All Forum Posts by: Aundrea Newbern

Hi,

I am looking at purchasing a quadplex with an FHA loan. I will live in one unit and rent the other three. I'm running into a potential problem with the lender. With an FHA loan the owner has to move into the property within 60 days of closing. Assuming I closed on the property in mid to late July, I would have to be into the property by September. The problem is, none of the four leases expire until November. To my knowledge, I can't just boot a tenant out so are there any suggestions on how to handle this? I certainly don't want to commit mortgage fraud but want to be fair to my tenant. Any suggestions are much appreciated! This property is in GA if that helps.

All,

I currently invest in Atlanta, GA and Brunswick, GA. I would love to move back down south (I live in Chicago currently) and would like to be close to the Jacksonville, FL area. Does anyone have success with multi-family properties in Jacksonville? If so, what areas and are there any pointers you could give someone coming into that market? Thanks!

@Ethan Lee - are you investing in Jacksonville at all? I am currently investing in Brunswick, GA and ATL, GA but I am very curious about the Jacksonville market. Let me know your thoughts! Thanks!

@Monica Alston  - I invest in the Brunswick, GA area. Any luck so far!?

Hey guys! I do most of my investing just north of you in Brunswick, Ga. What type of results are you having in St. Mary's?

@Austin Stack - I am looking to be shown properties and to purchase.

@David Nguyen - Great! I will message you and connect.

Hi,

I'm looking for an ATL real estate agent that works with appreciation properties near upcoming beltline areas. Please contact me so we can start working together. Thanks!

@Gail K. - Thank you for the detailed information! I have the inspection checklist from the HUD website but do you have anything more detailed that I could use to prepare for an inspection? Thank you so much!

@Patti Robertson - I am reading up on Section 8 housing through the GA DCA and it appears that the tenant has to initiate an inspection request rather than me have to apply to be a section 8 landlord and get an inspection. Is that accurate?

All,

What are the most useful things you put in a residential lease? I have heard some very neat tips over the years that I have adopted and am VERY grateful for as they have vastly improved my lease. 

I'll start - I have recently added a provision to my lease that requires the tenant to pay a service call fee (in addition to related repairs) if there is a maintenance issue due to tenant neglect. Another investor told me about a recent mishap where a tenant tried to flush something down the toilet that should have been buried or cremated. This is the type of scenario where I will charge a fee for the service call.  Additionally, I include the paint # in my lease. My tenants are allowed to paint the units but they must return it to the EXACT paint color as before. I outline in my lease what the paint color is and that if they fail to return it to those colors, their security deposit will be forfeited for the cost to professionally repaint the unit.

Share your best tips with us!