All Forum Posts by: Troy Gravett

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if you put 20% down, your pitipayments alone are going to be $1450/mo.

50+ unit apartment buildings

Originally posted by @Linda Cheng:

@Troy Gravett

Yes, Torrance.  Crazy, right?

Yea, I went to the open house last weekend. Tiny little place. I was running numbers even with an addition and hard to believe it went for as much as it did. Some of these houses I wonder how the investors are even making any money.

either do a TON of doorknocking or a TON of marketing. no deals on the mls here. Linda Cheng , is that house in Torrance?

Donnie Brooks its only available on the west coast right now.

Originally posted by @Jason V.:

@Jim Adrian@Troy Gravett Great ideas - and any new lease would supersede the old, correct?

@Jeff B.Do you (or anyone else for that matter) have a standard purchase offer you use for investment properties that have been tried and tested?  I think one of the issues is that my agent (and essentially her entire office) has very little to no experience with investors. We just used their "standard" purchase offer, and I had to tell her/them what contingencies to put in for this, which I'm obviously still very new at. For reasons I won't go too far into, I am committed to using this agent, so I really need to be able to educate both myself and her for future purchases to avoid things like this. 

Thanks for all the answers everyone - I really appreciate it!

Get the estoppels filled out first. Then I would contact an attorney specializing in tenant/landlord law and see if you have to abide by the current lease or can draft new ones if they can't provide paperwork. Theres a chance the landlord and tenants may disagree on the terms of the current leases. You can't go wrong with the proper legal counsel, so don't try to figure it out yourself and get caught in a pickle.

sorryit should read 6 months discount in exchange for say 1 yr lease. and 8-10 months discounted if they sign a 2 yr lease.

Jim nailed it. get a copy of the leases from the current tenants. If they can't provide it either, I would get all three of you in a room together to negotiate a new lease and sign it. Give them 6 months of their current rent before you bump it up in exchange for a 5 year commitment, or give them a year of discounted rent before bumps kick in if they sign a 10 yr lease.

Originally posted by @Account Closed:

@Troy Gravett, this is a very intriguing concept. Essentially this would be a long term note/loan that I could transfer to any property under my LLC. Would this note have to be transferred to a property owned free and clear or could it be used on equity as a secondary note?

Either first or 2nd position as long as there is enough equity to accomodate it; Ideally you'd want it to be a cashflowing property so there is sufficient cashflow to make the note payments so it's not coming out of your pocket. Your #1 priority is to protect your investor's money so if something were to happen to you the note would still get paid every month. The paragraph you will insert into the promissory note will read as follows: 

"Maker of the note has the ability in the future to recollateralize this note to a different property just so the equity in that property and the cashflow in the substitute property has equity and cashflow to support the outstanding principal balance and the monthly payment."