All Forum Posts by: Kyle Neville

I am selling one of my properties and it currently has a tenant. What are the laws about kicking out tenants so we can sell? Do we have to wait for the lease to end? Or can we just give them a 60 day notice? I don’t want to sell the house with the tenants in it though. 

Is it legal to charge more for utilities than why I pay for utilities?

Example: can I charge a flat rate of $50 a month for electric if I only pay $40 a month? Or is this illegal? I’m trying to find little ways to add value to my cashflow, but I also don’t want to do anything illegal.

I feel like I understand the BRRRR method good enough to try and do my first BRRRR deal. However, the only part that I don't understand is the refinance portion. So right now to buy a house using a traditional loan the bank says that the max they would loan me is 290k. Is that also the max that they will loan me if I used the BRRRR method during the refinance portion. What if I used the BRRRR method and after Rehab the house is now worth 350k. Would the bank give me a loan for 350k in the BRRRR method if I only qualify for 290k using a traditional loan?

I just found a super sweet duplex for a great price. Minimal work needed. However, upon closer inspection it looks like there used to be a pool in the backyard. When I google earthed the house, sure enough there was a nasty old pool filled with junk. Im worried that the previous owners didn’t fill it correctly by taking out the pool and then filling it. They are asking $260k for it. If I confirm my suspicions that they just threw dirt into it, can I negotiate a cheaper price? Or is it okay to fill pools that way? If I ask for a cheaper price, how low should my offer be?

Very good points! we are doing 5% down. I did not know we needed to check with the city. So thank you for bringing that to my attention. 

My wife and I currently own a town home that is 1400 square feet. It is in a great area and our mortgage on it is about $760 a month. We could easily rent it out for $1300 a month and collect cash flow. So my wife and I just found a home that we want to turn into a duplex. It is 1800 square feet and in a quiet neighborhood. It was recently renovated and is really pretty. It already has its own entrance into the basement and has an area for the laundry, kitchenette and bathroom. We just need to instal all of it. The asking price for this duplex is $259,000. They already have an offer on the house for over market value. Our realtor suggested that if we want the house that we offer $280,000 because everyone is buying for about $15,000 -$20,000 over market. The problem is, my wife and I don't have enough savings to have a down payment. So, what we are doing is we are getting an equity line of credit on our current town home that we own. By doing this we will have enough of a down payment. If we do this, we could rent out the other half of the new duplex we are buying for another $1100 easy. So, in my eyes the numbers work. But Im new at this and I am guessing I am missing something. 

Are we making a  mistake?

You are all so amazing! Thank you so much for your advice! 

@Sean Pan thanks sean! I think I found a great deal to bring him!

My wife and I found a duplex that we wanna buy but we don't have a large enough down payment. We qualify for an FHA loan, however the unit is two small for us and our baby, so we cant live there for a year. So we wanna buy it and rent out both units and live in our current home. Any ideas on how to do this?

My friend and I found someone who we want to mentor us. I have heard that I need to make it worth their time to help me. What kind of things does a mentor look for? Should I try and find him a deal? Do I offer to work for free while he mentors me? Do I pay him? Is there any other things that could make him want to help me?