All Forum Posts by: Fallon Richardson

Hi @Vanessa Bautista

So far my favorite books are Rich Dad Poor Dad, Think and Grow Rich, and The Seven Habits of Highly Effective People.

I noticed this post is 7 months old, so I'm curious what books you read and if you'd recommend any other books now yourself?

@Chris Mason Great idea. Thank you!

@Christopher Phillips Yes, ideally we will find a complex with tenants on month to month. Trying to avoid having to pay them to move out, but a good worst case scenario fix!

@Andrew B. I didn't think of that. I will talk to an attorney about the local laws here.

@Kevin Romines This is really valuable. I didn't even think of this. Although, as it is a very strong seller's market here in Bellingham right now, I doubt anyone will care to negotiate. Most properties are being sold above asking price right now. :(

@Bob Nielsen Yea, we don't want to avoid moving in, just making sure we can before we get into trouble. Paying them to move out sounds like the only way if we don't negotiate it during the purchase agreement.

Thank you everyone for your input. This was very helpful! :)

I have been searching the internet and this site to no avail so I am reaching out hoping that other folks on here may have some insights!

My partner and I are going to be purchasing our first multi-family house-hack in Washington state (specifically Whatcom or Skagit County) with an FHA loan. Our understanding is that the loan requires the unit be owner occupied within 60 days of closing.

My question is If the property is fully rented when we purchase it and none of the leases expire soon  enough for them to vacate by then, is there any way to terminate a lease early? If so, what scenarios would best benefit both parties? Which are the most cost effective?

It seems like most sellers try to get tenants on month to month leases before selling, but this is not guaranteed so we are trying to figure out what options we have in the event that we end up in a situation like this.

Thanks everyone for your input! Happy Investing :)

Thank you @Dave Visaya and @Patrick Britton for the warm welcome and honest opinion. 

Patrick,  the criteria based goal you gave as an example is very helpful. I think you're totally right about quality vs quantity in choosing properties.  I initially chose three deals was because I figure that the more numbers I crunch, the more good deals I'll be aware of. I suppose the goals I listed are more of a guideline for the amount of energy and time I am anticipating to invest in the coming years. In other words, the more searching, crunching, and offering I do, the more good deals I would be likely to encounter and have an opportunity close on.

But like you said, I need to have clearly defined qualifications so I don't waste time chasing bad deals or making purchases based on how I feel that day. Taking on properties to meet an arbitrary number just to say I did it, is worthless if the deals don't pay off in the end. While I would love to find 3 or even 30 amazing deals in my first year, if I only come across 1 that worked out then I'd still be happy with that. Thanks again for the wise words.

I look forward to learning more from and meeting you next Thursday! 

Have a great week! :)

-Fallon Richardson

Hey BP members!

     My name is Fallon and I'm 27. I moved here from Terryville, CT and have been managing an organic farm for the past two years out in Deming. Some big life events have caused to me to reorient my pursuits.

     I came to bigger pockets after finding the podcast while researching alternatives to savings accounts or CD's for my inheritance from my mother. She passed away earlier this year and my brother and I were left with her home, retirement accounts, and a little cash. The majority of the inheritance will be available upon the closure of the estate and I want to learn as much as I can before then so I don't waste it. I am the executrix of her estate so I'm also trying to find out if selling the property within probate, outside of probate or keeping it as a rental would be the best option for my brother and I.

      I've only been listening to the BP podcast for a month or so now but I have read many of the books their guests recommend. For example, 'Rich Dad, Poor Dad', Brandon Turner's Guide to Rental Property Investing, and Investing with Low and No Money Down. I just started The Book on Tax Strategies for the Savvy Real Estate Investor. I am hungry for knowledge. I also started Hal Elrod's Miracle Morning two days ago to begin to keep me focused. The past six months have been completely unpredictable. I feel confident now though that I am ready to begin this new chapter of my life.

My real estate investing goals for the next three months (or until the estate closes) I will be reading, listening, and taking in as much knowledge as I can. I am going to a local REI meetup and look forward to networking there and on the forum as well. I am anticipating the closure of the estate to take place around the same time I will have enough education to confidently make my first purchase. I'm currently leaning towards house hacking a multi-family and financing it with a low down payment using an FHA loan. I'd like to buy 3 properties in my first year following the closure of the estate. But I've heard its better to set your goals 10x, so I'm shooting for 30!

The why behind all this? I want financial independence and the ability to be with the people I love the most and pursue the things that invigorate and excite me. My income made it difficult to take vacations more than once a year to be with my family who still live back in CT. I want to be able to help my friends and family when they need it. My brother and I could be the one's caring for my grandmother as she ages and I want to make sure I'm in a strong financial position so that I can. She still lives in CT for now so I want a lifestyle that gives me the freedom to visit her more than once a year!

If you made it to the end of this long introduction, thank you for taking the time to read it and I look forward to meeting you and learning from you on the forums!

Happy Holidays!

Fallon Richardson