All Forum Posts by: Michinori Kaneko

@Sunny Suh I'm closing on a refi loan at 3.25% on SFH and 3.75% for a triplex (but this is a refi and also I initiated the loan process 2 months ago). 25% LTV on the SFH and 30% on triplex. Depends on your credit score and how much you are putting down, but you shouldn't have to put down points for a 3.5%? This bank i use doesn't have the best rates but their closing costs are really low (I estimate about $4500 max between all three loans, which entire cost will be covered by refi), so that's also a trade off between lower rates and higher closing costs (sometimes).

@Vinnia Tjhin looks like you're doing well :) already on your second property? awesome! good luck! 

@Brenden Mitchum thank you, figured that was the case but just needed to confirm since i don't have any experience with mobile home park.  

Hi, I've been buying more of residential properties in the past, but I saw a mobile home park for sales and it looks interesting so I have been peaking at its financials and some data points on it.  I noticed that this particular park majority of the park is in the flood zone.  For residential rentals, i stay away from flood zone because the flood insurances are very expensive.  I'm wondering if the same concern would be true for mobile home park.  the park is about 50-50 between land lease and home rentals (and few that are rent to own).  I understand for rentals and rent-to-own perhaps the flood zone would cause the insurance premium to go higher, but is there any other reason i should be concerned about park in a flood zone?  THank you in advance. 

@Jason Malabute I am an investor from NY.  I have some potential lenders and an agent that could help.  I also have recommendations on which PMs are good (and which ones you absolutely want to stay away from) as well, if interested.  Feel free to drop me a PM.  

@Patricia Steiner this is great, thank you for your input!

@Patricia Steiner omg i see.. good point. do i need to document that in the document i'm signing with the tenant to break the lease, or just document as note somewhere on my records? Do you think i should also note that the replacement tenant is planning to pay more than the current tenant?

That particular tenant applied for a different property i had few months back but passed on it because the rent was a little higher than this 3br unit, but not desperately looking for a 3BR i guess!

@JD Martin Yes agreed. I didn't write the lease, this was written by my former PM that i no longer use.  I actually wasn't aware we had 2 months of deposit until my new PM told me either. i wasn't trying to squeeze out 4 months of rents from someone, but my concern was voiding the lease from legal perspective.  In your first option, how do you ensure that there are no damages beyond normal wears and tears, or go after the tenants if you found damage? 

@Patricia Steiner yes I was going to do something similar to what you suggested (and have a lawyer prep a document that outlines these, which the cost will be paid by the tenants).  So as long as there is a mutual agreement with tenants, there won't be a legal issue or deemed as "favoritism" to let a tenant out early from their lease? My no.1 concern here is if i sign this agreement and let them out early, if there are other tenants that wants to get out of lease in the future and i tell them no, could this be deemed "favoritism"?

Have you considered buying a duplex outside of Fort Wayne (e.g. Huntington).  there are tons of duplexes in huntington area under $200k.  Just a thought. Like you said, the market is a sellers market now. Even before that, multi family prices were ridiculously high in the fort wayne market in my opinion.  

Hi,

i have tenants in a 3br apartment (three guys that shares). their lease doesn't end until 12/31, but one of them is getting engaged and wants to move out, along with the other two. The lease states if the lease is terminated voluntary early, then they forfeit the deposit (they have 2x month deposit) + 2 months of rent. They don't want to use this early termination clause, but I also have incentive that there is a strong candidate that wants to sign a lease on that apartment for $50 more per month. Is it a dangerous bridge to allow early termination of current tenant with more favorable clause (e.g. only forfeit deposits, they pay all legal fee to prep docs to break lease legally, etc.)? My concern is that if I do this with one tenant, if another tenant wants to leave before lease term end and I don't allow it, will it be deemed as favoritism, or as long as I have a formal documentation of mutual agreement there are no issues? Thank you for your help in advance.

@David M. I can try asking but I doubt they would do that but guess i could give it a try!