All Forum Posts by: Account Closed

Kindly give her notice and let her know when she needs to be out. Eviction is different when someone is living in your property - it may not even be considered 'eviction' formally which could make your process easier (check your local laws or ask some people in a local FB RE group). If it's not eviction and she still won't leave after notice, you can file a restraining order or similar to force her to move. You could also change the locks and leave her things on the porch. She needs to take responsibility for her financial situation and you may be doing more harm than good by incentivizing bad habits. 

Sorry you're having to go through this. Not only a headache but an emotional drain. Hope this helps.

@Heather Dickey what's your goal with the RE investing? Cash flow, appreciation, flip, etc. Are you open to living in the unit? If so, you could live in one side and rent the other and only put 3%-5% down. You'd be looking at about $15k at closing and a payment around $1400/mo depending on taxes in your area. So if you can rent the other side for at or above that much, you're saving on paying your own rent while having someone else pay down your principal (lots of tax writeoffs here too). 

Another option would be to find a market with a lower price entry point and maximize your appreciation and cash flow options. I started out house-hacking (the approach I mentioned above) and now invest in a few remote markets that allow me to pick the best areas for my return and scale faster. 

@David White Lots of options available on the financing side. Is this a specific 4plex in question? If it's a generic question on MFR, many owners of MF units will consider seller financing and you'd be able to get in at a lower down payment entry point. If it's specific to this particular 4plex, local banks can be really helpful too. Why are you looking to put 20% down? Are you looking for a more traditional finance method or would you consider something that allows you to keep more liquidity even if it's not a Freddie Mae/Fannie Mac type loan?

@Jenni Mohoney You can do as low as 0% down, use seller financing, or rent to own. These might help get you where you want to go. With respect to the market price point - have you considered remote investing? When price prohibited scale in the Austin TX market I started investing in remote markets because they allow for better cash flow, appreciation, and a lower price entry (great for new investors and for scaling). 

@Yashank Choksi - In regards to waiting and increasing your knowledge: First, where do you want to be in 12 months? First property? Fifth property? With that goal in mind, consider the costs of action. But just as important is the cost of inaction! What is the cost to you (monetary, mental, emotional, time/freedom, etc) of waiting and staying where you are? If you want something different, you have to do something different. 

So my guidance would be that now is the best time to act. Find a market that will allow you to cash flow, obtain appreciation, and have a low price entry point (best for new investors) and get over the hump of the first property. The BP community can help you along the way, but you have to commit to yourself first. You can do it!

@Michael Grant What is your end goal? Are you looking for passive income, short term cash, etc.? I recommend finding a market that gets you cash flow, appreciation, and a low price entry point (best for new investors since it lowers the risk you take on and gets you past the 1st, and hardest, property).

Have you considered looking at a market with lower price entry (lowering your risk profile on the first property helps get over the initial hump)? Remote investing may help here. I used this strategy to quit my job. 

@Elizabeth Lewis This depends on what your goal is - if you're looking to find cash-flowing rentals as a low entry point, you should consider remote investing because Houston likely isn't going to get you there (remote investing allowed me to quit my job, which it sounds like is your goal). Luckily for you, TX has a lot of great markets to invest in (I live in Tyler and have properties in Austin, Waco, Abilene, and Tyler). I recommend finding a market with a lower price entry point to lower the amount of risk you're stepping into - the first house is the hardest so don't make it harder on yourself. What are your goals on this front? When are you wanting to lock up your first house? 

@Paul Mitchell - You want to find a market with 3 qualities: rental demand, appreciation, and low entry point (best for new investors). There's hundreds of great markets to invest in the US. What are your goals for the next 12 months on this front? When are you looking to lock up your first property?   

If they're unwilling to get a credit report by a third party then that's a red flag.