All Forum Posts by: Redgy Saint-Germain

@Mitch Price

I would inform them early, worst case scenario they decide that it doesnt work for them you will have at least 6 months to market the property at 780 $. Although would you be okay increasing it 100$/year for the next two years ?

Give them some options if they are actually good tenants 

@David Edwards

Inheriting tenants can be a really bad thing, look at your options and honestly I wouldn't think of this situation as that bad because you will learn so much in the process. You will be better prepared next time when screening tenants because you will know what to look out for. 

Be positive and look at it as a learning experience 

@Derrick Lubomski

If it's going to cost you 8k to build the garage why not refinance out of your FHA after 6 months to a year and take that 8000$ and put it down on another property that will generate more cashflow. I honestly don't think the garage will bring you that much value

125$/month on an 8k investment is essentially an 18% return which sounds terrific however it doesn't sound like it's guaranteed. I would save your cash and invest it in another property 

Good luck

@Dave Stokley

First thing first, I don't think its efficient to have only "one" agent because not only it limits your ability to look for properties far away but you can alway miss off market deals from other agents because you don't work with them. You are NOT a home owner but a Real Estate investor so avoid signing any representation contracts with anyone. On the same token make sure you treat your agents good, take them to lunch once in a while, front them the difference in commissions when necessary and you will have yourself a great network.

Good luck

@Andy Bondhus

A misdemeanor is acceptable because it can happen to anyone. Felonies are a big NO NO 

@Sam T.

I honestly wouldn't start worry about it until your 9th property. There a plenty of creative ways to finance your units :) 

@Joseph M.

Get the permit, guess what you are worried about time now but if you get caught by the city it will take you triple the time to get back on track plus you will be fined. Your contractor can pull the permit quick unless he is not licensed. 

Good luck 

@Michael Pursell

I respectfully disagree, I own a few units in Brockton and while I agree the crime is an issue please  be mindful that it's predominantly in a particular zipcode ( 02301 south side ). Rent went up 14% in Brockton, lots of development projects going on and people are moving from the Boston area to Brockton based on my experience in the field.  I believe Brockton is a great market to invest in I would just be cautious of the zip codes 

@Brian Christel 

I don't think you have enough equity for a " cash out refinance" . With a conservative 75% ARV the bank would only finance 131.25K that would not only increase your mortgage payment also decrease your cashflow.

I would personally go with the HELOC, you can get more money out and pay only when you use it.

Good luck

@Michael Plante

Yes I understand, I'm saying if it's a good tenant instead of kicking them out (Probably 1-2 months Vacancy) he probably should outline his rules on what's acceptable.