All Forum Posts by: Aaron Rowzee

Good morning, BP.

I've got a bit of a sticky question here. An accidental landlord family has contacted me with an offer to sell me their home. They had to move for jobs a year ago and have a tenant leasing their home with 1 yr left on the 2 yr rental agreement. It is my understanding the tenants are good people, pay on time, and are not violating any lease terms, however, they are paying $300-400 below market rent. And honestly, the numbers aren't interesting without recouping that monthly income.

What, if any, are my options to either up the rent on the current good tenants, or have them move and get a new family in there at current market rates? Would it violate any tenant rights or state laws to simply offer the tenant a renewal contract as the new owner or a notice to vacate knowing it legally has no claws and teeth? I'm by no means trying to be shady, a jerk, or unlawful, but really curious how I could make this deal work. Its a beautiful property in a nice area and the tenants themselves are wanting to sign another 2 yr lease. 

Man! This is so great and encouraging. Thank you for sharing, it is genuinely helping me inch my way there.

Have y'all had any experience with Jet Lending in Houston? I've spoke with them several times and had some almost deals, but nothing ever panned out for me to pursue funding. 

Does anyone know if it is possible to purchase a 4-plex using USDA residential lending? I am getting mixed answers from the two lenders in my area that do USDA. I know FHA will do it, but I'm trying to purchase with no money down. Does anyone have any experience in actually succeeding in acquiring a loan, or being the lender to this type of loan?

My wife and I qualify for the USDA income requirements, our area qualifies for territory requirements, and we do not own a home. We are currently renting, but would love a primary residence that also makes money. Also, does USDA allow you to count 70% of the rental income to help qualify, like FHA?

One other caveat: these are townhome style condos, and are legally described as "building and unit" not "lot and block". I know FHA will not lend on building/unit described properties, but does that matter in the event of buying all 4 connected units? Thanks for any assistance.

I do not understand the vehement hatred for this franchise. There are either people that love them and are extremely successful, or those that hate them and never give a good reason. 

I just met a local BP group participant who is on his third year I think with Homevestors, and has already done over 300 deals and owns 150 doors. I'm absolutely looking into them at this point to see if the annual fees would be worth the lead generation. But the fact that they also have 100% financing through their own hard money is another plus.

@Josue Tizol good to have you on board! As Taylor mentioned we have a local BP group that meets monthly, but I'll PM you the details. 

@Tonya Thompson are you familiar at all with the region? What city/state are you currently living in?

 Tonya, I work, invest, and live in the area. Can you be more specific as to it location, major cross streets nearby, or zip code? I can help you nail down it's actual rent value and demand.

What does Beast Mode CRM cost monthly?

Alright, I'm in a situation where I have a rental under contract to purchase, it would be financed for roughly $60k. Terms would be something like 5.25% for 15 yrs, amortized to 25. Current tenant may be willing to owner finance since the payment to me would be only slightly more.

How would I deal with the pitfalls of the mortgage company calling the loan, insurance, taxes, etc? Is there a simplified way of doing this via a real estate attorney that doesn't involve the bank and doesn't violate any laws?