All Forum Posts by: Mick Saavedra

Hi all, just had a general question about the eviction process. 
We decided to terminate the lease of one of our tenants only a month into their lease due to various breaches of contract- including renting out the basement of the property to people not on the lease. Now, 30 days later, the tenants who were on the lease are gone, but the people living in the basement (who are not on the lease) are still there. Could I call the police and report them for trespassing or what would be the correct protocol to get them out? 

Thank you. 

Hey guys, so I'm currently in the "Refinance" portion of my second BRRRR deal on a property that was purchased all cash- I just locked down a rate of 5.99%... definitely not ideal when compared to my first deal over a year ago in which I locked in a 3.99% 30 year fixed. But as we all know, interest rates are on the move and like my agent says, they could go much higher and we don't know what the future will hold. So best to lock in now while rates are still historically low, right?

That said, here are some of the rocky details: This property was purchased for $130k and after ~27k in repairs, it appraised for $185k. I will be getting back roughly 75% of the ARV ($136.5k) which totals out to $128,567 after closing costs. Estimated total monthly payment is around $1,020 a month. I currently receive $1650 a month in rent- it's cash flowing fairly well.

The thing is, home prices have gone up a crazy amount in just one year in my market- should I take the 5.99% and cash this money out in search of another deal or just wait, pocket the rental income and standby- and hope interest rates don't keep skyrocketing? Thank you!

Hey guys, I have a bit of a story here so bear with me: so last summer me and my brother were surprised by my grandmother who decided to buy us a house- all cash- as a gift. Now for years now I'd been looking to find a way into real estate investing and I instantly saw this as a unique opportunity to utilize the BRRRR method.

However, there's a bit of a snag to this- while technically the house is under our name, my grandmother has expressed the desire that, for now, she wishes to collect all the rental income. While there's nothing in the contract that stipulates this, we agreed to do so based on our good faith. However, I began to look into other ways I could potentially make money with this property. Due to the unique layout of the home, and the fact that it has two principal doors on either side, I decided to convert the garage and wall off part of the family room in order to create an "in-law" suite with full/partial amenities (kitchenette, bathroom, etc) that could be rented out.

My grandmother has given her blessing for the project and I'm hoping to pocket some rental income from this, but the obvious question remains: once I do the ReFi and mortgage the home, I would be taking monthly losses as my rental income wouldn't be enough to cover the mortgage. Yes, hopefully I'd get the bank loan and potentially buy a new home cash, but unless I manage to convince my grandmother to perhaps give us a bit more of her rental income, I'd be taking the monthly loss. Would such an idea be worth it, or what are some things you all would advise? Thank you!