All Forum Posts by: Dave B.

This is great feedback, thank you all for the advice!

Dave

Quick question: I received a call yesterday from my tenants father. He said his son just was sentenced to 5 years in prison and he’s coming this week to move his furniture and items out of the rental home I own. He sounded very distraught and I think he was telling the truth.

I realize I need to consult with an attorney etc. My question is, what do I need to do to nullify the lease so I can re-list it and fill the vacancy? Normally I would create a document and have the tenant sign it but in this case he won’t be able to sign a sign he’s obviously not around.

Any advice is greatly appreciated.

got a hold of the head of the association and they said that the neighbor was wrong and I'm ok to rent it out to a single family but no splitting rooms or air b n B'ing it etc. thank you everybody for your help

Jeff and Jay thank you both! The home is actually in Michigan as I buy out of state. That being said I never saw any condo or HOA paperwork but full disclosure I usually don't review the papers super closely as this is the 8th home we've purchased long distance and have a good realtor. (I realize now why that's an issue to not read more carefully!) I'm waiting to get the final paperwork as we just closed last week so I'm getting my copy of it all shortly, as soon as i do I'll review asap! Thanks so much for taking the time to answer this question, appreciate all the responses

Wes, thanks for the help here! I hate to be "that guy" that doesn't know what the abbreviations mean ha but what is the cc&r's that you mentioned?

BP,

I'm in a major pinch and I'm turning here for some advice. I recently purchased a single family home in new small subdivision for 185K that I plan to rent out for 1,800. I was just notified after the purchase was final that the home is in a condo association and the condo bylaws say "No business, no commercial, manufacturing, service, or rental enterprise shall be conducted within any unit". The person that sent me the email seemed to be a neighbor that was getting ready to report me.

Can anybody here shed any light on things? Currently the home is owned just by me, no LLC (big umbrella policy). Does that qualify as a rental enterprise if it's not in an LLC? That verbiage seems vague, hoping someone here can advise me on how we can rent it out. If they push back what is my recourse. Does it go to court etc?

Thanks for any help!

Hoping I could get some quick help. I'm newer to REI and currently invested in SFR's as I've purchased 5 homes worth an avg. of 160k over the last two and a half years. A family friend brought a deal to me for a small 20 unit apartment building and I've started to play with the #'s, ran it through the deal calculator etc. Can someone shed some light on how most people traditionally structure seller financing deals for multi family? Having only purchased SFR's through a conventional mortgage I'm a little confused on the most common ways to structure commercial deals, especially those including seller financing. What are the typical downpayment terms, # of years, interest % etc? Any help is greatly appreciated! DB

BP, I'm curious who are some of the top people that you follow on twitter for buy and hold (single family, multi family and apartments) for info, articles, case studies etc. Obviously BP is such a wealth of info but I'm curious if anybody has any good people they follow on twitter as well? Thanks for the help!

BP Community, I finally took the plunge and created an account. I decided it's time to finally reach out for help as I'm going through the phase I'm sure many of you have experienced, where real estate investing is going from a hobby to a business and I thought it prudent to share my business plan and solicit some feedback.

My career in sales requires my wife and I to move every 3-4 years so instead of buying a primary residence here in FL, we've invested back in West Michigan in the suburbs of Grand Rapids where we'll return to in the next 10-15 years. With the help of several books and listening to every BP podcast over the last 2 years I've purchased 5 homes, below I've laid out my strategy. We're fortunate that my wife and I both make a good income and her mother manages the properties for us at no cost. I'd love to get some feedback.

- Purchase newer houses on 15 year mortgages. The houses we've purchased we're built in 1995,1999, 2000, 2012 x 2. 3 of these houses are on 15 yr, and 2 30 years.

- 4 bed, 2+ bath, with 2K sq feet is ideal,150K-175K purchase price (love the Midwest prices). All the houses but 1 rent for $1,500-$1,800 and all are on multiyear leases. This is an area of town with few nice SFR rentals so we're able to lock in tenants long term.

We've started to take a more professional approach, recently automating rent collection, getting an umbrella insurance policy etc. Our long term goal is to get 15-20 houses prior to moving back to Michigan so soon we'll need to search for a good portfolio lender etc.

Without making my first post too long this is my question, what are some other things outside of continued financing that we should be keeping in mind? Other pitfalls that young investors have had to overcome with quick growth etc.

Any feedback is welcome and apologies for such a long initial post!