All Forum Posts by: Ben Clark

@Jack B.

I get quite a few applicants that have "aggressive breeds" that say they are emotional support animals. I don't want to accept them because of the insurance reasons you gave. Luckily you can normally disqualify these applicants for other less problematic reasons. Normally when someone is trying to force me to accept a dog because it's an ESA they aren't the most qualified tenants to begin with. Things such as Credit score, income, previous evictions those types of things. Just dig a little deeper on them and you'll normally find these problems

@David A. Santana

I was exaggerating a little. We can do background checks but cannot take into account previous tenant landlord actions. Also the laws on late fees in NY are soooooo tenant friendly it's crazy. Also we've had a eviction freeze for awhile. The way I look at it is this business is like any other the tenant are our customers. If we treat them like gold and communicate with them most times things will go well. Every once in while you will get a bad one that you cant please. In that case it's best to part ways. I just hear so many people complaining about tenants and I think either your in a bad area, you're not screening well, or you're treating your tenants poorly and they are mad at you.

Thanks for the replies everyone! 

1 I don't plan on reporting the agent because i understand totally there could be another offer.

2 It doesn't change what I'm going to try and get the property for, but I was curious if lying about offers is frowned upon but ok or if it is a serious no no to do that.

3. I looked at the property today. The agent said let us have your best and final offer by the end of the day because that's how long they have to accept the other offer. I decided that because I didnt want to be rushed into my second deal I'm going to look at what it costs to do the work I would need to do. If this other offer is accepted great it makes the decision of, no not this property for me. If it's not accepted then I can put my offer in later if I decide to do so. 

Thanks for all the responses you are all a great help!

Hey everyone, 

I've bought 2 properties in my life so I know a lot of you guys have a lot more experience. Can a realtor lie about having another offer? There isn't much in my area listed for sale. Because I want to get more into investing I've been running the numbers on everything listed around me and felt like I needed to get out and see some of the properties near me. There is one property that has some problems as far as repairs needed, and is listed too high (in my opinion) that I'm going to see tomorrow morning. I know a number already that makes sense for me to offer at and won't go over that number. The property has been listed on the MLS for 267 days. My agent called the sellers agent today and asked to set up tomorrow to look through the property. The sellers agent said yes, but that they had gotten an offer today. I'm not saying the agent is for sure lying because obviously an offer could come in at any time. It does seem odd though that it's been on the market for that long and the day before I go to look at it another offer comes in. If I liked the property I planned on offering less than my best offer to start and see what happens I would assume the best course of action would be to stick to that and not let the agent saying that change my mind. Like I said I know the max offer I would put in and won't go over that. Just wondering what everyone thinks. Can agents lie about offers or is that a big no no.

Thanks!!!

@JR C.

I live in NY so we already can't use credit checks or background checks against tenants from my understanding. Also our governor suspended evictions. All my tenants have paid. I believe if you screen tenants well you will have good hearted people renting from you who want to do the right thing. Now if someone loses their job and can't pay that sucks for both you and the tenant, but again of you have a good tenant they will do the right thing. I Hope your tenants keep paying you!

@Bridger L Logan

I house hacked a quad in my area 4 years ago when my wife and I got married and unlike you I had NO idea what I was doing. I just knew I'd have a place to live and rent coming to me. I ran no numbers (because I didn't even know what that ment) and had no idea how to be a landlord. Like you I had a background in construction and I used an FHA loan. I learned along the way how to be a landlord. I haven't yet had a bad tenant 🤞. The place cash flowed a little while I was there and now that I've moved out the place cash flows really well. I'm currently looking for more multi units. So if you've been studying for 2 years and know what you're doing I have no idea why it could be a bad idea unless you run into bad luck! Good luck! I hope you can find a great deal!

Hello BP people,

my family and friends think I've lost my mind by being a real estate investor so I have to ask my questions here! I have a 4 unit currently. I've been looking for multi families under 80k that have a good amount of upside that I could work on to raise the value and rents. My question is what would be my best course of action. I currently have 20k to invest.

1. Buy a new multi unit. Looking for a good deal that cash flows as is but could be a great deal if fixed up a bit.

2. Fix up my current 4 unit and raise rents. The 4 unit I have is 1 2br and 3 1brs the 2br is pretty updated because I lived there for a few years. The other apartments are clean and well kept just dated and really plain Jane looking. If updated I could raise the rents by about 100 per month per 1 br. 

3. Pay off debt. I have a small car loan and personal loan both around 4k. 2 mortgages and student loans at about 28k most of which are in my father's name not mine. 

I know everyone will have a different opinion on what's the best option but I'm open to getting some input from people with more experience than me who are investors themselves! 

Thanks!

@Nathan G. I live in upstate NY which is extremely renter friendly/Landlord hating and all rent has been paid. I tried to get out in front of things early talking to tenants about what their situations were. My parents also live close by with 5 units and they haven't had any problems either.

@Keaton Munsterman from what I understand gifts are allowed on owner occupied properties but not investment properties. I won't be living in the properties I'm looking to purchase

This is for two properties. A 5 unit and a 3 unit. I currently own a 4 unit. Being that I dont have a lot o cash on hand I figure going through a little more hassle is what I need to do to make this happen.