All Forum Posts by: Matt Laird

I'm looking to further my education, granted you can get a ton of knowledge from reading the blogs here and their are tons of non fiction books. Have any of you found an online course or set of courses that is a must have to further your investing potential. I'm not worried about a degree to show my friends, I just want the knowledge.. I'm thinking ill need it to cover Excel, Basic Accounting, Macroeconomics, demographics & possibly investment specific market analysis. I can find these courses individually just curious of a better resource..

Thanks in advance

Originally posted by @Marcia Maynard:

Get signed estoppel documents from all parties regarding the verbal agreement. I would not ask the seller to obtain a written lease at this point with the tenants, it would complicate the matter. But I certainly would enter into my own signed written rental agreement with all of the tenants as soon as I had possession of the property. Make it a month-to-month rental agreement, which gives you more flexibility if the tenant doesn't work out. I also would not ask the seller to evict the current tenants, as it may cause unnecessary delay.

I'm requesting estoppel documents from all parties, Thanks for the great Idea.. The unit with the dogs needs the floor replaced anyway, My wife & I have decided to charge a $25 a month pet fee on top of the rent. Should pay to replace the flooring when they do leave..

Sounds like a winner.. I'm looking actively for something of that caliber.. Thanks for sharing..

I'm a few weeks away from the closing table, deal looks good, 3 units on one property, 2 units are leased $450 month(which is below market value) current owners didn't do background checks or sign leases. They have been on a month to month basis, one near 3 yrs. and one just over 1 year. One tenant has an aggressive bred puppy, looks like a pit/boxer cross, & I do not allow pets in my other rentals.

My question to the experts is; can I force the seller to do a background check and get a lease signed before closing or have them vacate, should I go talk to the tenants myself. I'm afraid once I sign on the property I may be locked in a deal with squatters and spend my first few months in the hole working on evictions..

Thanks in advance Matt...

That is a great question, I'll be closing on a 3 unit property with shared water, gas & electric.. I'll be keeping an eye on this thread..

I'm in the market for an investment property to place my parents in for the long haul. Something 4-8 units in a coastal town (doesn't have to be on the beach or even ocean view) must cash flow while occupying one unit. If you have something in your portfolio or know of something let me know... Thanks

Great feed back, thanks everyone... Update, I've met with a local Commercial lender, she came up with 15 yr amortized 5- 5.5% loan w/ 5 yr balloon.. 15% cash... The garage apartment is legal, permits were not required for the conversion, city manager said as long as the property is not vacant for 12 consecutive months it's grandfathered in an can remain as a 3 unit rental on a single family zone, on goes with the due diligence... Additionally she has offered a stream of cash one I've maxed out Fannie & Freddy as long as the property's cash flow..

I was preapproved for an investment loan for 20% down 4% 15yr, up to 300k, found a property to buy & hold. My bid was accepted @ $109,800 The property is a mid 50s built 2 bed 1 bath, large corner lot, it also includes 2, 1 bedroom efficiency apartments above the garage that are currently rented @ $450 each. My finance company is unable to locate comps in my area for a triplex.. (rural Oklahoma) So they are giving me the run around.. Does this sound legit, should I pay cash, or try to locate another lender? The property is zoned single family.. Thanks in advance for your responses..

I have to opportunity to pick up a wood frame 1200+sq/ft. 2/2 locally as an addition to my current properties. It is a rehab in process, exterior paint scraped, interior, new electrical, new plumbing, new sub floor & drywall hung, no tape.. It includes no kitchen or bathrooms.. Zillow has it for $119,000(I know that's not a trustworthy estimate) I can lock the property up for just over 30k.. Market rent for this home would be $1150-$1300... Does anyone have a suggestion on the amount I should budget to complete a project like this, Kitchen, per bathroom, Siding etc... Any help is appreciated... Foundation and roof are solid..