All Forum Posts by: Matthew Conner

Hi All,

I'm looking for advice on how I should handle some issues that have come up amongst tenants in a triplex. I am the property owner self managing. Unit 1 was an inherited tenant who's rent is paid through hud by the VA (older male disabled veteran and an alcoholic). I renovated and filled units 2 and 3. The Unit 2 tenant (female) has complained of harassment from the Unit 1 tenant on several occasions. I have discussed this with him each time but it continues. Also she has made noise complaints on Unit 3 a few times.

At this time I plan to send all units a letter reminding them to respect leases related to the right to peaceful enjoyment, and a notice to comply or vacate to the Unit 1 tenant. I'm also reaching out to a lawyer to see what my options are. 

As the landlord, should I even be getting involved with these disputes? I feel like I'm playing babysitter when they should be dealing with this themselves or calling the police if necessary. 

I understand that the tax rate when selling a rental is based on less than or greater than 1 year. But where is the line drawn? If I closed on a rental August 20th last year what would be my soonest closing date to take advantage of long term capital gains? August 1st, August 20th, or does it have to go into the next month in September?

Thanks, I agree. I couldn't think who to ask but the housing authority and they are who told me about the 2 per bedroom rule. This is not through the housing authority though just us listing the property. Just want to make sure I'm not violating anything.

Hi,

I'm in a new situation to me. I have a 1 bedroom apartment in Pennsylvania I'm renting out and a potential applicant that is a single mom with 2 kids under 2. Qualifications aside, is it legal to rent to her? I know most places have policies that limit occupancy to 2 "heartbeats" per bedroom. As far as i can tell i cant find a law preventing this, just that most organizations have a 2 per bedroom policy.  Thanks in advance.

thanks!

Hi All,

I am listing a new unit and have an applicant that meets income requirements currently in another area but is relocating to the area where my unit is. How do you handle income verification when they will obviously have a different job? Do you require they provide proof of accepting a new job and what their pay will be? Or assume they will get a job with comparable pay? Thanks in advance. 

Hi,

I'm looking to help my sister find a lender for a home she's buying. They are looking fire a VA loan on a manufactured home on a permanent block foundation on 2 acres in Pennsylvania. They were pre- approved through quicken for 2.5% but they would not finance this home since it is manufactured. The alternative they found is offering 3.75% which seems a little high.

thanks in advance

Thanks Kerry. That clears up the process for me. 

The property in question is being purchased with with traditional mortgage and will be rehabbed. The main reason I asked is with lenders traditionally requiring a 6 month period to refinance, and decent loan terms I may want to pull put equity earlier and refinance at a later time. 

Hello,

In relation to the BRRRR strategy, has anyone done or looked into getting money back out post rehab/rent via a home equity loan or HELOC instead of refinancing? Or just using it to get money back out sooner than refinancing? I haven't heard of people doing this much, so I'm wondering if there are some major negatives to it. Thanks in advance!

Originally posted by @Elise Marquette:

This is straight from the FHA guideline on non-occupying co borrowers. Hope this is helpful!

That is EXACTLY what I was trying to figure out, thanks!