All Forum Posts by: Alex Ng

I invest in Portland, ME & Milo is another 2+ hrs from Portland.  So a single family that far north should be very affordable for sure.  Looks like there a river that runs near by Milo but no lakes at all.

Hi All, 

I got an application from 3 female students graduating college in May.  I also met them last week. it's a two bed unit that has been completed renovated. $1,600 plus utilities.  They have been roommates in college as well and seem to get along fine.

Application:

Credit scores are around 700s, no late payments.

They have jobs lined up in May.

Have assured me that they will take exceptional care on the unit.

I have letter of recommendations from school and previous employers. Obviously no previous landlords.  

I asked them what's their plan if one or two roommates decides to leave..they told me they are committed to staying in the apartment, however, if that were to happen, we each make enough income to cover the costs.

We will start calling their references this week.  Based on the information above, should I still require their  parent(s) to co-sign?

Thank you  Alex

 I'm sure, let's connect and discuss opportunities.

 Hi David, I have given that idea some thought but the 2nd unit tenant can't possibly be human....  I looked at this property last year and I thought the apartment was nasty.  I looked at it again last week and noticed mouse traps in the kitchen...

 Thanks Tammy.  I'm planning on having the city do an inspection for sure.  Yes I heard about that incident.  Alex

After a back-and-forth offer, seller accepted my final offer on a duplex in Portland, Maine.  Property is steps away from Maine Medical Center.  Very excited about it..now let's deal with the bank since this will be my fourth mortgage.

Both apartments are currently occupied, the 2nd floor tenant is on a monthly basis(no contract) and will be asked to leave by closing.  Plan is to do some minor improvements to the 2nd unit and most likely increase rent slightly.

1st floor unit also needs improvements but it will have to wait until tenants move out or work some sort of deal with them so it can be renovated.

Alex

Not eligible for solo..IRA LLC will work. Thanks Alex

Excellent thank you Brian. I will look into both IRA options, at least now I know for sure it's a possibility.

Alex

This is exactly what I was looking for...I have 2 retirement accounts from previous employers (403b & 401k) and I have a full time W2 job making contribution to a third 401k..

So can I rollover the previous two retirements account into a solo or some variant to be used for REI?

Thank you

Alex