All Forum Posts by: John Alosio

It's my (limited) understanding that you can still file for an eviction currently. It's just that the courts are not prosessing them at this time. So when the moratorium is lifted, it will set off the avalanch of backlogged cases.

Anyone please feel free to correct me if I'm wrong.

if that is true than I'd say if they're already behind on rent start the eviction process right away to mitigate lost time when eviction deluge hits.

@Tadan Cox

Glad to hear you're interested in the world of real estate. There are so many avenues out there to persue. FHA duplex house-hack is a great stratigy to get started into "buy and hold". Excellent when you're young but can become more difficult the older you get.
if you haven't already gotten into the podcast it's a great place to start your journey. dig in starting at episode #1
https://www.biggerpockets.com/...

Good luck

happy learning 

I'm not sure if this applies to the question because it's not a traditional rehab, but please allow me to vent. I closed on a duplex in March. It was fully rented at time of purchase. So what I saw was an older shabby house needing some TLC. Both tenants immediately vacated. So I was left with the true pig behind the lipstick. With the curtains drawn back, I could see a lot more imperfections. At that time contractors were not allowed to work. And I was furloughed from my 9-5. So I figured I can handle the work by myself.
it was a nightmare. Layer after layer of the onion peeled back. Mold in a bathroom(tore out subfloor and some sheetrock). Well issues. Gutter drainage flooding basement. Peeling paint over walpaper. MDF paneling coverering crumbling plaster walls. The list goes on. After 3 months I got one unit in rentable condition. The second unit I was moving into so it's now livable, but still needs more work.
Now that the dust has settled, I can finally start licking my wounds.and figure out the best exit strategy. Maybe sell if the market doesn't tank within the next 2 years. I feel badly burned from this transaction. Learing experience I suppose? I definitely learned what I can and can't handle alone.

sooo the answer is about 4 months. Which I know doesnt sound like a lot. But it felt like years.

ok I'm done. Thanks for reading if you made it this far :)

Hello Rosa

I'm a bit perplexed by your question. Why would anyone want MORE paperwork?

I try my best to keep things digital.

is there something you have in mind that requires a paper trail? If your lease is properly structured, you shouldn't need much else . In my rental files I have the rental application, lease, maybe if they pay with cash I'll have paid receipts.

@Nuo Shi

Both houses I've purchased had leases in place with a built-in clause regarding the sale of property. It states that upon sale, the purchaser holds priority over the lease. Meaning that you may choose to end/change/create a new lease after closing. Personally I would avoid scaring everyone away from all unit. And try your best not to come in swinging, asking for background checks for everyone. Tenants are already on guard during a change in ownership. No need to upset them off the bat, unless it's warranted.

my first property I accuired a ttenant paying below market rent value on month -to-month. I offered the option to either sign a new monthly lease with increased rent or a one year lease at the same low rate, just to guarantee income security for the first year while I cought my bearings.

anyway, read their current leases and weight out your situation

Hope this helps

@Francis Pena my experience is with duplexes in more rural areas.  You could get involved with some of the urban areas such as easton, Bethlehem or allentown. There is definitely a seat for every a$$. But I'm not involved in these markets. I prefer commuter locations where you could get to major areas with an average 20 minute drive. Thats my niche, I guess. Easy access to highways. Beautiful country side. Quiet living. It all depends on what you're looking for. There are many options in this area of PA.

Hello @Mathew Fuentes

i was in this very predicament a few months ago. I closed on an FHA duplex house-hack in March. Right when everyone started freaking out about corona. And here I was, Mr. big bad new owner, having to boot someone out so that I can fulfill my legal obligation to occupy the property. I brought up the news immediately after closing(rip the bandaid). I really did feel terrible about having to do it but I did my best to convey that it was beyond my control. There was definitely push-back even though I offered a condolance of free last month rent. they found a new place and retreated as fast as possible. luckily they really wanted their security deposit back so they withheld from distroying the place.
it was tough. I almost broke down to offered them "cash for keys" but in the end it was a civil transaction.


so to go back to your questions, should you look for only unoccupied properties? I'd say No. Don't let that get in the way of a good deal. That may sound harsh but really you need a thick skin to be in the buisness of landlordering.

kick everyone out? ive heard many people talk about inherited tenants. It's usually a rocky road. And from personal experience, I'd much rather screen my own. But you never know. They could be incredible.

hope this helps

Hello All!

I recently started getting into the world of BP when i randomly came across an episode or 2 during my search for knowledge. When i realized what BP is all about, I began digging into the podcast starting from EP001. I'm now up to #104 and i wanted get involved with everyone on the forums. So here i am!

The wife and I began our journey a few years back with 0 guidance and barely any funds, Just a goal in mind: Passive Income. Oh the mistakes I've made.. If only i had found BP earlier in life i could have avoided so many bad decisions.

Now here i am. In my mid 30's. On my 2nd live-in duplex house-hack. Buy and hold is my game. I work a full time manufacturing job, and RE is my side hustle. Sweat equity is a struggle but so far seems to be paying off. I'd like to some-day step off the front lines of property management/repairs. But finding a reliable contractor that isn't going to rip you off and/or do a half *** job its incredibly difficult.

I now realize how much value BP's community can bring to the average Joe like myself.

I'm not quite sure what brings me to these forums at this moment. More than anything i could use someone to connect with. REI seems lonely because so few people outside of the game actually understand it.

So feel free so hit me up.

Northeast Pennsylvania Stroudsburg Allentown Easton poconos

Hello Gabriel,

A Duplex house-hack was my first investment property. As a first time home buyer putting 3.5% down FHA and having
"Seller concessions" cover closing costs. i got in on the bottom floor with
(relatively) little money down.

This property came with a tenant who was paying below market value. With me living in one unit, renting the 2nd, i was bringing in  -$250 /m after paying the mortgage every month. That means my monthly cost for housing was $250.

Before This endeavor i was renting my primary residence for $1300 /m. So simple math = monthly savings of $1050 /m

With $1050 a month in my pocket i began sinking it back into the house. A hundred dollers here, a few thousand there. After one year of improvements, new tenants, raising rent, and a ton of "sweat equity" I Refinanced to achieve 30% equity, got rid of my PMI, balanced out income to mortgage payments. So apartment #1 was covering mortgage 100%.

I'm Currently involved in the next phase: bought another duplex to repeat the process.

So i moved out of the original property, now renting both sides for 2X the monthly mortgage.

I Hope sharing my experience helps to answer your question.

Let me know if you want to know any more information or if i can help at all.