All Forum Posts by: Lois Stern

Thank you all.  I love that @Bradley Bogdan, you seem to write the way you speak.  I could hear your imaginary voice trying to help lead me thru the information.  Nothing is ever simple when it involves government.

So, I'm looking at HUD's fair market rent for the area I just purchased a property in. It is a few hundred below what my inspector friend [who is also a landlord] told me I could get for the place.

What exactly does fair market rent mean? Is it what HUD has determined is fair? Is it unlawful for me to ask for more? Is it a minimum? I feel like this is a "explain it like I'm 5" question.

anyone?

thanks

Welcome @Tommy Engel!  You have done well so far... and being a part of Bigger Pockets will take you to the next level.  There is plenty of info on scaling your business if that is what you need, or just advice on "what next".  Keep us all posted of your successes.

@Carl C.

You may still get those college students.  My son is a junior and has a number of friends that are not set on where they will be living.  Or are commuting from home, but dying to get out!  Some transfer students ... Best of luck to you on this endeavor!  [and, I agree with @Kevin Harrison - don't let a bad bank put thoughts of being jinxed in your head.  Turn it around to:  patience and persistence will win in the end!

@Holly N.

 congrats on being in a position to own what sounds like a terrific business!  Now you need to read some books and/or listen to some podcasts on being a business owner and the right mentality.  If you are shy or uncomfortable with being the boss, look at yourself in the mirror and remind yourself you already ARE the boss and start acting like it.  At first it may feel like you are playing a part as you get used to making demands.  You can still be a nice person and make demands.  It is all how you say it and that you believe you are in the right.  If you have any fear of this, keep practicing out loud in the mirror [pretend you are a much nicer Donald Trump!] and daydream about the things you need to do and see yourself doing them and being the successful woman you are!

I may be off base here - excuse me if I am.  But many women are not taught how to be in charge.  Delegation is a terrific thing - as long as you stay in the management role.  Manage your property manager.  This is YOUR biz ... you set the rules.  After you read the agreement you have with the property mgmt co, then you need to figure out what things are gonna change and if they don't agree, then start looking for a new company!  READ THIS:  http://www.biggerpockets.com/files/user/biggerpo/f...

Welcome to BP - keep us updated!

Hopefully I won't need to ask for a lease option and the worst she can say is NO.  I'm not "there" yet, I just didn't know there were other choices.  I've got my calls lined up for tomorrow.  

@Patrick Connell thank you.  I'm not ready to execute but want to write it up so its ready to go - there is no reason for me to consider this not going through.  My credit is terrific.  But if the tenants want to move in as soon as possible after closing, why would I want to slow that down?  

@Barbara G.it will absolutely be a full year's lease.  And, I expect they will stay on the next year as well since they are only juniors right now.  And I will have parent's as guarantors of funds.  There's a really good bp forum that discusses student housing and vacation rentals... i've been reading and asking questions.

I appreciate the weigh-ins.  I think I just panicked a little last night as I realized we are 2 weeks out and I have a lot to get done... knowing the closing date would be helpful.  I like map things out with contingency plans, but if you don't plan - you don't have an idea of where you're going and what time you'll arrive...

@Upen Patel - thank you for your offer. It occurs to me that the same company is also handling our personal REFI and opening of a HELOC. I don't know if they waited until I had a contract to put their foot on the gas, but that's where we are, and may be what's holding up the works. I've sent an email to my lender to start the conversation.

@Wayne Brooks - I appreciate your thoughts on this.  The letter of loan approval was given along with the contract.  I have an appt to speak to the Title Co tomorrow to get that rolling.  

You can sure lose a lot of weight with worries in this biz, huh?  First property learning curve!

Thank you all @Darrell Shepherd, @Barbara G.

for answering so fast. I was starting to lose sleep thinking about it. I didn't know I could offer to lease it from her this last few weeks to month. The closing date is set at 8/23 [2 weeks today], the boys begin school a few days after, but all live locally and can wait or not wait. Although they are excited to move in soon and keep asking. The seller is all moved out and gone to another state where she is now living and working. Perhaps the L/O idea is a good choice regardless.

I'll try to nail my lender down tomorrow, and give the seller a call [she gave my agent her number and I've actually already spoken to her once about some questions I had regarding the Oil Furnace.

My only concern regarding the lease was if i have a contract that states a move in date, although the boys will be fine with "whatever"- will their parents?  I've known all 3 of the friends for some time, but not all of the parents.

Feeling a little relieved that there is a possibly easy solution.  THANK YOU!

I have a contract on a house.  Buyer asked for 30 days.  Being my first contract, I did not know that I had to ask the lender if this was possible - so I said yes.  Mortgage Co said they are trying to speed it along [usually use 45 day lead time] and the worst that could happen is we ask for an extension.

My question is this:  I have renters already lined up [my son and 3 college friends - w/parents as guarantors] but I can't draw up a lease without knowing the move in date.  I can't get the utilities arranged, nor an electrician lined up to fix some issues ... without knowing the move in date.

Suggestions??

hi @Sherrie Brown!

I am a fellow Owings Mills dweller who just purchased my first SFR. Besides all the great advice above, i suggest you join [or at least go to] the MAREIA in Owings Mills [90 Painters Mill Rd] ... great way to gain knowledge, meet other investors, ask questions ... and there are a few "MeetUps" for REI peeps nearby [I like the BWI meetup, and there's a couple others I have my eye on, but haven't been able to schedule in].

You need to read enough, listen and converse enough to get a feel for where you want to begin.  Then you need to determine how much you have available to use for your first investment.  As @Brandon Turner said - read thru The Ultimate Beginner's Guide... listen to the BiggerPockets podcasts.  Put a word in the search bar and and find out about THAT [whatever it is] maybe just one per day [so many articles, blogs, forums...]

Best of luck - see you in OM?!