All Forum Posts by: Jason Maguire

@Will Kenner thanks for the advice, Will! I really like the wording on that. Will definitely run any updated leases by my attorney. Appreciate the help

Hi All,

Have a little bit of a weird situation that i was hoping to get some insight on- One of my tenants at my duplex reached out to me about an hour ago, stating that National Grid was at our property exchanging gas meters with new ones- Once National Grid was done, they re-started everything & now my hot water tank didn't turn back on. (I never scheduled anything with National Grid or ever spoke with them)

My question is, how do you put into your leases that your tenants need to reach out to you to confirm work/ confirm contractors are allowed to even come onto your property pending landlord's permission ? Would it be as easy as adding something into the lease to state "Please reach out to landlord & confirm visit is OK, if unable to get a hold of landlord, please tell XX to reach out to landlord's # to schedule a visit?"

I have told my tenants in the past to not let anyone onto the property without first receiving my permission, but it's not included in my lease so i know I'm **** out of luck on this one & should have added it before :(

Any advice moving forward would be greatly appreciated!! Thank you all!

Lot's of folks will point you in the direction of DSCR loans.

They are qualified based off the potential rental income & not your clients financial history. Rates are definitely higher than conventional loans and the going rate seems to be at least 25% down, but it would get you around the low credit problem.

There's a lot of great advice posted above & i do agree that either of these two strategies would work.

Only thing to keep in mind, if you BRRRR out of state, are you willing to take on that construction work & project? As a first time out of state investor, it can definitely be challenging managing contractors & projects, are you willing to take that on? If you are looking to purchase a 15k property, i would imagine that thing would need to be completely gutted from top to bottom, so just something to think about.

Lots of different roads & avenues to take in your Real Estate journey... just gotta find the one that suits you best!

If it's a family friend have you considered asking them if they are interested in Seller Financing?

Hi Taylor,

Just to cover yourself a little more you could always put a contingency in the offer that one of the four units has to be vacant before you close on the property.

As Andrew said above though, you risk potentially having to pay more for the house or the seller just may not want to deal with any contingencies at all & may move onto an offer without any.

Took me about 3 months. Was very interested in Real Estate in August of 2020- read the books, listened to podcasts, learned how to analyze, etc.

Ended up convincing my best friend & now business partner to come on board with me ( he had zero RE experience as well). And we have never looked back since.....

You gotta jump into swim!

What part of Albany are you in, are you in a Troy, Albany or Watervliet type of location? Or more of an upscale town like Clifton Park, Bethlehem or Niskayuna?

As Paul mentioned above, I wouldn't accept someone with a credit score below 600 unless i was weeks/ months into trying to get it rented & was desperate to get someone in at that point. Getting someone in just to fill the spot may seem beneficial at first, but once they don't pay you may regret not just waiting a little longer to rent to a tenant who actually qualifies.

Before we bought our duplex in Waterford, we were under contract in Troy. Long story short, i found out quickly that these lower income area's like Troy/ Watervliet/ schenectady have lots of trouble finding good tenants. In this particular deal, the tenants were inherited but after running credit they were well below 600, and we're also illegally sub-leasing the unit to a stranger, months behind on rent & also had lizard's no joke just roaming the apartment lol. Another unit i was looking at in Troy, the tenant told me his rent money was for "Crack & Prostitutes" jokingly... although he didn't seem to be joking LOL. Safe to say i backed out of those deals as these kind of seemed to be a re-occurring theme in the Troy area.

I'd stick to your guns & only rent to qualified tenants. Will save you a lot of time in the future.

I'd say No. What's going to happen when the tenant starts to think that nothing in the lease is enforceable?

$1500 for Rent this month? Maybe next month!..... Once you give people a couple inches, they'll take the mile.

Hi Halid,

As a beginner, i'd recommend taking a dive into some of the books that Bigger Pockets has to offer. No one above can really answer those questions besides yourself.

The BP community has multiple books on beginner rental investing, BRRRR, Flips, Wholesaling & more. Take time to read these, understand how these strategies work, which ones you like best & then decide what "journey" is best for you. There's also many free articles/ blogs/ YouTube videos on how to properly analyze properties.

Coming into a forum & asking other people what to invest in is never a good idea. Do your due diligence as your still young & have plenty of time to figure things out. Good things take time!

Best of luck to you.