All Forum Posts by: Sinead MacFhionnlaoich
Sinead MacFhionnlaoich has started 2 posts and replied 4 times.
Post: Tenants want a rent reduction
- Posts 4
- Votes 3
My tenants have rented the property for 2.5 years and have always been good tenants. I rent the property about at market rent, i don’t include certain utilities in the rent cost (water, electric, gas), i have laundry units and have no pet restrictions. My tenants recently messaged me and asked for a $250 reduction in rent per month and to not be charged for utilities (about $200 a month). I live in an area where rents have been steadily increasing and I know with inflation everyone is struggling these days.
I don’t want to lose my tenants but a $450 a month reduction is going to really impact my ability to upkeep the property. I’m considering offering a $200 a month reduction but obviously I’d rather keep it as it is.
I would really appreciate any advice; I’ve never been in a situation like this before.
Post: Out of state financing options
- Posts 4
- Votes 3
Quote from @Camile Case:
@Sinead MacFhionnlaoich DSCR Investment or Flip Loans. What's your FICO?
Post: Out of state financing options
- Posts 4
- Votes 3
Quote from @Dave Skow:
@Sinead MacFhionnlaoich- most lenders can assist with regualr type loans for up to a 4 plex ( 30 yr fixed / 20 yr fixed / 15 yr fixed / ARMS ) ...are you planning to purchase and live in the new place or will it be a total rental property? The loan terms and rates will be different for a 2 plex as compared to a 3-4 plex ...if you buy larger than a 4 plex - the loan is a commercial loan and terms are not likely to be as good ......I would recommend getting in contact with a lender and get a formal pre approval in place for a hypothetical 4 plex purchase ....and then also locate a commercial lender that can help in case you buy 5-6 plex
It would be complete a rental; I live and work in a different state to where I’m planning on purchasing
Post: Out of state financing options
- Posts 4
- Votes 3
Hi! I’m a relatively new investor. I own a single family home that I purchased as a primary residence two years ago. I rent out a portion of that home for more than my mortgage and I’m planning on fully renting the property in the next six months. I live in an expensive area and I’ve been looking at purchasing a 2-6 unit multi family property out of state. I’m planning on putting down 20-25%. What financing companies should I be looking at and what kind of loans could I use?