All Forum Posts by: Tristan Gardner

I'd let her go and keep the security deposit. You may want to consider adding a clause to your lease or create a "Move in FAQ" as to what will happen if a tenant breaks the lease early 

Keep shopping around the lenders, particularly the smaller local banks that can look at income in addition to your current financial situation. I've had excellent luck with this in my area

You could hold the loan in your own name, but transfer the property to your LLC. Pay attention to the due on sale clause in your loan as this could be grounds for the lender calling your load due. It's rare in my experience. This is how I did it

I couldn't agree more. The question needs to be "how can I provide you value" not "please please please mentor me mister"

It's not impossible to manage it from a distance. You'll want to spend extra time vetting contractors and make sure your expectations are clear as to when you get updates from them on status. I'd also recommend investing your time in the real estate clubs in Richmond to ask them for recommendations for contractors. 

This is where you can lean on the help of an experiences agent or even an appraiser. This is something that's very market-specific. My area is big on square footage rather than the nicer interior so I focus on that to push up that ARV.

Congrats!

I like the 5 year arm out of these options. In my opinion, rates may go up but they won't go up bad enough to make the deal bad. Run your worst-case scenario numbers with each of these options and see what's the maximum debt service you can handle to break even and work backward from there.

Also look at buying the property personally and moving the title into your LLC for protection. The mortgage and title are separate items. Yes, there's the "due on sale clause" but this doesn't really get called much in my opinion. Even if it does, most lenders will let you move it back or "undo" what you did.

I personally shoot for 6% of monthly rent, per unit on multifamily when it's 1-5 years old. I had a two percent for each 5 year bracket and max at 10% as it's probably has some renovations when I acquired it anyways with my strategy

Congratulations on another Will! Thank you for the tip on how you lower holding costs