All Forum Posts by: Daniel Alegre

So we are using SmartMove for the application process. We have several people who have requested the application but i am struggling with the fact that despite paying the application fee they may not be choosen. 

How do you let the applicant know that despite paying for the credit and background check them may not be choosen without making it seem like it is a personal thing?

Oh to add some info:

I know that it is a Class 4C property in burlington city NJ

also it sold for 195k in 1997

Lot size is 17,000sqft

Around my block there is a 4/5plex that has been had a for rent sign outside for over a year. I have looked online for info on the rental but i can't seem to find any. The lack of any online info makes me thinks that the owner is not internet savvy and/or not very motivated to put effort into the property. So i was thinking that perhaps they may be willing to sell.

I am not in the position to purchase it even if he said yes but i was thinking i could offer i could bring it to the attention of some investor friend's or perhaps a co-wholesale it .

What do you say or ask to an owner who doesn't have the property up for sale. I dont want to just call and say "Hi , would you be interested  in selling your property" as i feel that may just seem shady. Perhaps im overthinking things but is there a script that i could follow for this situation. thanks in advance.

@Willie Banks if you can not find bank financing perhaps you can find seller financing. 

Congrats on your business wish you lots of success.

@Skyler Smith if the project is a rehab type deal isn't it possible to refi and cash out if the deal was good enough and get the partners money back that way aswell?

So last week my tenant let me know her washer was not draining so I checked it out and it looks like the old iron drain line is clogged. So I decided to just simply drain right into the sum pump. 

Now the washer is getting stuck on wash cycle and not doing anything.  I noticed that during the sensing portion of the cycle that water was draing into the sum pump. What I think is happening is that since the drain hose is not going up then down into a drain that water level in the machine is not being met and the cycle doesn't start. I thought that the drain had a stop vavle and a pump, I guess that's not the case. 

I wanted some advice before I go call a repair man or try to replace the iron drain pipes worth PVC. Does it sound like my reasoning is correct and I should replace the pipes or does it sound like a Washer problem and I should call a repair man? 

@Alex N.  we pay $158/month so we are in a similar situations.  Since its your first investment living in it will give you the opportunity to safely save and prepare for your next move.  if you have tons of available cash I would go head and rent a cheap apartment and rent both your units out.  But if you don't have allot saved up this is a good move.

For example. Lets say you rent out both units and you get an apartment, and for some reason you need evict the tenant and the water heater breaks.  So at that point you need to pay all that plus your rent, if you don't have a good emergency fund you may find yourself in a bit of trouble.  

I'm sure arguments can be made either way but at the end of the day its a manageable way to start investing. We look at it this way, we could be the average American Family struggling to pay our mortgage but instead we have a great starting investment and we only pay $158/month. Sorry if I rambled its 3:30am lol

@Alex N.  Congrats on your first post and your decision to take some action on your real estate ventures. My wife and I have done the same thing "House Hack" as Brandon would call it. It sounds like a good move. I would just make sure that you get all the paper trail of rent of the current tennant and not just take the currents own for it that they are a tennant in good standing. Also consider all utilities costs and all possible repairs that may need to be done.

Good luck with everything

@Joey Vasquez when my wife and I started taking about buying our first home we had already decided that we were going to buy a multifamily and we would live in one unit and rent the other.  Well when we told our family they told us everything you were told plus more since we were going to live there also. 

What I learned is that most of the time these fears people have can not be reasoned with and the only way they will change their minds is if they see your success.  It is hard for people to break their employee/self employed mindset and to think like a business owner/ investor.

Now that we have our first tenants and everything is going smoothly one of our biggest detractors (my father inlaw) now wants to help us look for our next property and even is trying to convince his gf to do what we did.

Be brave, be prepared and follow through and those voices will change their tunes.