All Forum Posts by: Tristan Toliver

@Michael Evans I received their pro-rated rent for the month and their security deposit + pet deposit. I have not considered short-term rentals but I will definitely do some more research on that. Thanks for the tip. If the current lease is a good lease, and it ends May 31, should I still have them sign a new lease? My thought was to create a lease for them to sign if/when they decide to renew their lease. But if it is good practice to have inherited tenants sign a new lease regardless, then that is good to know.

@Howard Herrington Thanks, Howard. I will look into some of those apps/sites to help systematize some processes. That's a great idea.

Hey Everybody!

After nearly a year of analyzing deals and getting my offers turned down, I recently closed on my first property and will be house-hacking a triplex. The house has one occupied unit and two vacant units. I plan on moving in one of the vacant units while fixing up the third (very light rehab) getting it rented out ASAP and then fixing up the unit that I'll be living in over the course of a year (to satisfy the one year requirement for an owner-occupied loan). After that, I hope to move out of the house and purchase another property to do the same.

Okay, now that I got that out of the way, my question is about the occupied unit. Since I will be inheriting tenants, what are things that I should be doing to prepare for that? I have a few items on my list as of now but would like to get other opinions.

My list includes:

• Getting new keys for the units

• Writing a welcome letter that introduces myself as the property manager - not the owner

• Doing an inspection of their unit to see any deferred maintenance that may need to be addressed

• Setting up how they will be paying their rent moving forward - I was thinking of direct deposit but thoughts/suggestions on this would be helpful too

Some info about the tenants if this helps; They are a married couple with 3 kids and two cats. They’ve paid on time every month and their lease ends May 31. From what I've been told, they love where they live and do not plan on leaving which is why I do not want to come in and change too much. So I'll probably include that I will not be increasing the rent in my welcome letter. Just a thought.

What am I missing? Any ideas/suggestions about all of this are welcome. Thank you all in advance!

Here! Welcome to BP, Aaron! @Paul J Porter That sounds like a great idea. Seems to not be many between Bmore and DC. Keep me posted on that!

Hello!

I am looking to purchase a multifamily property in Baltimore, MD. I was hoping to use a city program that has great perks but they recently ran out of funding for the program and do not know exactly when they will have the funding again (great timing, right?). 

To avoid missing out on what I think is a good deal, I was hoping to connect with an FHA 203(k) lender that has experience in Baltimore with a good track record since I do not know when/if I would be able to use the city program. Any suggestions? I would love to hear your experience with the lender as well, if you have actually used them or know somebody who has.

Thanks in advance!!

Tristan Toliver

 Sounds good, brotha. Will do

@Kyle Jiron Likewise, man. And thanks! I'll keep you posted and look forward to connecting again as well.

 Aaron, thanks for the advice. I definitely will utilize BP. The resources here are endless! Thanks again!

 Thanks Lue! I actually do work in Texas for my job and should be coming out there soon. Feel free to PM me to chat about how things are coming along down there. Best of luck on your journey!

 Kyle, thanks for reaching out! I plan on coming by to the meetup later today. Looking forward to connecting with you there.