All Forum Posts by: Jose Batista Abikarram

I did my first multifamily with an FHA with 5% down because I thought 5 sounded good and it lowered a little bit my MPI. however if there is one thing I learned from that deal is that I should have totally gone with "less cash flow" because first my ROI was bigger and as @Matthew Drouin says I would have been able to use the rest of the cash for another investment. The lower your capital invested the higher your ROI and the more you can diversify! (Especially with the crazy low interests we have today)

This seems like a real headache and I am very surprised the arrest didn’t come as part of the background check. Looking at this it might be better to just go through the eviction process since it seems that some of the behaviors you mention are borderline illegal and should be on the lease. I hope you are in a landlord friendly state but if not you will have to see how to negotiate with this tenant or how do you correct their behavior for the better.

Also I would recommend doing a “courtesy inspection” to take pictures and take into account what could be fixed. Now she won’t have anything against you because you have proof of how things where. 

Good luck!

Yeah I agree with you @Brandon Mix, it can be tedious with the amount of programs that exist. I am three and think that is way too many lol.

I am not a 100% sure if it exist but I have seen a similar feature in a software called REI pro. I haven't used it but I went to a conference where they used and it seemed to have that feature. Hope it does!

@Latavia Banks you also want to make sure you know your state law. In NY the top you can charge for an application free is $20 so many of the options they have here would not work.

What you could do if you have a limit like that is charge the $20 and make up the rest with your own money. In that case make sure you have a good pre-screening process so you don’t have to pay too much for tenants that might not pass it. 

As @John Thedford says it really depends on your lease and state laws. I would recommend talking to an attorney but would also agree that they should pay you. See how you can work with them and why they want out. Sometimes it could be something you can solve and don’t have to deal with the vacancy 

Hey @Tanzia Hossain. Appraisal is one of those things we cannot control and just hope for the best. IN saying that there are few things you could try:

1) Show the comps you used to the appraisal and kindly say that you are trying to understand his numbers with the comps you have. This needs to be detailed, and to the point without stating that he is in fact wrong. Again this is a suggestion and is in his/her right to just ignore the request

2) You can pay for another appraisal and hope is better

3) You can sell the house and hope the market takes care of it

4) Rent it out for longer and with cashflow you should eventually recover the investment

Hope that helps!

RUN AWAY FROM WELLS FARGO! On a serious note @Cam Chan, internet banks are A-W-E-S-O-M-E especially if you want to keep your emergency funds in a savings account with an interest that makes sense (still less than inflation but heck more than .01%). Right now I use ally but it has fallen in its rates and even though they have great service their drop in rates have made me seriously consider other option. Look for reviews online they are all pretty much comparable. What I would recommend is to just have a savings with them and open a checking account with a local credit union, because that relationship right there is worth a lot.

Also if you ask why I said the first thing just look in google to Wells Fargo computer glitch blamed as hundreds lose their homes. This is just one of the craziest thing that has happened with them

My simple answer to you @Donald Bryant comes from a talk I heard from Chris Goff. If you name the price then the sellers name the terms, however if you name they name the price (or in this case the market does) you name the terms. This means that you will have to go with term based strategies such as lease options. I am by no means an expert on them but I do recommend that you look for some material on it since it can work even with market values  

Congratulations @Sammy Lyon! I identify with your situation with the wife and would love to connect. I went to a conference last Saturday and my wife just told me I needed friends so I could talk all my excitement off.

However she has supported me all along and I bet the same is for you. Keep on it and the best of luck for the future. I’m closing my first one and have a lot to catch up on now!