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All Forum Posts by: Stephen Solano

Stephen Solano has started 10 posts and replied 37 times.

Post: Help! Can’t find qualified tenant for rental unit!

Stephen SolanoPosted
  • Investor
  • Miami FL 33137
  • Posts 39
  • Votes 29
Originally posted by @Filipe Pereira:

There's usually only a few factors as to why a unit isn't renting. I have found the following as the most common.
1. It's priced too high for what it is (basically covers all the items below). 
2. It's in a bad neighborhood.

3. It's got small bedrooms.

4. It's dated. 

5. No parking. 

6. No yard.

7. Weird layout. 

Most of these can be overcome by lowering the rent price accordingly and / or doing cosmetic upgrades. Some of them you can't do much about except to lower the rent. @Stephen Solano

@Stephen Solano

One of the bedrooms is smaller than average, theres no backyard but has a good size front yard, has a funky but functional layout but isnt dated. I appreciate your expertise. Being that the unit has a combination of a few of those factors, that is the reason. I will lower the rent and hope to attract a qualified tenant. Thank you!!

Post: Help! Can’t find qualified tenant for rental unit!

Stephen SolanoPosted
  • Investor
  • Miami FL 33137
  • Posts 39
  • Votes 29
Originally posted by @Sean T.:

Hey @Stephen Solano sorry to hear you are having this issue!

@Theresa Harris beat me to it!  I always ask for feedback and leave a form in the kitchen for this very reason(my PMs do this for me).  The beauty of this, besides the feedback in general, is that you can follow up with one of those qualified viewers and often times find a way to make it work.

Thank you Sean!

Post: Help! Can’t find qualified tenant for rental unit!

Stephen SolanoPosted
  • Investor
  • Miami FL 33137
  • Posts 39
  • Votes 29
Originally posted by @Theresa Harris:

Talk to those after the viewing and see what they liked and didn't like about the unit.  Lower the rent.

That’s a great idea, I will start asking to see what is preventing them from moving forward. I appreciate your input!!

Post: Help! Can’t find qualified tenant for rental unit!

Stephen SolanoPosted
  • Investor
  • Miami FL 33137
  • Posts 39
  • Votes 29

Hi all,

My previous tenants moved out August 1, 2020 and after they left I ripped up the carpeting and installed brand new LVP flooring in the bedrooms and living room, I also put new stainless steel appliances in the kitchen and the apartment is spotless. It’s located in a good neighborhood in my area. It’s a 2 Bedroom/ 1 Bathroom second floor apartment at about 728 square feet. It is on the nicer side of the apartments listed for rent in my area but has a functional but funky layout. It is priced at $875 a month which is right in line with most apartments listed in my area as well. I’ve had over 100 inquiries but only about 4/5 qualified tenants come check out the apartment but all of them ended up renting elsewhere. How can I fill my unit with a qualified tenant? Am I doing something wrong? Any tips or advice on finding a qualified tenant? Any input would be greatly appreciated. It’s been empty since mid August 

Post: Top 5 Real Estate Books of All Time?

Stephen SolanoPosted
  • Investor
  • Miami FL 33137
  • Posts 39
  • Votes 29

Hi all,

I'm on the search for some good RE Investing books at the moment to purchase. What are your top RE investing books that are a must-read?

Post: How to House Hack 2nd Property?

Stephen SolanoPosted
  • Investor
  • Miami FL 33137
  • Posts 39
  • Votes 29
Originally posted by @Nick Riccio:

Hi Nick - you can. you can only have one FHA loan at a time but other than that, you should be able to do this several times. To @Lien Vuong point, your LO will need to have a conversation with underwriting on "why" you're moving, etc. but it shouldn't be an issue. Personally, when I did this for my portfolio, I wrote a letter to the underwriter on why it would be better for my wife and I to move to the new house - and it solved all concern.

This helps a ton actually, thank you for sharing your knowledge and experience. Much appreciated Nick!

Post: How to House Hack 2nd Property?

Stephen SolanoPosted
  • Investor
  • Miami FL 33137
  • Posts 39
  • Votes 29
Originally posted by @John Warren:

@Stephen Solano any lender can and will do your first house hack, but after that you need to have a mortgage person who is investor friendly. This typically means that they are an investor themselves and that they get what you are trying to do. Not all lending institutions are the same. Some are more conservative than the guidelines given to them by the FHA program. Time to fire your lender and go shopping!

I will continue looking for a lender that will do the loan, so far I have spoken to 2 different lenders that have given me pretty much the same answer. Thanks for your help!

Post: How to House Hack 2nd Property?

Stephen SolanoPosted
  • Investor
  • Miami FL 33137
  • Posts 39
  • Votes 29
Originally posted by @Nick Riccio:

Hi @Stephen Solano you can certainly do this, I'm wondering if your lender understood what you're looking to do. If you stick with the same lender, they might ask questions as to "why" you're moving. This is common and something simple (more space, additional bedrooms, better community, etc. ) would work. 

Hi Nick, thanks for your help! How would I go about scaling my portfolio with the house hacking technique? Every year can I keep going back and telling them that I am either looking for more space, a better house, better community, different area etc?

Post: How to House Hack 2nd Property?

Stephen SolanoPosted
  • Investor
  • Miami FL 33137
  • Posts 39
  • Votes 29

I purchased my first house hack property back in March of 2019 (Two Unit Home) with 10% down as my primary residence. Its been over a year now and I would like to convert that property into a rental and purchase a new primary residence to house hack. I just talked to my bank to obtain a pre approval and they told me that I cant purchase another 2-4 unit as a new primary residence and it would have to be a single family in order to do that, otherwise they would treat it as an investment property and require 20% down. I'm really confused as I've read all about house hacking 2-4 unit properties and moving from one to the other after living there for a year. Any advice or input? Please help!

What was your lowest lowball offer that you made on a property that actually got accepted and resulted in a deal? Please include the list price and your offer which got accepted. Also, what was your reasoning for the lowball offer and how did you get it accepted?