All Forum Posts by: Porsche Thompson

Hello BP Family!

So I recently purchased my first multifamily property. Its a triplex that I'm currently house hacking. Me and my husband were able to get in with no money down thru our VA loan and we already got the other two units rented out.

The house wasn't in great shape when we moved in but after a few repairs and some cleaning our tenants are settled and we're trying to right our financial ship. I'm interested in buying another property soon, before our year occupancy limit is up (next June). Since we can't rely on our VA benefit again until then, I was exploring creative financing.

My husband is a bit more hesitant on moving forward so soon. After the repairs and all the legal work (we had to evict two tenants that we inherited when we first got the property) our personal money isn't looking too hot. He wants to just wait until our year is up in this property and just focus on paying down debt and stashing for savings. He understands that thru creative financing we won't have to use our own money but the risks still bother him.

What should we do? Do we cool our jets and get our personal money ducks in a row? Or focus on getting another deal to help speed up the process and lighten our load? How long did you wait after your first deal to get another?

Thank you in advance!

Hey, I'm a multifamily investor as well. I'm currently in Fayetteville. I have one property and we're on the hunt for another.

My husband and I will be joining you guys. I'm excited to learn all about this!

Oh wow, you did an awesome job! Congrats!

Air Force spouse here, we're stationed at Bragg. I have one MFP and want to expand next year. Looking to meet up with some local investors, especially in the service. Hit me up and we can connect :)

 I spoke with the property manager today and she said they can't legally do anything because they can't have contact with the tenant once the eviction process has started. They said they have to wait til the property is under their control again which is 10 days after the court date.

 It has been a struggle, especially so early in the game. I feel like once these evictions are done and I find a new property manager things will turn around. I'm hesitate to look for anymore deals though until this gets smoothed out. 

 Thanks for the advice, I talked to my property manager and she said her hands are tied because we can't legally have contact with the tenant during the eviction once they have been served. Would this count as contact?

So I brought my first property at the end of June. Its a triplex that currently has two of the three units rented out. I'm living in the 3rd one. The owner before us was the landlord and had done all the repairs and rent collecting on his own time. I didn't want to interact with my tenants, or let them know I was the owner so I got a property management company to handle everything.

To this date, neither of the tenants have paid rent. One had a bunch of promises to pay, and never did, and the other has been dead silent the whole time. She won't answer phone calls, texts, emails or the door when I come a knocking. I know the place isn't abandon due to her car being out front and the electricity still being used. I even did a welfare check with the police and they said she answered the door for them and said she was perfectly fine.

So I started the eviction process, but even that took some time with the company I chose. I'm not sure when I'll be able to get the two of them out but another problem came up. I was having work done under the house and my repair guy found a leak coming from the "no contact" unit. He said he needs to get in there to find a repair the leak before he can finish up under the house.

My property manager has told me the various laws about going into the unit on our own while the tenant is still in there and said we have to give ample notice. I have a key to the main lock on the front door but the tenant has installed a dead bolt lock that I don't have a key for. 

My question is, if I give a 48 hour notice that I'll be entering the unit (tape it to the door or something) can I get a locksmith to come and remove that additional lock so I can get in there? Do I need a police escort to be there since we are in the process of eviction?

I'm extremely frustrated and since after this eviction my property management company is going out of business, I don't think they'll put any effort in helping me with this. I don't really care about the association rules, I just want to fix the problem so I can go about the rest of my repairs. 

What can I do? 

Welcome! Be sure to keep us posted on your progress :)