All Forum Posts by: Robyn Imperatrice

Hey there Chris! Thank you so much for sharing! I do have a few questions.

You say you put 10% down. Do you always have to do that with a hard money lender? I am looking to brrr a property but don’t have money to put as a down payment. 

I see you reached out to a local  credit union for your refi once the rehab was done. Did you know what bank you were going to go with before you purchased the property? I listed to a podcast and they recommended calling around to local banks for your refi first. 

I would like to use a hard money lender for my brrr as well. When looking for a hard money lender, what questions should I ask them and what should I be looking for?

I really appreciate your time and response. 

Cody, thank you for sharing. I was thinking that was the way it was supposed to be but I just needed to double check. 

Jordan thank you for clarifying that it is 9.2% increase. I saw both 9.9 and 9.2, so thanks for clearing that up. My house unfortunately is older than 15 years. You both have been extremely helpful. I will patiently wait and do things the right way. Thanks for the help.

thank you!

Thank you Brad. I would like to get a little bit more specific. I will be living in Albany so Linn county. I will look further into Linn county as far as raising rent. But to start am allowed to start rent at 950 with the new signed lease, then increase by 9.9%(or what ever the increase percent is at that time)? or;

Do I have to start at the current rent which is 800/850 then add 9.9% increase, increasing rent to $872 or 934?

I am buying a duplex and we close on April 13th. We are moving in on one side and inheriting the tenant on the other. The tenant who is moving out has 90 days, which is till June to do so. Both tenants are on a M2M lease. One tenant is paying 800 and the other is paying 850. I did some research on increasing rent, but it leaves me a little confused. 

When they sign MY new lease I don't mind staying on the m2m lease, but I do need to increase rent. I would like to increase to 950-975. I would like to do higher but I know that would not be smart. 1250 is my goal rent. I dont plan to increase rent on the tenant moving out either. That will just cause unnecessary issues. When I looked up m2m rent increase in Oregon, they say you cant increase rent until after the 1 year, and then it gets fuzzy after that on raising rents. 

From what I understand, I can raise rent when they sign my new lease and then I need to wait a year. Then I can only increase once a year at a 9.9% increase. Am I understanding this correctly?