All Forum Posts by: Elenis Camargo

Hi BP! I wanted to share my rookie mistake. We have purchased two SFH with inherited tenants. The first was in February and the second this past month. While we were closing on the second rental, we did a new lease for the first rental and know that lease inside and out. Upon inheriting the second tenant, she called and let me know that there was a roach and mice problem in the house. I told her I would take care of that right away. I also told her we would be maintaining the lawn. I got a feeling to check the lease after telling her these things and found that the lease she signed says she is responsible for lawn and for pest control! That's a savings of $120 per month!! So I had to go back and explain this to the tenant. Definitely a learning experience. Don't assume all leases are the same in terms of what the tenants are responsible for! Read them fully before answering any questions on them. Hope this helps someone :)

@Saji Ijiyemi I had been wondering the same thing! So I'm glad someone else posted this  :)  Thanks @Christopher Phillips for the insight!

@Marlon Long I saw show the properties first and see who applies for it. We had a good amount of people come see our rental when it was first listed and only one applied for it after a few weeks. If everyone applies for it and they are all qualified then maybe you are able to tell them all you have X number of qualified applicants and are raising the rent to X amount, then see who takes it. Just make sure you tell them all the same thing so that you won't get in trouble legally.

@Curtis Stoddard I know it's super tempting to take the 6 months of rent and go with it, but it's way too fishy. She's definitely hiding something in her background check. Tell her it's a requirement and if she won't complete the check then don't do it. Yes it's nice to get 6 months of rent now but it could turn into a major headache you don't want later!

@Steven Murray Awesome. Thanks! I’m getting ready to do the HELOC finally. I’ll call them as well.

@Christopher Christian I don't think anyone on here can tell you the right answer. Only you will truly be able to come to the right answer. If your ultimate goal is to invest in real estate, then will putting $60k into an MBA help you do that? I have a Masters as well, this was before my real estate dreams began, but the program was $30k. It was a one year program in Florida which is much more cost effective than New York. It did help me with my career and to get where I am today. 

You should consider investing out of state. I live in Brooklyn now so I know how expensive it is here and you're right, $70k salary here does not go very far unfortunately. But investing out of state is a real option. That's what my husband and I do. 

As for the MBA question, make a pros and cons list and then come to a final conclusion. Best of luck!

@Cosette Trantow I feel like all of us on here are always wondering how to get a property with no money down, and you actually have an opportunity to do it! Many others would love to have that opportunity. Of course don’t jump at any deal. Make sure you get a multifamily at a great price and that it’ll cash flow even with you living in one unit. If it does, I say go for it.

@Jason Lee Thank you! I’ll check it out!

@Account Closed Got it! I didn't realize you couldn't get out of the buyer's agreement. Best of luck!

@Brandon Pickens I don't think it's disrespectful, especially as she told you her low price already. That might not even be her real low price, but just make an offer that makes sense for you. If her low price doesn't make sense, then offer what you feel the property is worth.