All Forum Posts by: Chris Szepessy

I wouldn't stress too much about it.  I'd definitely meet the dog and make sure he/she is friendly and not rambunctious.  The problem with dogs under 20 pounds is that they can be harder to housebreak and (some) people tend to train them to use puppy pads instead of going outside.  That's great, but most dogs have the "aim" of a 5 year old boy and seem to miss the pad a lot.  Dogs over 20 pounds can just be "rougher" on floors and whatnot so just make sure the dog is well behaved.  I have 4 dogs myself so I have a soft spot when it comes to renting to people with dogs.  

Unfortunately, I think you are. I’d think the electric company wouldn’t go more than 2-3 months without some sort of payment. How long did they let the new tenants not pay the bill? And now that it’s with a collection agency, it’s probably gonna be difficult “pleading your case.”

You seem very intelligent/mature for 16. I'm sure you'll get where you wanna be by the time you're 30, if not before.  For the time being, read, study, research, etc. all you can and start saving money.  I'd try to convince your dad to teach you more now.  College isn't for everyone and if you can get started investing without going to college and being thousands of dollars in debt, that may be a better option.  Like others have said...intern (or get a part time job) at RE offices or property management companies to get a better understanding of how everything works.  

If it were me, I would probably sell the lots for the $150k, pay off the the $80k in debt and use the remainder to get started in RE.  It's a little unclear, but if your interest rate is going to 20% on $20-30k (the remainder after transferring $10-14k to 2%) next month, that could take a while to pay off, unless you're making huge payments on it.  Also, investing 3 or more hours away can be quite difficult/stressful if you've never done it before.  

You could also sell two of the lots, pay off the debt, and then build on the third lot.  I'm no expert, so maybe others will have some better advice.  

You could probably call the city/town/county and ask them. I’m sure it’s public information. Or google “new construction/shopping center/etc.” in your area and see if any news articles come up. Not sure how big your city is, but where I live, any sort of new multi-family or shopping center construction is a pretty big deal. There’s tons of meetings to get public input and whatnot.

I think most leases have a clause that says "tenant has right to quiet enjoyment..." You could probably use that as a reason to leave and still get your deposit back.  Have you talked to your landlord about the issue?  

If it's unpaid utilities/cell phone bills then I would probably deny them based on credit, but if it's hospital bills, I might be a little more lenient, as long as everything else checks out OK.  Even the most responsible people can have trouble paying unexpected hospital bills.  

You're still young enough to get your credit/finances back in order, so now is the time to research, study, read, learn etc. everything there is to know about real estate. There's a saying that you shouldn't do business with friends or family. If you do, please use a lawyer to make everything official. Don't just use a "gentleman's agreement" no matter how close you may be to your sister or cousin. Would your cousin be willing to loan you the money with interest? He can make money and you can get started in RE. How is your wife's credit? Are you both filing bankruptcy? If not, she may be able to get a FHA loan and you can buy a 4-plex and live in one and rent out the other 3. That would get you guys started, then after a year, refinance out of the FHA and repeat the process on another multi-family.

I wouldn't use the breed to determine if you will rent to them or not.  Plenty of pit bulls, rottweilers, dobermans, etc. are well behaved, friendly dogs.  If you allow pets, do it on a case by case basis.  Meet the dog, check their current residence to see the condition, call their vet, etc.  If your insurance won't cover a certain breed, you can require the tenant get their own insurance to cover the dog.  

To me, discriminating against a breed of dog is the same as discriminating against a person because of race.  

I stated this is another post, but I wish I had house hacked when we were looking for a primary home.  I'd be so much further ahead at this point.  I personally couldn't sell my house now and move into a duplex (or any home for that matter) because of the sentimental value I have to it.  If you and your husband are both on board, I would make the move.  You'd be making some sacrifices now, but you could be "retired" and living in a bigger house again in a few years.  Good luck!