All Forum Posts by: Eric Stewart

@Dave Poeppelmeier. Thank you very much. I think this was the most helpful. I didn’t come here to get ridiculed for making some mistakes like a few of these other posts suggest. I’ll learn from them and grow. I will add your suggestion about autopay for my next tenant. 
Again, thank you, Dave. 

Thank you everyone for your insight and help. 
Wasn’t a great first start but I will take what I learned and apply it to my future properties. 

I’ve had a horrible tenant this first year with my property. Let’s just say that this was not a good start to my RE business. 
Anyway, the tenant didn’t pay their water bill for the duration of the lease and now $2000 is owed. The utility provider never contacted me about it so I didn’t know until they got evicted. Is there anything I can do to push this cost on the tenant somewhere or is this something I have to pay?

Thanks for any guidance 

Thank you very much Ke Nan!

My brother and I own a property together. It is currently in my name but will go into our LLC eventually. He is a GC and does the work needed on the property and owns a masonry business as well. We had some problems with our driveway and need to rebuild it. Is there any conflict, for tax purposes, if he creates a statement for the cost of the work through his masonry business? Since it's in my name currently, i don't think there is but once we move it into our LLC where we are 50-50 owners, could that be a problem for future work? If so, what are some of the implications i need to be aware of?

Any help at all is greatly appreciated!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $105,000
Cash invested: $15,750

3/1 SFH. 710 Sqft. Tenant had just moved in while we were closing

What made you interested in investing in this type of deal?

Turn-key deal with a tenant moving in during closing period

How did you find this deal and how did you negotiate it?

This was given to me as an off-market deal by my Real Estate agent

How did you finance this deal?

Conventional loan with 15% down

What was the outcome?

Home appraised for a couple thousand more than we paid.

Lessons learned? Challenges?

much older house so im assuming I will run into unforeseen issues, but currently dont have anything

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with Collin Caldwell with FIRE Team Realty. He was fantastic to work with. Provided lots of knowledge along the way and was always reachable. Went out of his way to do things we needed. Will be going back to him for future properties.

I’m interested in hearing what are some of everyone’s favorite books they have read! About real estate, self-development, leadership, biographies, investing, etc. 

I just got done reading BRRRR by David Greene and it was really good. Packed full of good information and relatable scenarios! I'm starting Rental Property Investing by Brandon Turner today. I'm willing to bet this will be just as good! 🤙🏼

So let’s hear it! 

@Scott Crowley. Thank you for the input!

I definitely will be doing a deeper dive in the tenant and the situation. I did make an offer on the property. I put a contingency in place to look at the lease agreement/financials/payment history/etc If they can’t provide certain information then I am allowed to back out. 
Ultimately, we’ll see how it goes and where I mess up at along the way. Hahaha

Hello all on BP!

Pretty excited to start seeing it all come together for the first time. Just got pre-approved for my mortgage on my first rental property. Making my offer to the seller tomorrow!

Let’s make sure all goes well and everything is taken care of so I can end up with my first rental property! Another upside is I was lucky to find one with a tenant already in place!