All Forum Posts by: Jonathan Taylor Smith

IF I'm going to make extra principal payments to pay off a "low(er)" interest rate mortgage early (compared to today's rates), my gut reaction would be to pay off the highest interest rate mortgage first. But in your case, since that is also one of the higher balance loans, I might instead choose to focus on the lowest balance first, that being the 4.5% at $375K. This is because you can theoretically knock that one out sooner, and then put even greater force against the next highest balance until you've eventually got them all paid off - which is a great goal. But I began this reply with IF, because if they are all cash-flow positive, I would personally not seek to pay any of them off early (depending on your age), and instead save that money to put towards obtaining additional properties.

That sucks... But I doubt you can hold Section 8 legally accountable. Did that person move elsewhere using their voucher with another landlord? At best, the housing authority may revoke that person's voucher, because there should be a requirement to be in good standing with the former landlord when moving to maintain the voucher. But even that depends on how well the agency is ran. You'll need to file eviction against the former tenant and any/all now occupying the property.

I would go directly to the Zoning Department and LDO at 101 City Hall Plaza in Durham or call numbers online at: https://ldo4.durhamnc.gov/durhamweb/ - so that you can hear right from those who will need to approve the development. Get your intended land use approved in writing for the lot before closing on it.

Hmmm @Ali BenAyed - I know some states/counties have laws that are certainly NOT in favor of the landlord; however, here I'm to believe that in Montgomery County MD that a tenant can do ANYTHING THEY WANT in and to your rental property (regardless of lease violation) with NO FEAR of eviction - as long as they pay the rent!? That just sounds like it can't possibly be true, because if it is, why would the lease need to state anything more than the rent amount if nothing else matters? But if it is true, then I would only write month-to-month leases.

@V.G Jason, @Peter Chen - I do very well in Raleigh / Durham for myself and clients - especially if you're willing to take on some level of rehab, which could be as little as paint, flooring and maybe appliances. And it is certainly doable to get into a property for less than $350K here in decent areas and condition including rehab expense. But sometimes you have to be willing to put a property under contract before going to see it, because once you schedule a tour and stop by, so has everyone else - and now you're in a multiple offer situation. I get properties under contract for less than $300K regularly (sometimes MUCH less) - that do cashflow.

Always wanted to be a "landlord", but let people talk/scare me out of it for years. Bought the Carleton Sheets "Low/No Money Down" course and did nothing with it for nearly two decades. Then the stars aligned, and I came across Rich Dad Poor Dad, BiggerPockets and Podcasts right at the time that I actually had the credit and money to put 20% down on my first property which just happened to be ultra-cheap at the time.

If you bought the property as a primary residence/house hack and there is theoretically equity present to pull cash out, were you to do a BRRRR into a higher rate loan - then you should be able to tap into that same equity by getting a HELOC on the property.

I started with KW for that exact reason of wanting a local broker that I'd have access to. But I eventually ended up with eXp Realty (an online virtual brokerage) largely because they allow me to promote my own agency brand, while giving me all the tools.

Hello @Margaux Luen - I'm happy to aid and can provide references.

For me, the reasons I want to know of everyone living in the home (AND have them properly reflected on the lease) is for legal, liability, insurance and compliance purposes. First, I do not want someone (an adult) to be able to claim residency rights if I do not have that person's information and have run credit, background and employment / income verification on them. Maybe they do not meet my criteria for residency, such as a recently convicted felon or smoker. I also want to make sure the property remains within zoned occupancy limits, and that 2 or 3 families are not living in a single-family home, or just too many people in general. As the number of person's living in a home will impact the wear and tear, and therefore potentially the rent that I must charge and security deposit requirement (all per federal/state housing laws of course). Also, I need to know who all is present in the home should there be a catastrophic event, like the place burns down.

I make it an automated practice to send reminders to tenants at certain points in their lease term (that require a response) to inform us of any changes to their household makeup as reflected on the lease - and that failure to do so is a lease violation that could result in lease NON-renewal or termination / eviction filing.