All Forum Posts by: Michael Kiger

@Tim Herman  Great. Thanks so much for your input!!

@Tim Herman Great Thanks. Is that the best way to get the estoppel letters is the property manager? Can I ask for them if it isn't my house or tenants yet? Does the lawyer do this? Will definitely check into it. 

Thanks. Plan to leave the lease as is now. 

Do I ask the current property manager to get the estoppel letters from the current tenants?  Was thinking to use one of the apps to collect rent and maintenance requests. Do you have any experience with this route? Is one better than another or are all essentially the same?

Good Morning all

About to close on first rental. It's a duplex with tenants already in place. Looking for any thoughts or advice for things I may not have thought of.

Still weeding through apps for management. avail, tessa etc

Do I have the existing tenants fill out an application? They are on month to month currently and by all appearances are good tenants. Fingers crossed. Will get them to a new lease once it is closed on. Finalizing lease now. There is currently a property manager however she is in her 80's and is looking to retire so she does not wish to continue. So for now will self manage. 

Thoughts on introducing myself vs staying anonymous?

Any thoughts or suggestions are welcome. Thank you!!

Hopefully will have something in place soon. When I get something will pass it on. 

Hi, Good luck

I am to close on my first duplex soon. I have been trying to figure same. Thinking of speaking to my lawyer to see if they have at least a baseline to start at. Seems like everything i've read is basically you start somewhere then as you make mistakes and get more experience you learn to adjust it. Haven't been able to find a great baseline yet. Let me know if you find something.

Thank your for the responses. Commercial lender got back to me and looks like it will work out. Lender says it will be approx 4.5% but they only go 20 years on commercial loans. The numbers still work at 20 years but obviously not as good as 30 years. Are there commercial lenders doing 30 years that you know of?

Currently working that avenue. Wasn’t sure which route would be better in the long run.

thanks

Good evening all. I am new to this. I have been looking for a while now and have finally come across what I think is a good deal. I had been looking for a duplex to quad. I came across a 5 unit today and went to look at it and it looks like a potential winner. Would like to put in an offer tomorrow. Problem is i am all set up to go residential in terms of financing(have preapproval etc). I know that with 5 unit I will need to go commercial. Question is the set up is in 2 buildings on same property, one with 2 units, the other with 3 units. Being that it is in 2 buildings is it possible to still go with residential financing as opposed to commercial? Any input would be greatly appreciated!

Great thanks, contact info would be great.