All Forum Posts by: Mike Dymski

 Anderson, SC. It's in a C class apartment complex where I currently own 25 units. Purchase price ~$150k.

 Thanks, but not looking for a hard money loan.

Congrats on good cash flowing and well maintained properties. My recommendation would be to price them at market rates and, if that involves an increase, include it at lease renewal. If you have good tenants and are concerned about vacancy or a tenant change due to an increase, you can stay at the lower end of the market range but should be within the market range.

Many times, if you keep rents low from complacency, your current return on your original investment looks fine but it does not look as good when you compare your return to the current value of the property.

$50 on the 6th

$20/day each day afterwards

$40 bounced checks (money orders after bouncing a check)

eviction filing on the 10th

I agree with Ryan...foster broker relationships and be ready to make offers. They will work with clients who close.

Anyone have a recommendation for a lender in SC for a 4-plex? Going to put this one in my personal name (for now) and get a fixed rate residential mortgage. I'm with TD Bank and they do investor loans...4-plex = no points, 75% LTV, 4.625% 30 year fixed.

This is a stale post but TD Bank does portfolio loans.

Unfortunately no, that's the pitfall (or benefit in some cases) of purchasing rentals with no leases or month-to-month leases.

My PM requires proof of renters insurance at inception and the requirement is included in the lease. Subsequent to lease signing, all bets are off.

Go for it. The management company I use transitions tenants to one year leases after we acquire the property. If they are month-to-month because they are past their initial one year lease, it's not an urgent matter though. You can leave them alone for a couple of months to get comfortable with you as the new owner and then have them sign a year lease no differently than if it was renewal time. Good luck.