All Forum Posts by: Matthew Keeney

Thanks for the input BP members. They went through with the tenants despite an eviction, bad credit and other red flags. I can only do so much to help them. I guess they'll learn the hard way. I'm sure that I'll hear later about "how renting properties is not worth it." It's amazing how people don't want to put in the effort to make things easier in the long run. I hope it all works out for them though. Thanks again BP

My friends have a house in Baltimore City that they've been renting out for less than a year. Their tenants broke the lease early and talked the owners into having their parents move in immediately after. This all unfolded rather quickly and the owners got scared their place was going to sit empty. So last night they met the parents and verbally agreed to rent to the parents with no due diligence at all. The new tenants are supposed to move in tomorrow and have paid first months rent with no lease signed.

 I'm urging them to slow this process down and do their research first because their are several red flags. The owners are transferring the previous security deposit over to the new tenants without even going over damages. Can the owners return the rent and slow this process down at all? Or would their be legal repercussions if they do background checks and they find out that they don't want to rent to these people? These are dear friends of mine and I would hate to see them go through an eviction or have to cover two mortgages. HELP PLEASE!

Thanks @Brad Smith. I briefly came across SBA loans yesterday on break at work. It's on my to do list to research them. I was reading something about securing a loan with as low as 10% down.  What's all involved with SBA loans?

I have my first potential deal from a direct mail campaign. It's a multi-purpose building with three 1 bedroom apartments and a barbershop. It's an off market deal and the property seems to have a lot of "value add" if done right.  

I have a list of about 75 lenders and banks that I'm calling this week for financing but I'm curious to what a commercial loan looks like. What are decent interest rates and down payments? From my understanding they're about 2-3% higher than residential loans(in that area) and 25% down. Any info on the matter would greatly be appreciated.

The ideal goal would be to live in one of the apartments and treat it as a primary residence loan but I'm not sure if that's a possibility with the barbershop being attached. I have a decent savings, a 750 credit score and net about 4k a month from my W-2 income.

This all unfolded yesterday so I haven't done much research on the matter. Any guidance or ways to save time on making 100 phone calls would be appreciated. Thanks BP.

Thanks Dan. So how did you go about transfering the funds? Did you set up the SDIRA first and if so, did the company handle the transfer? 

My new job will has a pension so I won't be setting up a 401k. Plus I'm downsizing and getting rid of my American lifestyle of buying nice cars and expensive things.lol So I should have a lot more cash to save and want a place to keep it but still be able to buy properties.

I'm looking to turn both my TSP and my 401k into self directed IRA's. My TSP is from active duty and I still contribute to it once a month when I do my reserve duties. My 401K is from my current employer but I'm about to leave the company. Does anyone have any advice on the subject? I plan to call a financial planner who does free work for the military but want to do my research first. I figured posting on the forums would be a good start. I'm basically wondering where to even start in order to accomplish this and is it even possible.

Last night I added Va loan research to my To-do list. I definitly need to educate myself self on that topic. Once I'm back from San Diego I plan on contacting some real agents to start looking. On your reply you said here is a list of the counties VA loan limits but I didnt see a link or anything. And earlier I referred to the VA loan as the GI Bill. Sorry for the confusion, I meant VA loan.

Thanks Malcolm. I have thought about using my GI Bill. I would like to buy a multifamily but I haven't seen any around the area. I also haven't looked that hard. Ive been just researching and learning. I did know there was a cap on the GI Bill per area but didn't know what it was for Anne Arundel county so thanks for that. You also cant buy foreclosures or fixer uppers with the GI Bill which is more of the strategy that I'm going for. I'm looking into trying the BRRRR method for my first property and then try a flip.

thanks for the responses. Those meetings are definitly something that Im interested in. I'm heading to San Diego in August to do my reserve duties but after that I'd like to meet up for coffee or beer, my treat. Can you please send me the info for those meetings? Thanks again guys.

Newbie to real estate and BP. I just got out of the Navy and am moving back to the Maryland area. I'm currently researching criteria's, niches and etcetera as well as getting my life to a position where I can have the time to manage properties. I want to put my savings, great credit score and GI bill to work for me and my future. Since I'm in the process of a move, I'm looking for friends in the Baltimore/Anne Arundel area. I want to surround myself with ambitious people with like minded goals. Hopefully we can get some events going in the Maryland area. Please contact me, I'm willing to learn and hopefully teach.

And I have to give a huge thank you to Bigger Pockets. This site has already changed my life and I haven't even invested yet. Real estate investment has always been a dream and y'all provide all the resources to make it happen. This is an amazing site.