All Forum Posts by: Orlando Goodon

 I was overwhelmed. This is my first time doing this and my job is demanding and I was new at job too. So I was focused on other things. Apriasal alone was a MASSIVE deal. I was daily watching the market like a hawk and gathering data on it.

 LOL. Well first I need quality legal counsel. My attorney really failed me and still is, but now I need to learn my lesson and avoid another case of bad representation. I really need to vet these people big time. The issue is that, you basically need to know THEIR jobs. There are things that he did not do that I did not know was to be done, but that is the REASON you hire an attorney. I guess the idea is to know as much as you can, so you are not depending on them 100%. You should try to know most things and then, their job is to fill in the gaps that you miss, or explain things you are aware of, but dont understand.

I went into this not knowing much about the legal side of things, so I really needed a top attorney.

This will be like insurance reviews or even doctor reviews. If the person is personable (like my attorney was), they will get good reviews whenever things are simple and easy and their flaws don't matter. Imagine attorney does 10 simple, single family deals. So deals go smooth and buyers happy and give good reviews. Then I come in with a very complex multi family deal and their sleeping their way through work style reveals itself. 

 Right. I feel like I have a Lamborghini right now, but it needs premium gas and there are no stations within 300 miles. Well, I'm not driving 300 miles for gas...but I DO have this Lambo here...which...IF I had the gas...would be a BLAST. For now however, it's all potential and good looks.

 This is my 4th day of ownership. They kinda played me. Made it seem like it would be vacant and then my attorney did not really do a good job in protecting me at all. It was basically me, the amateur and bad resources. They all took their money and ran and I'm here on the forum. lol. Not even the past owner will even reply to me about some basic questions I have about the house setup. I got a handshake and a stack of papers and a "good luck buddy". lol 

 Yeah, a cash offer would be money WELL spent! My property is in high demand. I'm sitting on a major cash maker, that NEEDS to be one, because it also has significant liabilities (old house), so not having serious cash flow is asking for financial ruin. This house demands a hefty reserve account, that you HOPE you don't need, but if you do and don't have it, things can go south fast. So I need to get these people out.

 You are probably right. Thanks for the comment and advice.

In short, if a tenant does something that would forfeit their e-wrap protection I need to be aware of this fact. What are reasons that a tenant would be removed from the program based on their actions?

I am looking to find out what the limits of protection that tenants get from this program. In other words what are the types of things that would lead to a tenant losing this protection? For example I'm pretty sure if a tenant is going around and assaulting other tenants the program will no longer protect them. The reason I'm looking for this information is because the program is very tenant friendly and therefore I'm limited in what I can do to get tenants out of my property so that I can renovate so I need to be aware of things that would lead them to basically get themselves kicked out because it would be a major failure on my part if I focus only on what I can do and then miss an opportunity.

just because I know people are going to misunderstand what I'm saying here let me illustrate. Imagine I initiate a moving eviction process with an attorney and that process is dragging along. Then the tenant does something that would violate the rules of the program but because I'm not aware of this I don't see on the opportunity to notify the program of the violation. So in other words I need to know what violations they can make so that I can report it because that's probably a faster option.

kissing point the tenants I believe have been in this eviction process for over 14 months by now. That would mean the three forward months have already expired I believe. So the only thing the program would be protecting them from is back rent. So this means if they miss payments at this point in time they won't be protected by the program. I can then do an eviction for non-payment.

so if this is a game of chess I need to be aware of the concept of checkmate. Otherwise I will have a checkmate opportunity but failed to move my piece because of lack of knowledge.

I'm actually thinking to call the government program itself as a tenant and ask them what would cause me to lose my benefits.

I guess also theoretically a good attorney should be able to tell me these things as well.

 Wow thank you for your assistance here. I've actually been spending some time trying to research the history on this emergency rental assistance program. I'm really curious to know who are the people who were behind this and pushing it. I want to know what kind of people came up with this and didn't spend the time to consider the risks to the homeowners.

I mean I respect and understand the need to protect people who are financially disadvantaged especially since I was one of them myself but seems a little bit lopsided to build a program designed to protect those in most need that will risk pulling down people who have overcome these things. I worked hard to get out of that situation to be able to afford this house and these kinds of programs could potentially pull me right back there.

the idea that you could own property and be forced to keep somebody in that property is insane to me. If you create a program to provide funding for renters but you don't have the money to do it then you need to pause your obstruction of an owner's ability to remove a tenant until at least your program is funded because otherwise it's basically a scam. If you're not actually going to pay the rent either then all you're doing is collaborating with a non-paying tenant in an effort to allow them to live rent free.

let me not sideline my own post and create another one specifically to discuss this erap program. That's an entire discussion by itself.

Just purchased a large 5 units with multiple section 8 tenants in pending evictions that have been going on for at least the last 3 months if not longer. For the terms of my loan I need to occupy one of these units within 60 days. The expectation was that the property would be delivered vacant but the evictions are being held up by the ERAP program.

I need to renovate the entire building which means I need the tenants to leave and in addition I need to occupy one of the units. I'm being told different stories about whether I can continue the current cases as the new owner or whether I'll have to start over.

either way I need to get these guys out quickly so I can do my renovations and then move in and then start finding tenants quickly so I can handle the massive mortgage. I can handle the mortgage but that means just about all my money is going to go into the property which means my reserve account is going to be at serious risk with no profit to keep it sustained.

I think my attorney messed up on some things here but we're here now, just looking at what my options are. My understanding is evictions were for non-payment and the tenants should be on month to month only. One has been there for 4 years so that means a 90-day notice. That much I'm clear on.

Quote from @Johnny McKeon:

Originally posted by @Jessica Young:

@Johnny McKeon you mind sharing your numbers? I think I may run into an issue with self sufficiency 

 This is my third 4-Plex #pepper4plex I'm househacking.
(live in 1 unit, rent the other 3 out and live for free)

I used FHA owner-occupied loan with a 3.5% down-payment. closed 12/20/2021

asking price $575k
purchase price - $550,000
down-payment (3.5%) $19,250
30yr fixed rate mortgage
interest rate - 2.25%
seller concession $3,000
UFMIP $9,625k rolled into loan amt.

[expenses]

PITI (Principle,Interest,taxes, insurance )
$2,252 + $371.90 mortgage insurance
=$2,624
utilities (water, sewer, trash) varies
$270

[ potential Income ]
After remodel
rents $1,325 x 3 =$3,975
bill back utilities- $270

the best part is after a year I can
rent out all 4 units and repeat this process over with another 4-Plex.

House hacking is a great way to grow your rental portfolio with low down payment loans, live for free & increase your monthly cash flow.  i have pics in my BP profile & I.g. account 

 How can you do that after a year? You can't have mulitple FHS loans so unless you somehow pay it off, you can't do it again?