All Forum Posts by: Account Closed

I have a tenant already in place and their old lease is expiring soon. It is a single family home that my father left after he passed. Currently, i have thought of hiring a lawyer to draft a lease, but it seems they make it as long as you want it. I asked the attorney if it would be more thorough than the California Association of Realtors Form, and he says that he can't guarantee that. How do i get a thorough lease made when i don't know what it includes? Do lawyers just make generic leases?

0 Votes

Riverside, California

Quote from @Sandy G.:

NO, don't lower the rent! Since they no longer need so many rooms and cannot afford it, they should look for a place that better suits their needs. Find more qualified tenants and raise the rent to market or just below. We are not in the business of subsidizing tenant's rent. Over time, you will be losing out on revenue and just prolonging the inevitable move out when they can no longer pay the rent. Remember this is a business nothing personal. Good luck to you!

This makes a lot of sense considering they are haggling on a market rent rate. Thankfully, I didn’t go too low! Thank you!

0 Votes

Riverside, California

Quote from @Theresa Harris:

If there are 10 adults living in a house, they should be able to afford the rent. Even if 5 move out, then they don't need a 6 bedroom house-if the 5 that remain can't afford the rent, then they should move to a smaller place.

That is true. I was quite worried about the rent lost if i were to put it back on the market. I offered them 3,000 and kind of regret it now.

0 Votes

Riverside, California

Quote from @Joe Homs:

@Account Closed NO! If you can get $3100 or more then rent it out to someone else that is better qualified. Do NOT fall in love with your tenants. Treat it as a business.

Good Investing...

Thank you for the response!

1 Vote

Riverside, California

Quote from @Ko Kashiwagi:

Hi Shivani,

I'm assuming the 3.1k/month is a market rent? It's completely reasonable to rent it for market rent, and it would be better to find other tenants if they cannot pay.

Hello, Ko

Sounds like a good idea! Thank you

1 Vote

Riverside, California

My father rented a 6 bedroom, 3 bath home to 10 people before he passed away last year for 3,100/month. Now that the lease is expiring soon ,the tenants are asking for a rent decrease because five people will move out. The tenants are good so far and have been living there since 2022. The tenants are on a fixed income and were getting help from the other five family members for the 3,100 rent. The market rate seems to be at or more than 3,100. Should i call a property manager?

1 Vote

Riverside, California

I'm currently in college and have around 400k to 500k in cash but no income. I am confident that i want to invest in real estate full-time starting this year. However, many have pointed out that getting a conventional loan will be difficult with no income. Overall, I am finding ways to avoid getting a job and utilizing my cash as much as possible. Are there any ways i can qualify for a loan on an investment property that produces cash flow ?

1 Vote

Quote from @Kit Serrell:

Hi Shivani! I have househacked without having a job before and got my loan to go through underwriting just fine. Happy to connect and share what worked for me

I would love to connect and learn more!

0 Votes

Greensboro, North Carolina

Quote from @Lorenzo Prieto:

Although you have down payment and reserves conventional lenders will need to see the ability to repay the loan. Most times we can move forward with a preapproval letter if you have at least a job offer letter and will have one set of paystubs before closing date. Will you be finding a job in the same line of work? Feel free to reach out directly if you have specific questions.

This was super helpful! I will actually be able to stay in the same line of work and definitely would because it helps with approval.

0 Votes

Greensboro, North Carolina

If i were to move to another state and try to purchase a duplex that i would use as a primary residence, would a bank approve even if i only have the down payment and 6 months cash reserves? No job in place yet.

1 Vote

Greensboro, North Carolina

All Forum Posts by: Account Closed

Account Closed has started 16 posts and replied 62 times.

Post: How do I get a thorough Lease created?

Post: Should I decrease the rent?

Post: Should I decrease the rent?

Post: Should I decrease the rent?

Post: Should I decrease the rent?

Post: Should I decrease the rent?

Post: What are some options for someone with no income but a lot of cash to get a loan?

Post: Would a bank approve a loan for this circumstance?

Post: Would a bank approve a loan for this circumstance?

Post: Would a bank approve a loan for this circumstance?