All Forum Posts by: Vishal Amin

 Hi Austin,

My lender is Revolution Mortgage.

Hi BP Community,

I am doing a BRRRR, getting the down payment from the a PML but they are giving me cash. How can I use that toward my down-payment? Will the hard money lender ask where this cash came from? The private money lender is a family memeber so they dont want to do any paperwork.

Hi Nicholas,

I recently closed on a duplex in Cleveland Ohio with a DSCR loan amount of $72k. Where are you looking to buy? There are very few lenders willing to do below $100k, the ones that do it offer a slight higher interest rate.

Hello BR community,

How do you manage the process of handling spare keys if you are out of state investor and managing the property yourself.

The only thing I can think of is mailing an overnight spare key to the tenant. But the tenant will have to wait a whole day to get in their unit.

Any solutions would be helpful?

Hi,

I am an out of out of state investor. I purchased a duplex that is already fully occupied, I was wondering what is the best practice when it comes to collecting rent (section 8 tenants). 

Is it best to do it completely online, if so do you recommend any platforms that make it easier for the tenant.

Do it the old way and have them deposit checks? How would this process even work, if I am not physically getting the checks?

Thank You,

Hi BR community,

I am taking over a property with tenants already living in the units. The current owner only has a standard lease agreement, which seems very basic. I am thinking of having the tenant that is month to month sign a new lease with increased rent as the current rent is under market.

What kind of documents should I include on the lease, Does any one have any templates? I have downloaded the templates that Bigger Pockets offers, but I also wanted to explore my options.

Also, What is a MUST to have on your lease? Do you recommend the tenants have renters insurance if they are section 8 tenants.

Hi BR Community,

I just closed on a duplex property using a DSCR loan with a 8.625% in Cleveland, OH. I know this is something I should have asked earlier, what kind of rates are you guys getting in your local market or if you are investing in Cleveland.

The lender has also a put a 5 year prepayment premium on the loan, which I have a hard time understanding. Does this mean, I am not able to refinance to a lower rate in the future until 5 years or I would have to pay a penalty if I were to do it earlier than 5 years.

Thank You,

 Hi Doug,

how would I go about structuring a private lending deal out of state for a 10 unit apartment deal. I have seen many people do a 100% funded by private money. How would that work?

Hi,

How would a private lending deal work with no BRRR? I understand when you are doing a BRRR and getting that appreciated value to cash out refinance and eventually pay the private lender back with interest, by creating forced equity. This makes sense to go the private lending route.

But...

For Example: Purchasing a turn-key home for $150K which is under market value, the private lender would pay the down payment ($30k). In the current market condition, it is hard to refinance at a lower rate. The buyer would eventually have to come up with the $30k + interest.

The buyer would only have to rely on the appreciation of the house also in this market condition might take a long time to appreciate.

I am looking for some clarification on this part.

Hello,

I am an out of state investor and I am about to close on my first duplex. I wanted pick your brains on property management. I am planning on managing the property myself. What do you suggest is the best practice to pursue? Any property management software you suggest?

Thank You,

Vishal