All Forum Posts by: Jeremy Watson

Hi Nathan. 

Absolutely. Love that approach and will definitely utilize moving forward if we run into this again. 

Thank you! 

Hi Wesley. 

No question, just planning on keeping those who have never gone through the process up to date.

Forums are great place for ideas and where various opinions can be shared. Not every post needs to be a question. 

But yes, definitely makes us rethink our vetting process moving forward although we’ve used these assistance programs in the past with much success. 

Thanks for the reply! 

Hey John,

I have Three High Performing Realtors available and have sent you a message to connect if you’d like their info. 

Have had our current tenant occupying our property for a bit over a year now.  For the first year the tenant was utilizing the United Neighborhood Program for 12 Months of Rent (they paid us each month, like clock work).

We prefaced to the tenant that they should be prepared to pay once the program was done a few months prior to it ending. Not much communication from them / and then they relayed they would be applying for ERAP (Emergency Rental Assistance Program). No problem, we wanted to help them as much as we could / ensure they have a safe and comfortable place to live. 

It has been weeks and weeks with non payment (we’ve also been in contract with ERAP…’it’s coming‘, was all we heard).  Finally we hear that the program has halted funding, and it leaves us no choice but to evict the tenant.  

We will be filing tomorrow/ I’ll keep everyone updated on the progress.  

Please feel free to reach out with questions. 

* It is never our intention as landlords for this to happen / we provide as much assistance as we can (working with these programs, sending job openings locally, etc)..however, this tenant has chosen not to help themself. 

I'm an Associate Broker with REAL Broker LLC and we offer fantastic splits (85/15), Stock Options, Training, Mentorship and a fantastic network. Happy to help if you have any questions.

Happy to help if they’re in NortheastPA

FHA / USDA aren't your only options.

I’d suggest finding a lender that can offer a 3% Conventional Loan and build in a Seller’s Assist as well to help with the down payment / lessen the Cash to Close. 

This will bring that $20K down to $6K - $10K (after fees, etc). 

You can also receive gift money from family/ friends(check with your lender on the amount).

Also:

Owner Financing if they’ll be okay with it.  You can have them hold the note and after a year or two of being profitable / saving then you can take out a loan..pay them back..and continue forward. 

Hope this helps. 

Awesome!

- Read! Lots and lots of books.

- Digest tons of media (Podcasts/ Twitter / etc) This forum and all that BP has to offer is a fantastic spot to start. 

- Find a mentor and be a productive asset (lawns need to be mowed? / painting? / social media for older owners***this is big)

I’m a RE Broker and have found my background has greatly assisted with our investing success, however, getting a RE License isn’t generally necessary but it does help understand the buying / selling process and how negotiations works. 

You’re light years ahead of most.  Take advantage and crush it!

(DM with any questions)

My Partners and I own 30 Doors. A mix of 2 / 3 / 4 /and 5 Unit Complexes. We buy with the properties currently cash flowing (although not necessary in our area (NEPA) and we can fill vacancies rather quickly (even PreCOVID). And utilize the BRRRR Method to compound (which has proven very effective).

We have done evictions/ general rehabs / emergency rehabs / tenant drama / you name.  

I’m a RE Broker by trade but enjoy Investing and assisting my clients more.  

Ask Me Anything. 

Cash. For. Keys.