All Forum Posts by: Andrea Thurau

Steven,

You are exactly right. It is strictly business. I need to remove the emotion out of these decisions. Thank you for your response.  

Hello Bigger Pockets!

I have a sticky situation and I am hoping to get some advice. I recently just went under contact for a triplex in the Cleveland area. The front unit is a three bedroom 1.5 bath and I plan on living in that unit while renting out the other two, one bedroom apartments in the back. This is my issue, all of the tenant know one another either by a blood relationship or close emotional ties and I am asking the tenants that have lived there for 5 years that have been on a month to month for the past 5 years to move out so I can move in. 

This is my question, what are some suggestions that you have about making the process as seamless as possible. I am having the seller give a 60 day notice so the move is no surprise to them (especially over the holidays) but how do I keep a good relationship with the tenants that are staying? 

I am interested in all advice. Thanks in advance!

 Yes! That book sounds exactly like what I want to do! Perfect suggestion!

 Thank you so much for the encouragement James!

Oh this is perfect! Thank you everyone! I have one more follow up question for all of you and I again am so grateful for the help.

Who should I start building a relationship with? Are credit unions a better avenue for more lending? I have had a long time account with PNC but since they are such a corporate bank would they be more conservative with the number of mortgages?

@Kelly N.

 thank you for the specifics on fannie v freddie. I will research more on that topic. 

I am building my 5, 10, 15 and 20 year plan and I am going to have more than 4 mortgages in the next 5 years. From the information that I gathered on the podcasts, I know the rule with fannie and freddie about having only 4 conventional loans per person. Once I reach my 4 loan max what can I do? Is my only option commercial and private investors? I know this seems like a basic question but it is just a roadblock that I have right now and I would really appreciate some guidance!

I am getting my real estate licenses simply to invest and not to become an agent and have clients. I believe it is worth it just from a financial standpoint. I am not sure about the prices of classes but if you ever need to sell a property it already pays for itself.  A license gives you knowledge and you can understand your agents mindset. Nobody will work harder for you and find better deals than yourself so it is completely worth it. 

@James Wise is this absolutely wonderful. Thank you so much! I look forward to working with you in the future!

  @Timothy Murphy III thank you so much! I will familiarize myself with these neighborhoods and then get back to the forum with more questions. Thanks a bunch!

Thank you for the warm welcome everyone! 

 @Timothy Murphy III thank you so much for that input. This is exactly the kind of information that I have been looking for! What markets do you suggest are good for buy and hold in the Cleveland area? Thank you in advance !