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All Forum Posts by: Carmen Washington

Carmen Washington has started 1 posts and replied 3 times.

Post: Down payment for multifamily home

Carmen WashingtonPosted
  • Baltimore, MD
  • Posts 3
  • Votes 1

Tanya, I'm interested in this as well, right now I have a duplex which I live in and rent the other half. I look forward to following how this process goes for you. 

Jason Brouillard, can you share what you didn't know before but know now that would have allowed you to get 20% downpayment rather than 25%? I'm looking to do a 4 or 6 unit deal next. 

Thanks for all the great feedback! I weighed the input carefully and decided to draft an addendum to my lease stating that complimentary security service would be provided until Dec 31, 2014 thereafter tenant is responsible for the service fee. It went over well. This is a two year lease and I didn't want to commit to being responsible for anything else - I just received the water/sanitation bill and I'm already regretting that I didn't distribute that cost. Hey but this is a learning process. All my lease documents were signed, checks turned in and I feel so excited that I decided to make my first property an investment property. 

Now I'm ready to set my next goal and find another duplex or triplex to purchase! 

I've moved into my first property, a duplex, and in two days my first tenants will be moving in! The duplex has a security system in both units which is currently activated until the end of the year. This expense was rolled into my mortgage. After reading forum post about how to deal with security systems, I emailed the tenants and told them after Dec 31 if they want to keep the alarm system activated the account must be placed in their name and they are responsible for paying the monthly service fee to the company. This did not go over well - they said this is the first time they are hearing about this and they were under the impression that it was part of the rent. Admittedly they had not heard about it before because I just learned from the company that the contract ends Dec 31. But I never stated I would cover cost for the alarm, and my lease states "Tenant will pay all utilities charges, except for the following, which will be paid by Landlord: Water/Sanitation".

I can imagine that taking on the security system as my responsibility could be a headache down the road. I'm holding my ground that if they want it beyond Dec 31 it will be their responsibility to set the account in their name and cover the fee. They are already getting complimentary service for 5 months. Am I justified in taking this position?