All Forum Posts by: Sendil Thangavelu

So I would consider this to be a red flag but I don't necessarily think that this would be a case of identity theft. It's definitely hard to say without knowing more about this situation but when I have had renters who've dealt with identity theft in the past, they had filed a claim, and there would be something clearly noted on the report that a claim of theft had been filed or their credit would've been frozen. I don't necessarily think the enquires themselves are a huge red flag but rather the fact that it doesn't seem like they are being entirely truthful. I think I would also take into consideration on where these enquires are coming from. Like if they are trying to buy a vehicle, there would be an uptick in enquires.

If you have more leads/applicants for the property I would recommend looking at those first before making a decision for this applicant.

Thanks Alyssa

0 Votes

Gainesville, Florida

Hello, recently i purchased a new construction from a large builder and we went through closing and such as part of the buying. Several weeks after sale, out of the blue I received a letter form a creditor that there was a lien for $600 on the property PRIOR to the sale, that the builder never paid and now they are going to put a lien on the property against my name. IS this even legal? I have written to the builder asking them to cure this issue, but I must say that this builder has been very difficult to get anything done. Am i really liable for this payment? I closed the property in March, creditor in their letter to me say that they had a lien on the property in February. I wonder how the closing process was completed when there was a lien on the property? Any guidance is appreciated.

Thank you in advance.

Sendil

0 Votes

Gainesville, Florida

Hello,

I have an applicant for my rental property that has a great credit score, but for the last 4 months I see a pattern of 5-10 enquiries per month in their credit score. When I asked about this, they said that , they had identity theft. I am wondering if there is any red flag. Any suggestions or experience that you can share?

Thank you in advance

Sendil

0 Votes

Gainesville, Florida

Quote from @Steve Kenney:

Firstly, I think it's awesome that you have five properties already! If you've bought these by yourself without the use of partners, that is amazing!

Like others have said, try not to get too fixated on the number of units someone has and how fast they've been acquired. There's usually always more to the story and it is hard to gain all those facts by listening to a one hour podcasts. A lot of those guys use partnerships or syndicate to buy deals, so if you are a solo investor you really can't compare your results to there's.

Ask yourself why you want to grow so fast, is it an ego thing? Just make sure if you want to grow, you are doing it in a way that makes sense financially.

I don't know your background, but buying three properties a month seems very ambitious.

A couple ideas for you:

Pull out equity:

I think the fastest way for you to scale would be to pull out equity from one of the five properties you already have and invest that into a multifamily property. If you are buying single family homes now, you'll scale much faster if you invest in multifamilies, so that's what I would focus on.

Promissory notes:

Another option would be to borrow money from a friend/family and use that to put toward a down payment on a deal. This method typically leverages a promissory note, the person lends you money to put toward the down payment, common interest rates for this method are around 10 or 11%, you make interest only payments over 24-30 months and then pay them back in full afterwards.

I have rental properties. None of the banks are willing to let you pull out equity form rental properties. I mean to say, although I have equity in my rental property, they will not give me HELOC. How do you pull out equity form a rental property? I could be missing something here. Thanks in advance

1 Vote

Houston, Texas

Hello,

I rentla property in FL. MY tenant signed a one year lease (Lease 1) and for the second year, I did a lease renewal using Rocket Lawyer lease renewal template that refers to the Lease 1 for comprehensive terms and conditions. To renew for a third year, can I yet again use a simple renewal template form Rocket Lawyer, that refers to lease 1 for comprehensive terms and conditions? How many times can I renew lease based on Lease 1? Do you see any issues with this? Is there a point at which time I should signa comprehensive lease instead of lease renewals?

Thanks in Advance for your inputs

Sendil

0 Votes

Orlando, Florida

Thanks Jason, good to know about the sale prices. How about the rentals?

0 Votes

Thanks Patricia, your response helped!

0 Votes

Jacksonville, Florida

Hello,

I have a tenant living in my rental property in FL. Tenant has always paid on time for the past 2 years and has been great so far. Tenant is within 60 days of current lease expiring and is required to give me 60 days notice if they plan to vacate, per the lease agreement. I have reached out a few times asking if they want to renew lease for the third year and they are simply not responding. I even sent tenant a lease renewal agreement for e-signature and there is no response. They are paying rent on time and this is wierd. I need to start marketing the property if they want to vacate. How do I hold them accountable to make a decision. I think they are forcing me indirectly to get into a month-to-month situation?

Any guidance is helpful. Thank you in advance

0 Votes

Jacksonville, Florida

Hi Folks,

Is Ocala rental market cooling off? I have a 4 Bed, 3 Bath, 2k Sq feet priced right , sitting on the market for over a month. Applicants don't seem to qualify the criteria of 650 Credit score or income 3X of rent . Most don't want to pay 1 month security deposit. Has the market shifted?

Also, I wonder why many prospective tenants that have over 20 years of work experience have huge educational loans, running into tens of thousands of dollars. It seems to be a pattern.

Thanks

Sendil

1 Vote

Hello,

For my rental property in FL, tenant after first year of 12 month rental term is asking for a month to month lease with a 2 month notice to vacate. Rent is $2100 per month and the deposit I hold is $3000. My concern is they can simply walk away without giving me 2 months notice because loosing deposit is cheaper than 2 month rent for them. If they walk away, it is hard for me to recover the monies. What are my options if I want to keep the tenant on month to month. Should I ask them for more deposit, to convert the renewal lease to month to month ?

Thanks in advance!

0 Votes

Tampa, Florida

All Forum Posts by: Sendil Thangavelu

Sendil Thangavelu has started 20 posts and replied 40 times.

Post: Rental applicant pattern of too many enquiries in their credit but great score

Post: Lien on builder prior to sale, creditors threat to now lien me

Post: Rental applicant pattern of too many enquiries in their credit but great score

Post: How are people scaling so fast?

Post: Procedure for Lease renewal for the second time

Post: Is Ocala , FL rental market cooling off

Post: Tenant and Lease renewal issue

Post: Tenant and Lease renewal issue

Post: Is Ocala , FL rental market cooling off

Post: MTM Lease renewal and deposit to cover notice period