All Forum Posts by: Account Closed

Because i am a newbie and don't want to deal with risky tenants in cheaper areas. Maybe down the line as I get more experienced I would do 1031 or get a HELOC to invest in cheaper ,more chash flowing properties.

BTW does anybody have an experience in talking out a HELOC on investment property. How hard or easy was that?

And BTW I didn't have to read your post 3 times. It is clear that you are a new investor, so am I. We are all here to support each other and share our experience. I applaud you, Rhia, for becoming an investor👏👍

Ones you buy a property the old contract doesn't need to be changed in your name. We just did the same with our inherited tenants. They were on month to month, but we had to give them 60 days notice, because that was specified in their contract. So check the current contract carefully. 

A lot of tenants live from paycheck to paycheck and having hard time saving 3 months worth of payment in order to rent a new place. I think that is what's happening to you and usually they are out by the time eviction kicks in. If you already used up their security deposit for not payment and their last month's rent, consult a lawyer.

Also type a note of late rent payment with all the late fees and post it on the door as well. 

We had the same issue in Philadelphia. Tenants didn't communicate with us and didn't pay for two months. But we waited to the last day. Turned out they wanted to use their security deposit as rent and we had their last month's rent. So we were happy that they moved out without us having to spend money for eviction. They didn't trash the place, although we could deduct some money out of there deposit for some repairs. 

Just type some type of letter reminding them of the last day when they have to surrender the keys. Just say the inspection of the property is scheduled for the next day. And if they are not out by then the eviction will be filled immediately.

We posted the letter on their frond door. 

Good luck!

How much in PMI are you paying? Maybe if you try to reduce your mortgage payment on the duplex you can increase chash flow. I would calculate how much you need to put down towards your principal in order to eliminate PMI.

And maybe refinance if you have a high interest rate.

Also increase rent if the market allows you. Or make some improvements to justify the rent increase.

I know you're probably attached to your first deal and would like to keep it as your retirement savings. 

Let the numbers talk. Good luck.

46K for a duplex Wow!!! How many bedrooms? It is impossible to find such great deals in our market. We just purchased a duplex for $230K and consider ourselves lucky.

My husband and I have an experience of buying 2 duplexes 7 month apart through conventional loan. But you don't have to wait that long. I was told by the lander that as long as you have a steady income, enough cash to close and good credit , you are good to go. Some Landers would like to see your condo that you just purchased, occupied, they ask for a lease to review. That also counts as your incom. 

As to what type of property to buy, i would suggest multyfalimy, because you will be the owner of it, you get to set your own rules and don't need to waist money on constantly increasing condo fees. Also your risk of losing rent trough possible vacancy is split between 2 or more units. 

Good luck!

Thank you Chris. The building has seperate evening except water. In fact, we own another one with just the same floor plan. 

One of the units might have been owner occupied at some point. But i have leases for both units which i inherited with the  purchased property. Tenants just moved out they were month to month, living there since 2009. But where do I get the record of how it was occupied before ? I don't even know if the owner ever had renting license .