All Forum Posts by: Bryan O.

@Josh B. I agree with the others; what do the numbers look like? No one cares if it's 15% if you got the property at a super steep discount. What is your strategy and what are the numbers?

@Ugochukwu Opara is it actually "illegal"? Or is it just non-conforming? I would stay away from something that has no exit (i.e. the owner lives there, or no one else does).

That capability is based in experience (yours or another's). Analyze properties. Talk to people who own, buy, or sell them to know what reasonable expectations are. Build your calculators so you fully understand where the building is at currently (income and expense) and then understand the math to figure possible costs and value after you fix it up.

@Brian Dickerson is this property owned in your name, or an entity? If it's in your name, you can get rental property insurance. It's separate from your homeowner's insurance and covers the property for everything but contents (basically). If it's in an entity, then you will likely have to find a commercial insurance company that will insure it in the entity's name. That's more difficult and the cost/benefits are pretty terrible comparatively.

@Sada Rafi I just give them a 1 page addendum that says they are renewing the lease for xxx time period and what the modifications are (usually none, but sometimes things get tweaked). Then they sign and initial and I add that to their file.

@Neil Robertson if there is a lease that ends (month to month, or ending around closing) then just don't renew it. Otherwise, I would put into the offer that 1 unit must be vacant at closing. Then it's on the seller to provide it to you so that you can inhabit.

@Jesse Stephenson cement it in and get a stout metal pole. Let them hit it :)

More seriously (not that you can't cement it in), unless you can show who did it you can't really blame the tenant. The paint thing might work, but I'm not sure how much would rub off if it is a direct hit rather than scraping along.

If you are an investor (active or passive), wholesaler, agent, attorney, CPA, flipper, lender, tradesman, or just wanting to learn more about real estate and what options might exist in that area, then this is for you. We are not selling any services, training, or products, but do want to see you succeed.

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I currently invest in non-performing notes. Much of my experience is with house hacking, local investing, out of state investing, and group investing. Please join us on Meetup and we will see you at Living the Dream!

If you are an investor (active or passive), wholesaler, agent, attorney, CPA, flipper, lender, tradesman, or just wanting to learn more about real estate and what options might exist in that area, then this is for you. We are not selling any services, training, or products, but do want to see you succeed.

Meetings are every 3rd Tuesday of the month. Here is a look-ahead at the schedule:
4/17
5/15
6/19

etc.

I currently invest in non-performing notes, but my main experience is with house hacking, local, out of state, and group investing. Please join us on Meetup!

@Account Closed if you are planning to use a loan requiring owner occupancy, then put in the contract that Unit XX or YY must be vacant prior to closing. Then it is the seller's job to figure out how he does that. You will likely need to pay a higher price since they will likely need to do cash for keys to have a tenant break their lease. If you do not have something like that in the contract, it may be more difficult to get it to go through underwriting since you have a certain period of time to occupy, but the leases all show you will not be able to do so.