All Forum Posts by: Naftali Tolibas

Cool, if you could get us connected I'm always down to meet other investors in the area. Send me a PM. Thanks!!!

Originally posted by @William Horsey:

After all the reading, literally hundreds of Podcasts, forums, Youtube videos, offers, and rejections, I've closed on my first deal! 

Now the question is, what now? I've done the due diligence, crossed the t's and dotted the i's, and for some reason I thought that there'd be a to-do list after closing, but there wasn't. So here's what I'm going to do:

1) Let the tenant know with written notice that there is a change in ownership

2) Let them know to give me the rent (it's the 1st tomorrow)

3) Let the other tenant know in writing that we are ending their month to month lease (I need to owner occupy)

Is there anything else I am missing? Also, I want to be able to transition into online payments, do I need to wait until I renew the lease? Or can I just let them know in writing? Thanks in advance guys! 

Nice build @Nasar Elarabi! Did you design or did you hire an architect? 

Thanks @Doug McVinua. Yeah it says a 30 day notice on the lease, however the seller is going to notify before closing I guess. 

For the notice, would that be done by me after closing? Or will it be taken care of by the title or seller at closing? 

Hello BP Community!

I'm a few days away from closing on my first property! So excited to get my feet wet in the game and hit my goals.

I bought the property with an FHA loan, and need to end the month-to-month lease on one of the units (it's a duplex) in order for me to move-in. I'm not sure on how much notice they need, but I think in Arizona it's 30 days (I'll need to verify).

What's the process in doing this? Should I let the tenant know right after or before I leave (arrive at) the closing table? How do I formally end the lease? Is a standard written notice ok? Thanks in advance guys!

@Austin Nieves,

Congrats on the two properties! I agree with @Jim Sestito and @Joe Homs. The time you have is extremely valuable, and if there are side hustles that can help you in Real Estate (finding deals to wholesale, learning about or offering to manage properties etc.), then that would be a double wammy. Happy investing.

Hello Ted!

Welcome to BP! This is definitely the site to be active in, and has helped me personally network with other investors. You get what you put in, so be sure reach out to others and don't be afraid to send a PM with a coffee or lunch invite. 

Happy investing! 

I would assume that after refi that your properties still cashflow. In my opinion (and depending on when you bought) I'd refinance now. Rates are at a low, and are on the rise. All we know is now, and everything else is a gamble, so if you can afford to cash out refi now, now is a good time. If the market appreciates more, you'd still be ok, have the cash to pounce on a deal, and still be cash flowing. If it doesn't and the market turns, then you win even more because you were able to cash out, cash flow, and now are in a great position to buy. I say that's a win in either scenario.  

Just out of curiosity, how many hours of sleep do you get a night? How many do you think you need?

I love my sleep, but after reading the Miracle Morning by Hal Elrod, my entire philosophy on sleep has changed, and I now need 7 hours (vs 8 Hours) of sleep to be fully functional (Not groggy). I noticed I tend to sleep in more when the motivation to wake up is less than the urge to snuggle and snooze. So that's why after implementing the Miracle Morning Routine, I seem to feel less of a need to sleep in. 

@Jenny Hartzog

You could totally do that. I’d recommend paying off any debt and as you’ve mentioned straightening out your credit. Then once that’s cleaned out, buy undervalued properties cash, rehab, refinance and repeat