All Forum Posts by: Warren Swede

@Colleen F.

Think you intended to reply to the OP, but I agree with you

@Nuala Leong

Seems like you’re at an impasse. If the tenants can’t afford the increased rent you need to make the deal profitable you have two choices. You can walk away from the deal, or you can help them find somewhere else to rent. Renting to a great long term tenant doesn’t do you any good if you are losing money every month. If you do go through with the deal I would notify them as early as possible that the rent will be increasing. If they cannot afford it, I think the right thing to do would be provide them resources to find alternative housing rather than just saying “rent is going up”. Best of luck.

@David Jackson

My partners and I are working a cash out refinance right now and they are one of the companies that we got a quote from. So far their fees and interest rate are higher than the other quotes we have received.

@Jayden Hamilton

I’d recommend getting a property management company involved. If you’re seriously having trouble, consider selling one or two, bringing a prop manager on for the remaining and then reevaluating your metrics. Property management companies near me charge between 8-10% and we factor that in when we evaluate a deal.

@Paul Sandhu

@Paul Cox is correct. It depends on your area. Use the website he provided and you should be able to look it up.

@Conner Daniel

I would recommend talking to the seller or their agent. Figure out why they’re stuck on the price they are at. Are they really interested in selling or are they just throwing it up for sale to see if they can get a bite at a good number, maybe it’s sentimental. When you speak to the seller, tell them what you want to do, that you want to take care of the property. Don’t get too attached, but it’s worth speaking to them just to see if you can get more information you can use to negotiate.

@Matthew McMenamin

If it's a storm water management pond it's strange to me that it wouldn't be fenced off by the HOA. But like I said if you can put up a fence for a decent price I'd still look into it. Possibly negotiate that the current owner puts up the fence before you purchase it. I would talk to a local realtor that's familiar with regulations and see if it's something you can work out.

@Eduardo Cruz

Any possibility you could house hack your current home and collect some rent to increase your 20k?

@Taylor Norris

Lots of good advice in here. Agree that if you can’t get to it quickly you need to hire a PM company. Especially if something goes wrong and you can’t make it out. If I was in your situation, the peace of mind would be worth it.

@Gustavo Juarez

I would recommend working some creative financing options. Small banks or credit unions may be more willing to work with you and your dad. Alternatively there are always hard money lenders and private equity folks that can help. Best of luck!