All Forum Posts by: Nick Kelly

Went through tenant screening process, tenant filled out application and I approved. She sent the security deposit in to lock down the place. It took a few days to get the lease together because there was a little back and forth (she didn’t mention she had a dog until initial lease came through and it mentioned no pets). I agreed to allow the dog for a pet deposit (even worked with her on this bc she couldn’t afford extra every month for pet fee so I agreed to a one time deposit). I sent the new lease the following day and she said that she was now worried the dog would damage the unit and didn’t feel comfortable moving in ( along with a few other things) and said she is scheduling other places to see and would like her deposit back. At this point I have turned away other potential tenants and pulled the postings down. This process has wasted a little over a week of time. Although there is no signed lease, it has wasted a lot of my time and delayed getting other viable options in (money!). Is there a protocol on how to proceed with the security deposit?

@Jordan Smith where does this take place?

@Brandon Dean this a great breakdown and very helpful. How did you structure your partnership? I’ve considered doing this; my concern is the limited return on smaller deals(2-4 units) having to split the cash flow and not sure on how to actually structure the partnership.

@Marc Rice I would also be interested in seeing the map. Appreciate it!

@Ryan Howell appreciate your response! I need to study up a little more on BRRRR but am familiar with it. My concern with that strategy is not enough money in the HELOC to be able to purchase in the hot market I live in. I am considering a more long distance approach to get into the right market. Also, as of now don't have a great knowledge base on rehab estimation to feel confident making offers on BRRRR deals.

@Jody Sperling thank you for the response! This is similar to velocity banking correct? I just was doing little research about that.

Hi Everyone!

I just refinanced my duplex (owner opp) from an FHA to conventional to take advantage of lower interest rates and get rid of PMI. My goal is to acquire 1-2 residential multi family this year. Im considering using a HELOC on my duplex as funds to acquire next investments. Has anyone had experience using HELOC for a down payment? My concern is the cash flow from the investment would need to be directed to the HELOC payments. So no cash flow for some time (10+ years) and the HELOC is tied up so I can't re-use. What am I missing and/ or better strategies?