All Forum Posts by: Allen Lopez

So. I have been investing in properties for about 3 years now. I have a house that I bought back in 2015 and still owe 80% on (will not sell). It is rented for $1650/month (could probably increase it if need be). Have a condo worth around 95k, with a two year contract for 850/month. Fully payed off, have another unit also worth around 95k, fully payed off but vacant at the moment. Additionally, I have 60k to invest. I would like to find a multi family complex maybe 4-6 units (MAYBE MORE) to buy and rent out. The question is, is it recommended to sell what I have and buy cash, (assuming that I can find a multi family complex under $250k) or should I take out a loan? Is it even possible to find a complex for that price? The other option is to do a combination of both. Sell what I have and take out a loan and buy something with more units. Long term goal is the same as all of us here. Financial freedom!!

What is the best way to screeen a tenant? Does anyone have a website that they recommend for background checks? I have already dealt with an eviction of a tenant because I went with a “good” feeling. What are some of the criteria you guys use to determined if a persons is a potential good tenant or not?

@Ian Kee Thanks sometimes it’s always nice to get a second opinion.

@Ian Kee @Ian Kee I have not played it but I did read his book, Rich dad poor dad, very inspiring. I fact that is what has motivated to consider this move. When I do the math, the unit that is rented (with a contract for two years), I payed for it 70k in a low market, it’s now worth 95-100k easily, plus I can probably ask for an extra 3-5k more since I already have a tenant with a 2 year contract. The other unit, vacant at the moment, is woth 90k. Overall on a monthly basis I am making an additional $1000 per month after minthly e penses. In a home, where I am condidering buying, the average rent goes for $1700-2000. In order to purchase a house there I would need to add my current extra investment of $60k. Homes in that area go between $210-250. Homes go up in value alot faster than condos as well. I would also do a 1031 exchange this and all the realtor fees are consider expenses when tax season comes. Are you seeing my thought process?thoughts?

@Cassi Justiz So goal is to get as much long term passive income as possible in the long turn. So one of the things that I was thinking of doing was selling both properties, which value around $180k, add in $60k cash that I have for investing, and purchasing a house where I can easily make around $1,500/month. Currently I am making $850/ month on the one that is rented (which has a two year contract that ends in 2020). The other unit rented for $1000/month. The downside of both is that the HOA fees where about $700 for both. Plus I feel like a house would potentially go up in value a lot faster and higher than condos. I do agree with you, as far as my screening process. And as annoying as the eviction was, I learned so much by going through the eviction process.

Hi everyone! So I just recently started investing in rental properties. About 3 years ago I bought my first apartment and rented it out. Great tenant and last year I bought my second, not so great. I had to evict the second tenant because she wasn’t paying rent. Long story short I have 1 unit rented and another vacant. Together the market value is about 200k. I am thinking of selling those two units in order to buy a multi-family property. I am very handy, however the properties are not in the same city as me, and I would like to buy in the same city. Does anyone have any good advice for buying properties at auction online, or anything recommendations as far as increasing my rental properties number? Is it recommended that I sell both units and buy something with more units, or even a house, or should I just keep those and simply buy a third unit under $100k? Thank you!!