All Forum Posts by: Michelle Elsaid

@Jean Taveras Any ideas on process for removing tenants in lease agreement with previous owner? I would hope to be in by close and prefer to stick with the rule book.

Hi everyone,

I want to "house hack" my way into investment properties by buying a duplex, living in one side and renting out the other.

I'm searching the MLS and most of the time there are already renters in place with lease agreements. Since this will be a owner occupied mortgage - I would obviously need to live in one. So, I have two questions:

1. Do I have to honor the lease agreement with previous owner and current tenant?

If not, does anyone have experience asking them to vacate early on lease? Seems tricky.

2. Are sellers LIKELY to sell and terminate lease - since it will likely bring more hardship for them in closing, getting rid of tenants before closing, etc.?

3. If seller is willing to work with me, what would be time frame required of tenant to leave?

I know other things come into play, like how many other buyers are making offers, how long its been on market, but looking for some thoughts!

Thanks!

Michelle 

@Chris Romany, good point on the costs of the license. That's actually why I strayed away from the idea in 2015. Since then, my ideas about RE have progressed farther than "just" house hacking and investing, so I'm looking at it now as an investment.

@Victoria Winters, thank you for the advice. I am looking forward to all the good news and not-so good news that might come my way. ;)

@Richard Kerski,thank you for the offer.  However; I have already purchased a pre-license course . At this time, I am hoping to grow in a niche area and am not looking for apprenticeship programs that require payment. If anything changes, I will take a look into your program!

-Michelle

Never put more than the minimum amount to receive a match in a 401K. Anything above that amount intended for retirement should be invested in a Roth IRA or other tax advantageous account.

Hi everyone,

I am very interested in real estate and currently saving for my first "househack." I already do a lot of self study, but in order to speed up my savings, increase my knowledge, create new opportunities, and get started in the industry altogether, I'm thinking about getting my RE license.

I currently live in an apartment in downtown Orlando, FL. This could be a good opportunity for me to become a realtor for those searching for downtown apartments (rentals) and condos.  I do work full-time, but this could conveniently become a weekend and night opportunity, my employer has very flexible work hours if needed..

It is also worth mentioning that a long-term goal, besides investing, would be to open my own mortgage brokering or property management company. Both of these require years in the industry.

Thank you for taking the time to read my post. Curious to hear everyone's thoughts on this plan and any ideas for getting started.

-Michelle

Lots of bad reviews online - very good price - but good discussions on BP.. anyone have more insight into the online program? I will be taking it for FL.

Hi @Chris Meek,

It really always depends on your goals and how the numbers in your analysis run. If you can make a profit on the house, there's no need to put more than 20% down in your payment if this is an investment propoerty.

If you are buying for your primary residence, I'm still not sure more than 20% makes sense. It will lower your payment and decrease interest over the loan (awesome), but you may be able to make better use of your money elsewhere and make more money (also awesome). So it really depends on your goals and long-term strategy.

Hope that helps some readers! What did you end up doing?