All Forum Posts by: Randy Born

That sounds like a good way to do it. Thanks!

Hmm. Thanks. I have the option in the lease that says they can't sublease it or assign it without my consent, so in theory all I need to do is work up an agreement transferring the lease to the new person and getting the tenant moving out to sign and the tenant moving in to sign, right?

I rent a house to four tenants and one is moving out. Does anyone know how to take one tenant off the lease and add a new one? They are all under one master lease, so I would assume it is a sublease? Does anyone have an example?

All four are responsible for the rent, so I assume the easiest way is to just subtract one and add the other. 

Thanks!

Randy

I found a duplex in Columbus (Clintonville) where I could owner-occupy it and it worked out well. I'm looking in the Columbus market as well, so let me know if you need someone to bounce ideas off of. I'm probably going to pick 1-2 more up sometime this year, but mostly in the inner ring areas and not as far out as Dublin.

Take a look at FHA products at 3.5% down. I moved into a property at 3.5% down and fixed it up a bit in my spare time and then refi'd it 2 years later into a conventional since my appraisal came back really high. That dropped the PMI off and then I had a duplex on a conventional loan with very little down.. It doesn't take much to get really great cash on cash returns when you only put 3.5% down as long as you are ok with paying a little more for PMI for a few years and adding some value through a kitchen and bathroom remodel.

@Chris MasonSorry- I got that wrong- yes, I left my w2 employment and now am 1099. My wife still is a w2 employee, but is on maternity leave. Sorry for the confusion. 

But, for conventional loans, I am told that since she is on 'temporary leave' they cannot offer me a pre-approval letter until she gets back to work in a few months.

So, I just opened up a company and left my 1099 employment and can't seem to find a bank that will give me a loan since my LLC is less than two years old. My main client is my former employer, and I thought that would help, but apparently not.

My wife and I bought our last property using her 1099 income, but now she is on maternity leave for a few months. I have a property in mind that has great cash flow, but I was told she can't use her income to qualify for a loan since she is on 'temporary leave' even though we have 25% for a down payment. Are others seeing the same issue? Maternity leave falls under FLMA so her employment is guaranteed, but she won't be able to show income for a few months. 

Does this preclude us from buying more properties at this point until she is back or does someone have a strategy or experience with this sort of thing? I could look to do a commercial loan, but we'd rather not- it is just a duplex. Or I could look to do a 5+ unit property or a commercial property, which is what I want to do in the next few years, but I really like this property that I'm considering now.

Thanks!

Hi Todd-

I just joined BP about a week ago and am in the Columbus, OH area as well. I have a duplex here and one in Washington, DC, but am looking to add some more. Good to see other Columbus folks' thinking the same thing. I'm also trying to find an investment club or a real estate club, so let me know if you find a good one.

-Randy

I just joined Bigger Pockets as well, although I've been listening to the podcasts for quite a while. I own a rental in the Clintonville area and the market seems to be pretty good. I lived in DC until last year and couldn't find anything that cash flowed. 

I am a buy and hold investor, so probably can't help much with the flips, but stay in touch. There might be something out there that looks good.

Thanks! I will try to get there. I have a 3 week old daughter and we are moving, so who knows if it is doable this time around, but I will do my best. Thanks for the notice! If not, then May.