All Forum Posts by: John Chea

Thanks for the replies,  I should clarify that the husband and wife were on the original lease.  I have read the lease they signed.  Is it correct even though they are on M2M they still must abide by the lease agreement signed? And even though he has gotten roommates now, he is solely responsible for the rent payments?

He has just notified me the new roommates were moving in, I have not met them or even have their names yet.  I want to keep them on M2M, so doing a new lease application seems needless,  However, shouldn't I gather some information from the new roommates and provide them some terms of the lease they must abide by?  Please add, anything I am missing.  

Hello everyone,  I am new to property management, my tenants are grandfathered in when I bought the property and would like to know how I should handle the current situation.  Short story,  husband and wife on month to month separated, wife moved out, husband stayed and got 2 roommates.   What if anything should I be doing to protect myself?  I would appreciate any advice.  

Hello everyone, I am a new landlord in Michigan and the time has come to renew my first lease.  So I've come here to learn and gather any suggestions or comments on best practices on how to do this.  A few questions I have are:  How to I go about getting the lease paperwork?  Is this as easy as getting a cookie cutter Michigan rental lease agreement?  Should I consult an attorney to create a new lease or make changes?  The lease and paperwork I feel are a very important step and will prevent future complications any insight tips and suggestions from more experienced landlords/managers would be greatly appreciated.  

Looking for a realtor to assist in acquiring multi family homes in the Holland/Zeeland/Grand Rapids area.   

Emailed to my loan officer today about an FHA Loan on a 4 Plex I planned to occupy. She has said some things that have me a bit confused.

"Yes we could actually do FHA with 3.5% down. You would have to occupy the entire property as your primary residence"

"If you are planning on renting it out, then you would need to purchase as an investment property. A couple questions for you to know if primary residence is an option, is it currently rented out & would any of the renters be staying? If any renters are staying, we would 100% have to proceed with the investment property purchasing guidelines."

It sounds like I won't be able to rent out the other units under FHA loan. Is this accurate?

Emailed to my loan officer today about an FHA Loan on a 4 Plex. She has said some things that have me a bit confused.

"If you are planning on renting it out, then you would need to purchase as an investment property. A couple questions for you to know if primary residence is an option, is it currently rented out & would any of the renters be staying? If any renters are staying, we would 100% have to proceed with the investment property purchasing guidelines."

It sounds like I won't be able to rent out the other units under FHA loan. Is this accurate?

Would like to make an offer on a 4 plex I plan to occupy.  The building is for sale by owner, and owner has stated he would not be willing to pay my buyers agent commission.  As a first time home buyer I'm not sure if I should  just represent myself on the transaction or should I pay my agent's commission out of pocket?  Any advice on this would be appreciated.  

So are you saying I should consider FHA with little money down and pay PMI while holding my cash, as opposed to going conventional with larger down payment without PMI?

Looking for advice for my first investment property.  This question is for some experienced buy and hold investors who rent out there properties.  If you were to start over again from scratch today would you start with single family, duplex, quadplex?  My situation is pretty flexible,  I don't need a place to live, however willing/able to owner occupy, I will be working a full time job, I have 60k capital to start up and have financing ready.  Looking near my local area.   I would prefer to have properties managed professionally, however willing to learn on the job to begin with just not sure where to start out.