All Forum Posts by: Account Closed

Find a local REI club, attend a few meetings to define your goals and network. Best of luck with your studies and in your investing career.

Is the problem finding another property (hire a buyer's agent) or paying for it (talk to your current lender for ideas)? How much equity/cash are we talking about and what is the potential deal? Best of luck with your investment.

Why do you think she's not there? Mail stacking up? Your lease should have a clause requiring written notice if tenant plans to be gone more than two weeks (family emergency, holidays out-of-town etc.). Send her written notice you will be entering to perform weekly fire/safety inspections (turn some lights on/off and raise/lower some curtains) to protect everyone's property. Send certified letter to last known address (your property) stating you intend to take possession at the end of December and put her things in storage. Pay for 30 or 60 days of storage rent and throw a combo lock on the unit. Now her things are the storage yard's problem. Deduct all this plus the mover's bill from the security and wait. She either will or won't contact you for the combination and the remainder of her security. She might even arrange for friends to empty the house (get it in writing) or send you a check for January. Best of luck with your investment.

Sellers usually won't evict because if the deal falls through, all future income is lost until another tenant or buyer is found. Buyer must clear the property after possession and factor that expense into their offer price. Best of luck with your investments.

It makes perfect sense to create a new MTM lease now with everyone's (adult and child) name on it. All adults pass a background/credit check. Over 14 days is not a guest, they are your tenant and everyone is responsible for the rent or everyone is evicted, no subletting or finger-pointing is allowed. Raise the rent until they leave. Sorry to be harsh but this can go downhill in a hurry. 30-45 days can go on with no end in sight. The kids will be hard on your property. Once they're in, you will have to evict if they don't want to leave. This is your business, not a hobby or a charity. Sincerely wishing you good luck with this investment.

I would continue with the two story if there's a legal, stamped plan for this addition, everything is permitted, and all work has passed inspection to date. If it's just a handyman's dream then tear down and go back to one story. Best of luck with this investment.

Your exit strategy is confusing. What is the goal? Decide if it's sell or rent and market to the most qualified candidate. You can offer seller financing that complies with Dodd-Frank and the SAFE Act later after a background/credit check. Sincerely wishing you the best of luck with your investment.

The tenant is part of the equation but the age of the building is more important, similar to cap rate. Maybe 4% < 10 years, 8% 10 - 20 years, 12% 20-30 years, and 16% > 30 years as a ballpark but "your results may vary." Best of luck with your investment.

You sign a non-disclosure agreement and let him offer you files any way you can get them. Express your concern but most likely you'll need to sit down and shuffle some paper. Confirm actual expenses, tax bills, utility bills, read the leases, etc. If it's two hours away, who will do the property management for you? Best of luck with this investment.

Not seeing any maintenance or property management expense here. Insurance seems high. What is your offer price and what cap rate do you expect? Best of luck with this investment.