All Forum Posts by: Ben S.

So if I give notice to pay rent, how much do I say? Just an low amount? Can I do that without us each signing a lease agreement? 

I can give them 30 days notice to move out once I own it, so will do that, but the eviction process appears to be faster if they haven't paid rent rather than haven't moved out after end of lease, so I would rather be able to get them on that (and maybe one will actually pay me a few hundred dollars for staying their last month). Or maybe I should just give them 30 days notice and go through the process that way. 

I'm looking to purchase a commercial multi-family property. It's been in foreclosure for a long time, and I was told that the previous owner has no information on leases or financials to provide. I don't believe any of the people currently living in the units have paid anything for a very long time. I don't have a way to determine who, if any, ever had a lease or is just a squatter. Is the normal eviction process still necessary? Or is it still easier to evict normally even if there are other options? I need everyone out as the place needs a ton of work. Thanks.

I'm planning to purchase a commercial multi-family property (more than 4 units) in Maryland. Can anyone recommend an insurance company who works in the state to get quotes?

Thanks!

Thanks for sharing! That is very encouraging. I have younger siblings and my children that I have been thinking a lot about how to help set them up financially for the future starting now. I feel like I've lost a lot of time in my life already by not setting things up in my younger days.

Just as you sat down with her about the lease because you wanted something official, say you want something more official for her move out date. Since she hasn't paid rent, this form is what is legally required. Explain it line by line and say that your goal is just to keep everything legal as required by your lease and local and state laws (whatever they are in your area). I agree there could be some risk if you just tape an eviction letter to her door though. Come at her as trying to help and keep you both legally protected (again, however that works in your state).

FHA 203K, but ya, I think you have to occupy one of the units. Otherwise you need a commercial loan. Try to get a line of credit or unsecured personal loan for the rehab portion though.

Check the foundation. If it's serious you will have new and noticeable cracks in the foundation. If it's been slowly settling and the drywall/plaster just finally cracked it may not be a big deal. So check foundation, keep a close eye on it for a little bit, take measurements of the crack and anything you can in the foundation to track changes. Also check around the foundation to make sure gutters are good and water is running off properly. If it's been super dry and the earth has pulled away from the foundation followed by heavy water that could cause problems. I've built a rehabbed a lot of homes and this itself doesn't concern me, but I would want to quickly go check the foundation to make sure it's not a bigger issue.

I've been with KW and done Bold. I would suggest free resources like the School of Greatness podcast. It's more about motivational speaking that practical advise. I didn't find it worth the cost, but it does force you to get outside your comfort zone, so may be worth it for some.

As a former tenant and landlord for a bit, those don't sound too serious if they are great long term tenants otherwise. You can get biometric locks and security cameras that don't do any damage to anything (there are both very common and cheap today). As long as you have entry through some door in case of emergencies, and they pay a pet deposit, they sound like awesome tenants. I also didn't like contractors coming in my house, so when there were little things I wanted to do I just sent and email to the owners and they said it was fine. Sometimes they paid for materials, sometimes I did. We had a great relationship and everyone was happy. I'm going to start buying more rentals soon, and I'm glad I was a tenant for several years with both good and bad landlords to have a better idea of how tenants feel about the home they live in.

Sounds like a crazy awesome plan! You are single right? If so, definitely take advantage of being able to live very simply and in the midst of a rehab. I would suggest getting a house with the most bedrooms in your area, fix it up, and then rent out the other bedrooms. That will give you immediate income and rental history. You will probably need to do that for 6-12 months before getting a multi family property (though there are always creative alternatives). It can also be really helpful to get an unsecured personal line of credit to pull cash when needed for deals (I have two right now and was able to buy a multi family property quickly because I could pay cash). Start a diary on the forum and keep us all up to date on your progress!