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All Forum Posts by: Maurice Boston

Maurice Boston has started 2 posts and replied 6 times.

@Raymond J. Rodrigues I would want to keep my current interest rate it's only 3.125% and I know it will never be that low again. If I cash out refi was enough to buy the property and build a house then yes but only limiting to 70% I won't be able to. I just want the money so I can pay it back then in a few years build a house using cash out refinance 

Quote from @Ran Iarovich:

I've been listening to the podcast a lot lately. David mentions that you should invest into multi-family whenever you have a few deals secured and some skin in the game. To all the multi-family investors on here, when did you know it was the right time to start investing in them? What was your financial situation and how did you score your first deal? 


I kinda just got into it buy finding a duplex that was a fixer. It needed a good bit of work and the tenants in the house took 6 months to get out but at least they paid most of it. I made sure the numbers added up for me to profit and I just went for it. I had to put down 15 percent using a conventional loan but if I look at it now I would have did FHA. It only cost me 225k and now it's worth 300k+ in less than a year. I'll keep it forever as it generates enough revenue to pay for itself

I am trying to buy a piece of land for 44k to hopefully build another rental on. I'm trying to use equity from my rental property but my bank doesn't do home equity loan from rental properties. My home is valued at almost 400k and I owe 162k on it. I also have a duplex I rent out and live in as well that has equity of about 100k. I have equity but all I'm trying to borrow is 50k to cover land cost and closing. I don't know any good way of using equity from my homes to pay for this land I feel like I'm stuck. Asset rich cash poor. Any advice is helpful. Thank you 

Post: First Multifamily Property Concerns

Maurice BostonPosted
  • Posts 6
  • Votes 1
Quote from @Nick Shri:
Quote from @Maurice Boston:
Quote from @Nick Shri:

You are in contract with the Seller. You can always hold off on closing if you want. If the Seller didn't promise to give you empty unit then you are on the hook. Best approach is to ask the Seller for attorney fees (lower the purchase price by say $5k), and close on the property. You now have $xx to work with, use it towards cash-for-keys, attorney or whatever. Keep us posted on how it goes.

So they are paying for my closing so I guess that's a good gesture considering the market. The property is being sold to me at a discount from the current below market value , there's about 10k of equity in the house so I mean I guess that's a good gesture. I am going to get a legal perspective on exactly what I need to file an eviction for the tenants and go from there. 

Oh if its under-market then absolutely close on it and then get an attorney for eviction.

 So this is the path I took.  I closed on the property then served another 30 day notice to the tenants.  Paid  a lawyer to do the eviction.  I guess when the property changes hands you have to give a new notice because everything from before you can't testify in court. So after a month then court, then 10 days for an appeal the tenant will be out.  Thank you for all of your help!

Post: First Multifamily Property Concerns

Maurice BostonPosted
  • Posts 6
  • Votes 1
Quote from @Nick Shri:

You are in contract with the Seller. You can always hold off on closing if you want. If the Seller didn't promise to give you empty unit then you are on the hook. Best approach is to ask the Seller for attorney fees (lower the purchase price by say $5k), and close on the property. You now have $xx to work with, use it towards cash-for-keys, attorney or whatever. Keep us posted on how it goes.

So they are paying for my closing so I guess that's a good gesture considering the market. The property is being sold to me at a discount from the current below market value , there's about 10k of equity in the house so I mean I guess that's a good gesture. I am going to get a legal perspective on exactly what I need to file an eviction for the tenants and go from there. 

Post: First Multifamily Property Concerns

Maurice BostonPosted
  • Posts 6
  • Votes 1

Good evening everybody,

I am new to the Hampton Roads area and I am purchasing my first multifamily property in the area. I do own one rental property so I am an amateur at best in the real estate field. The current issue I have is that there are two tenants occupying the property I will close on next Monday. They do not pay anywhere close to market value in rent, one is month to month and the other has a lease with the last owner until January 2023. The problem is, according to the seller's realtor (which BTW is mine as well), the tenants have been given the notice to vacate, and it's been 30 days since they supposedly gave the notice. The month-to-month tenant has not left the property and probably won't be out this weekend. The realtor wants me to still close and evict the person on my time after the deal is completed. The seller (to my knowledge) has not collected rent from the occupants since he acquired the property last month. 

My question is, am I legally obligated to file an eviction on this person the day I close, or will I have to give him another notice and wait 30 days to get him out? Also, is there anything more the realtor can do to get the person out?  Should I offer the tenant cash for keys to get him out in a week? Lastly, is it a good idea to close on this deal or should I let it go? 

Thank you all for your time and help I really appreciate it.