Listings? Is it possible to transition the call into a listing?

Any advice?

any update on how this is working for you? i'm interested in trying this

I have recently signed up for the National tenant network to do background checks, credit score, and previous evictions nationwide. There is a small setup fee then $20 per report..... Well worth the money it will save you in the long run!