All Forum Posts by: Jason Maguire

Too much anxiety to sit & wait to see if I'm going to get paid every month! 

Seems like you already have your ducks in a row if you are posting pay or vacate notices. Send the non-renewal, move on, get the unit closer to market rent & make that $$. 

Also, the fact that he never tells you that he's going to be late would be the icing on the cake for me. Best of luck!

The picture of the guy in hanging the mirror... is that the handyman? It looks like he just came off a 3-week bender smoking crack, meth & whatever else he could get his hands on.

I'd hire a lawyer for this one.

I'd just tell her to keep it outside. It's easier that way & you don't want your other tenant getting upset if the smell travels a little bit. Mary J can be pretty potent & could stink up your hallway/ foyer area & it's just easier if it's outside. You also don't want to deal with ash inside.

All adults above the age of 18 should be on the lease. If they do something bad/ break rules at the property, you need to be able to hold them accountable.

I'd have both the bf/ gf fill out rental applications, run credit/ background checks & then at that time add them onto the lease if they meet your standards. The ball is in your court.

As stated above, some type of conventional owner occupy loan is definitely the best way to invest as a rookie. Best rates & terms & you get to learn how to be a landlord with another unit besides you.

If a newer investor can't go that route for whatever reason, then i would recommend just a standard investment loan from a local credit union. I was shocked to see that my local bank was offering investment props for 20% down, not 25% which was an added bonus when shopping around.

I think variable rate mortgages, hard money lending, DSCR loans are more for seasoned investors, but that's just my opinion.

Agree with Nathan. 

In addition to these tools, go look at your competition on Zillow, realtor, craigslist (wherever they are listing) and see what current rates are. This should give you a better idea of what you could rent the prospective unit at & will be more accurate than zillow or any of that other stuff.

Look into an Estoppel agreement- it's something the tenant would fill out that would verify lease terms, price & rates. 

Not sure if they are legally required to give you the actually leases but you should be able verify all lease info via the estoppel. I'd speak to your agent about this.

What if you offered the girlfriend some type of lump sum? Spit balling here, but maybe offer her 10k-15k (maybe less) to move out and find a new place? If the agreement was 5 years at $500/ mo she'd be paying 6k per year- maybe the 10-15k being 3 full years of rent almost may entice her to leave? I know that's a lot, but if you have no mortgage and the house was appraised for over 700k, then you should have a few bills to play with.

Could you speak to your brother from a man to man aspect about his situation? First off, I'd say it's unprofessional to be sleeping with a tenant. 2) can you talk some sense into him, like "hey man we're literally going to lose Dad's investment if this goes sideways with your gf/tenant & being that we haven't figured the situation out with Dad's gf, this could get messy and us 4 BROTHERs may lose money as a whole, do you think Dad would want that?" I know you said your brothers are far removed from the bills & what not, but i think you'll need to have an honest maybe somewhat uncomfortable conversation with your brother letting him know what you're up against with numbers to back it up.

Sorry for your loss & I hope you are able to get everything figured out!

I think you are right on track! The big misconception with rental property investing is that everyone always thinks that each property needs to net a crazy amount of money or some absurd NOI.

If you ever got a chance to read any of Brandon Turner's books- he would strive for $150-$300 "pure" cash flow per each unit. 1 or 2 rental units is most likely not going to make you rich, but between loan paydown, appreciation & tax savings you'll also help your overall bottom line over time.

 I am 27 years old & have 3 Multi-Family Units. I am cash flowing & all props have good #'s, but it's not enough to quit my W2 yet- I am hoping in due time I'll be financially free, but am grinding away for now & scaling up with the same strategy i started with as i've proven to myself i am able to do this.

As others have stated, start to raise the rent a little bit & get yourself towards market rents- keep up the good work.

@Stephanie Jacobson once again you have failed to answer the questions again. This is why i talk about being biased, because you have no housing statistics or anything to back any of your claims up! Just your good ol' opinion. I bet in 2030 when they lose another 8% of their population, you'll say the economy is booming!

Seems that you legit got upset that i had asked you some iffy questions about your market.

& to answer your question, No one hurt me in Binghamton :) I had a great time being a degenerate out there the few times i visited. & also, as stated i am not an agent, lender, attorney, etc so i have nothing to gain in the Capital Region.

Wishing you the best in your career, Stephanie!