All Forum Posts by: Ivan Burley

^^^ A lot of typos.  Dang phone will get you.

To staey the obvious I'd have to say have a large amount of cash and go onna shopping spree.  Seems like that'd be the fastest way.  Although I'm not sure how many of us are able, I'm certainly not rigjt now.  I'd love to hear othee ways to achieve this goal.   "Moniter alert".  Good luck.

That's great advice @Al Williamson.   I'll definitely keep that in mind once I acquire my property.  Thank you for your input. 

Wow Anne, I'm sorry to hear that.  That's terrible.  Thankfully I haven't had to deal with this issue but I thank you for the heads up.  Is that something that your insurance will cover?

Welcome to BP Alan.  Sounds like you're enthusiastic about beginning.  That should take you far.

@Annette Hibbler. It's not that I want to evict the tenant, I will be needing one side to live in. This is a duplex and I must live in one side for a minimum of a year with the FHA loan. I plan to choose the side that needs the most amount of repair for myself. Ideally I'd like to keep both units rented but this is not an option with an FHA loan.

Thanks for the advice on the clause.  I'd have to see if the lender would allow that much time to have repairs completed.  That is the main issue I am currently dealing with.  I'll be giving them a call tomorrow and running the scenario past them.

I've been workin on a multi-family deal for a couple of weeks now.  The owner and I each have an agents and we have been going back and forth with offers and counters.  Recently we've come to an agree ment which I signed sent over.  Now the owners has countered again and added a clause.  He would like me to be responsible for the removing the remaining tenant (I'll be needing one side for myself).  The tenants are each on month to month lease.

I believe that this is pretty standard so I am not to opposed to it. My concern is that once I close and take possession, I may need to evict the tenant. From all accounts the tenant has been there nearly four years and been a good tenant. I wouldn't expect him to say otherwise. The problem is that I'll be purchasing with an FHA loan and I'm worried that this may affect my eligibility for the loan. If it takes more than 30 days to remove the tenant I may pass the FHA grace period so to speak.

I am not totally familiar with the exact specifics as to the move in requirements.  I've had trouble finding a solid answer on the subject.  I've heard many people purchasing occupied units, but haven't seen any with this situation.  I'd like to get some experienced insight on this subject.

Secondly, the owner had a previous contract fall through due to a failed appraisal.  The appraisal was failed to to needed roof repair.  I've been told that the owners insurance will be covering a roof repair.  I've said that I won't consider closing until the roof is repaired.  As I am sure it would not pass appraisal again.  Today we were told that they are unsure when they will be doing these repairs.  I am not wanting to give any earnest money or go any further without a resolution on the roof issue.

The way I see it is that if the insurance company drags their feet, I will have contractual obligations and money tied up while waiting for them to take action.  This is my first conventional deal and I really want and need it to go well.  I am totally green and pretty much on my own with my business.  I appreciate all the help I receive here and I hope that some of you guys can help feel in some of the holes for me.  Thanks!

Hello Anne. My SFH is in north nashville just off of Rosa Parks, and my trailer is in Madison. I'm a looking for my multifamily deals in Madison. I like this area as it is close to home for me and rents easily. It's close pretty close to downtown and has good residential neighborhoods. Where are you properties located?

@Alejandro Sosa.  That's a great place to start, project manager that is.  You'll gain some good insight as to how a project should and should go.  Once you start your own you'll be ahead of the curve.  Good job.  Best of luck with ot all.

@Devan M.  That's the great thing about BP.  There's always opportunity to learn just from tuning on to other people's posts.  For the most part people here are extremely helpful.  I believe the long distances take the edge off of people natural inclination to be competitive and guarded. 

Hello my name is Ivan. I currently live in Nashville, TN. I've been investing in real estate a little more than a year now. Curreny I have one SFH and a manufactured home. I'm in the process of acquiring my first multifamily home.

I believe that planning is key for success.  I am on a three year plan.  In the next three years I will have completed my Electrical apprenticeship and will become a certified Journeyman.  During these three years I intend to acquire 6-7 more buy and hold income properties.

After receiving my journey I plan to apply for my LLE licensing here in TN.  This will allow me contract electrical work as well as pull permits for my own work. 

I am focused on buy and hold right now but I would eventually like to get into flipping.  I am also hoping that I will find someone who is experienced in real estate that I may possibly shadow and learn from.  I am very dedicated and passionate about the business.  As an athlete the majority of my life hard work is instilled in me.  Get knocked down, get back up. Make a mistake, make it going 100%.  I believe I will be successful and there is no doubt in my mind.

I have been here on BP for a few months now and not a day goes by that I am not on the site.  Be it Podcasts, forums or emails to blog links, I'm learning something everyday.  I truly love to learn.  Not just about real estate but many thing in general.  Knowledge is king.  The more you know the more powerful you are.  

In conclusion; I work hard, I'm determine, love to learn, I'm helpful, not afraid to ask for help, have a vision and a plan to obtain it, will take action, No handouts wanted/needed, I'm honest, trustworthy and true to myself. 

Thanks guy for reading and wish you all success!