All Forum Posts by: Brad Jordan

Good Evening!

I just closed on my first investment property. I purchased an REO. There is currently a tenant that is section 8. I met the tenant last night at the property. She is currently on a month to month lease. The house needs a bit of work. A few things were caused by her and her kids(two busted windows, a couple holes in dry wall, and disposal leaking). A few things are just in need of replacing which is paint and carpet. She has been in the house for 10+ years and it looks like original carpet and paint. She would like to stay and rent is paid 100% by the housing authority. Since she is month to month with a few kids I don't want to replace the carpet and paint for them to trash it and in two months give 30 day notice to move out! If I replace the carpet and paint should I have her sign a year lease or not replace the carpet and paint, leaving her on month to month? Any suggestions or advice??

Brad

Great! Thank you for the help! I just received an update today and the tenant is provided 100% of their payment by the housing authority. Confirmed month to month and tenant has been in place for 8 years. Definitely a learning curve but thank you all.

I am about to close on a property that is bank owned with a section 8 tenant in place. I have asked for the agreement for the tenant(they claim it is month to month), security Deposit at Closing, section 8 contact info, and what the payment history has been since the bank has owned it. They said they don't have the lease, there is no security deposit, and I still haven't received the contact info for section 8 or payment history from tenant. I close this coming Friday...Any Thoughts or advice would help!!

I am about to close on a property that is bank owned with a section 8 tenant in place. I have asked for the agreement for the tenant(they claim it is month to month), security Deposit at Closing, section 8 contact info, and what the payment history has been since the bank has owned it. They said they don't have the lease, there is no security deposit, and I still haven't received the contact info for section 8 or payment history from tenant. I close this coming Friday...Any Thoughts or advice would help!!

I am about to close on a property that is bank owned with a section 8 tenant in place. I have asked for the agreement for the tenant(they claim it is month to month), security Deposit at Closing, section 8 contact info, and what the payment history has been since the bank has owned it. They said they don't have the lease, there is no security deposit, and I still haven't received the contact info for section 8 or payment history from tenant. I close this coming Friday...Any Thoughts or advice would help!!

Thanks!

Hello- I am just starting out. I am interested have been in the market for a buy and hold for about 4 months. I have submitted several offers off the MLS I haven't had an offer accepted and would I am getting into more of a direct mail, strategic approach. What is the best first step to putting a house into contract without a realtor? I am in Ohio, is there a generic purchase agreement or a place I can obtain one to present to the seller? Also, has anyone purchased a home from an off market seller using traditional financing? If so, what is your approach?

Thank you for the Feedback! Still working on the deal. 

I am currently working a deal on a duplex that currently has 100% occupancy. One tenant has been there for 11 years and other 2 years. They just resigned their lease before the property went up for sale. 

price: 160,000

Rent: 1,600/ Month

Payment for 30yrs at 4.12% with 40k down, based upon 100/ month for Insurance is roughly 899.

The Furnaces in both units are older but working great and one ac was replaced about 6 years ago but the other is well aged.

Numbers seem to work great but being my first deal and not working with any partners it makes me question myself. any advice or feedback would be great!

Good Evening!

I am just getting into real estate investing. I have joined BiggerPockets as my go to for the wealth of wisdom. I am looking to narrow my real estate investing to the buy and hold approach. I am gearing the investment around single family and also mullti. I am located in the Columbus Ohio area. Thanks and looking forward to the opportunity to be apart of this community.