All Forum Posts by: Jon W.

Get it appraised. If there is equity to be had. Dump it and go multi-family 

Ask the bank to use your estimated proforma for the subject property 

Hello Canada 🇨🇦, if the property is taking you down financially. Don't go down with the ship like the captain of the Titanic. Sell at a loss.

or...

raise the rent.

Will Shaker, just buy a condo somewhere within or around Manhattan and live in it. You have to be willing to leave your area to invest correctly in multi-family.

Manage the property yourself. It's not worth paying 10% for property management or anything extra for that matter. 

You live within reason to the property and understand how to fix things that go wrong etc. A property management company is just another for-profit business that is after the almighty dollar just like you are. EXCEPT... they will get it. 

hope that helps!

Not a problem. Sounds like you have a good spread for appreciating in your area.

Sounds like a good deal for 310k. I would probably look into buying. Sounds like rent can be increased over a period of time.

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4 single-family homes are a good option as well. Follow the kris krohn strategy with the lease options buying 150-250k homes in good areas. 

Is anyone familiar with the hud section 8 process and rules in Pennsylvania?

I'm looking into purchasing a multi-family building with section 8 tenants with an 80% voucher. I'm concerned with what the rules are with increasing rents and how it works? also any potential negative problems. 

thanks -

Yes, use the fact that there are non-paying tenants and current evictions as leverage to reduce the asking price 20-30 % or more.

Then hire a eviction attorney to evict the tenants or possibly offer a contract to the tenants to pay then to leave. "cash for keys"