All Forum Posts by: Teresa F.

Hi Serdar,  The bank where I hold my company accounts originally wouldn't give me a line of credit on my rental properties.  However, they did give me a nice 20 year loan that allowed me to purchase additional properties.  This year I was told that they would now do LOCs for businesses (didn't need collateral) so they gave me a line.  This is at BB&T but I would suggest that you spend time with the bank manager of your bank and ask what they can do for you.  Be prepared to come back with your financials so they can really spend time figuring out the products that will work best for you.  By the way, Banks really make a difference.  I also have accounts at other banks and they haven't been nearly as helpful.  BTW, Had in-laws that used to live in Norwalk, beautiful there.  Good luck.   Teresa

Hi Eric,  Lots of great information already.  Just another thought -- LISTEN CLOSELY and Don't Interrupt.  You are focused on getting a great deal and most of the time that translates as a dollar amount.  However, your seller may be looking for something else that you can offer if you just listen.  They called you --  not a Realtor.  Why?  Do they need to drop everything and go take care of a sick child/parent/friend?   There may be other investors talking with them so set yourself apart by being a problem solver.  Best, Teresa

Hi Nick!  This is so common.  It took me a long time to even mention that I was a real estate investor.  You never know the connections you will make just by putting yourself out there as an investor.  Yes there will always be naysayers.  But I have made some great connections and good friends just by identifying myself as a real estate investor.  By the way, the naysayers will be fewer and fewer as your friends and connections start introducing you as a "successful real estate investor."  : )    Best, Teresa

Hi Christy,  The big one screening has been covered.  Two less common suggestions --  first if you decide you want to use a property manager, remember to manage your manager.  Pay attention to the monthly statement, ask questions about the property and visit your property and manager.  Second, don't try to be all things.  I am a lawyer so I used to handle my evictions.  I figured it didn't happen often so when it did, I would spend the day at landlord/tenant court etc.  Now, I give evictions to my lawyer.  I used to make small repairs myself.  Now, I have a handyman handle it.   Create systems to save time and take time for yourself.   Best, Teresa

Hi Lance,  Wording and grammar are important.  When you have something drafted give it to some friends to proof read for you.  If you have a friend or two that you are thinking about as a potential investor you may want to ask them to proof read it too.  Be sure to discuss your experience.  The calculators and some comparators are also important.  Different people are going to be looking for different things.  Some people may part with some cash because they believe in you.  Others will want to see numbers and view this as a good investment.  A brief letter that has some numbers, info about the property and info about you and an invite to contact you for full numbers, additional information, etc. should be sufficient.  

If you don't some anyone to proof read, look for editors on Craigslist.  Best, Teresa

Hi Brianna and @Alisha Sadeski First be sure to get a consent form signed by your applicant.  Some employers and many landlords require that before they answer questions.  I ask for two most recent pay stubs so I know income but I call the employer to verify length of time employed and how they describe the applicant.  Do they say responsible?  Trustworthy?  Etc.  

Re parents, I call anyway.  While I expect they will confirm how great their child is I ask about housekeeping and taking responsibility.  More important, that conversation also verifies that I have a family member I can reach if I am owed money after the tenancy.  

It is becoming more common for landlords to physically go visit the applicants current home.  I am thinking very seriously about implementing this policy.  Hope this helps, Teresa

Hi Justin,  First, thank you for raising this.  Unlike many, confederate battle flags offend me so I wouldn't rent.  That said, when I am looking at rentals, I am looking at neighborhoods.  My preference is homeowner neighborhoods, quiet, well kept yards, and decor generally no more outrageous than a garden troll.  When you walk into weird you can't complain about it later.  I suggest you skip this one.  Teresa

Hi Michelle,  Hopefully someone from your area will chime in.  Generally the answer is "what does the lease say."  And, even more generally, you do not get to go to the property unannounced.  What I typically do (consistent with my lease) is call and send an e-mail (so I have something in writing) telling my tenant that I am coming to the property.  I do this at least 24 hours in advance.  Then I show up.  I knock, if no answer, then I use my key.  

Teresa

Hi Markus, I generally do not pay the listed price. I look at the property, figure out what needs to be done, and make my offer. However, I also talk with the REO Agent about what the bank is looking for. Typically, I will make my offer, the agent will say "the bank won't accept that it is too low" and I will say fine, make me a counter. Once I have a counter, I know they are paying attention and we negotiate from there. Hope that helps, Teresa

Hi @Ingrid Flores Glad you found BP. We have lots of local Real Estate Investment Associations (REIA) around and even more great people with wide varieties of experience. Have questions? Just ask. Best, Teresa