All Forum Posts by: Craig Sloan

@Don Johnson I would try to get into Multi-Family as soon as possible.  I don't know your market but I have been investing in MF for 16 years.  I always liked the fact that I had more than one person paying my mortgage.  I could have some vacancy and still have money coming in.  If a SF is vacant you are on the hook for the mortgage and all the expenses.  

It's unfortunate your cashflow has been consumed by the taxes.  Can you appeal the taxes, increase the rent to regain some cashflow or reduce any other expenses?  What is your long term plan?  Do you want to be an investor?  Do you have a plan for the money if you cash out.  Don't let the situation with the tenant not paying get you down.  I know it is frustrating but it will pass.  Have you tried offering them cash for keys?  I know it may not seem like it now, but you have options.  You just have to identify which option is the best long term solution for you.  

@Tracy Uscinski I would tell them that you are not currently approved but that you are not opposed to going through the process for them if it would be of mutual benefit.  You may want to get approved if they are a good tenant.  If memory serves getting approved can be a pain but it may be of benefit to you and it will open you up to a new market segment of renters.  

Hi Bree, you can try to put something about temp in the lease but how are you going to enforce it?

I'll give it my best shot.

@Matthew M Spolsky sorry to hear about the results of the bar exam.  To stay motivated I would try to spend time with other people that are excited about real estate.  Some of their enthusiasm may rub off on you.  Also try to surround yourself with people that are generally motivated and excited about business and about life.  These people are often successful and motivating.  Success breeds success.  Be around successful people and keep moving the ball forward, even if it is only a little.  Good luck. 

As far as having written permission from the lender, it sounds like you have it.  Keep that email for future reference if needed.  Talking to an attorney about the best way to actually transfer the property is good advice. 

Hi @Uri Robinson I'd be happy to help.  My first investment was a 4 Unit building.  That was 15 years ago.  I've purchased several other properties since then.  I'm in Indiana so I'm not in your market but I'd be happy to share what I have learned.  DM me if you want more info.  Best of luck. 

@Account Closed it sounds like you have a good plan.  I would start by networking with brokers and setting up some alerts on the mls if you haven't already done so.  I would also start talking to lenders to find out what types of programs they have available.  Best way to finance will depend on the number of units.  2-4 units you may be able to get personal financing.  More than 4 units you will be looking at a commercial loan.  Do you currently maintain a personal financial statement.  If not, you may want to start one.  Feel free to DM me if I can be of further service.  Best of luck. 

@Seamus Garvey an LLC is often a great structure but understand by creating a multiple member LLC you will be required to file a separate tax return for the entity. I would advise speaking to your accountant and attorney prior to forming an entity. Best of luck.