All Forum Posts by: Andrew Freed

@Edgar Gonzalez - Are you able to 1031 the property into a commercial property so your DTI does not affect the purchase as much? Commercial property is valued more on the income of the property and less so the borrower. Just a thought on how I might approach this dilemma.

@Morgan Alema - If I were in your shoes, I would prefer to sell, scoop up at least $250-500K of tax free money since it was your primary residence, buy something modest in your new city, and leverage the rest into cash flowing assets, be in real estate or businesses. Start creating some cashflow and passive revenue. Appreciation is great, but appreciation doesn't pay the bills. I think you would position your future self a lot better if you transitioned a good amount of that equity into some cash flowing assets so you can set yourself up for an early retirement. 

@Alecia Loveless - Good stuff! I would have done the same on such a slim deal. This is something that I normally would work to have the seller cover so we can actually close the deal. I ran across a similar situation on a recent acquisition. We discovered there were lead findings in the due diligence process which caused issues on the lending front. We ended up getting the seller to pay for the lead mitigation of the units before close. We did split the cost with him but it turned into a win/win. We got units lead certified (which are more valuable due to being able to rent to section 8) at close and the lender was able to sign off on the environmental issues. 

@Erwin Zelaya - Of course it is worth it, Ken Mcleroy is a boss! So much knowledge, I'd pay thousands just to spend an hour with him. He's been in this game longer than any other syndicator 
I know. 

@Jason Wray - Makes sense. Ian and I are on an investor focused team in the Worcester market and always welcome referrals. Feel free to touch base with Ian or myself and happy to assist some of your clients in finding investment properties. That is pretty much all we focus on. 

Hello Cynthia, all good questions! I believe @Jonathan Greene and his team serve that area and are extremely experienced. Jonathan has been on the BP podcast and knows his stuff! Good luck on your search! 

@Edgar Hall - All good questions. I believe, if it's an owner occupied property, you have certain rights to deny emotiational support animals if it impedes on your health or stay. You can find information at this article: https://www.justia.com/animal-dog-law/housing-laws-for-servi...

"A landlord does not need to provide a reasonable accommodation for an emotional support animal when:

• The property is an owner-occupied building with four or fewer units
• The property is a single-family home sold or rented by the owner without the use of an agent
• The emotional support animal poses a risk to the health or safety of other people, or a risk of substantial damage to property (but this risk must be specific to the animal and cannot be based solely on assumptions about the animal’s breed)"

Definitely have a chat with a local attorney to ensure your local laws apply, nonetheless since its an owner occupant, it sounds like you have some recourse to deny this request. 

@Emiline Lyell - Do you have pictures of the unit beforehand to show the condition? Did you complete a move in report (BP has a template if you have the upgraded membership). I think that is important in case she tries to bring on legal recourse. Normally, before a tenant moves in, you want to take pictures and complete a property move in report. Hence if something like this happens and you collect the security deposit, you have that paperwork to fall back on if it goes to court. Otherwise it turns into a he said/she said scenario. I live in a tenant friendly state hence the tenant normally wins under the circumstances unless you have evidence to back up your claim. 

@Jarrod Ochsenbein - Great recommendations. I am having issues completing some room rentals on one of my properties. I've been using FB Marketplace. Out of all of those listing services, do you have luck with one more than another? Also, any best practices for room rentals that you recommend for screening and keeping tenants. Thanks! 

@Kyle Kline - I agree with the previous feedback. It is important to be cash heavy in real estate hence I would grab from the line and have a strong cash position if I were you. The main reason businesses fail is because they run out of cash hence having a strong cash position as a business owner is vital. Good luck with your investing!