All Forum Posts by: Reid Thompson

@Alec Norman sounds like you have already received some outstanding advice here. I think @Tanya S. seemed to consolidate it best. If you can take your cash out of the town house (realizing the full tax exemption) and use part of it as a down payment on your new primary residence, and invest the rest into one, or more, of the revenue options she pointed out, you might find yourself in a much better situation than just holding this property. As you will hear time and time again on BP, every situation is different. You have to decide what is best for your situation. Best of luck.

@Jamie Shepler Welcome to BP! 

@Fredrick Proper, Welcome. I look forward to hearing how things go. Keep us informed.

@Dale Buck Welcome. I can't wait to hear more about your turn key investing.

Congratulations! That is truly awesome. I'm sure you will find a fit.

Welcome. I am in northern Virginia, I look forward to seeing you around on BP and at local meetups.

@Frank G. welcome to the BP forums. There is so much information here. If you have questions, post them. You can't believe how responsive people are. Our area has a couple of different REI meetups. Hope to see you at one soon.

In my experience with 4 unrelated tenants in the same house, and there have been several. I have had to deal with a couple cases with extra people (permanent "couch crasher" and/or significant other) taking up residency. In both cases, I had a good standing relationship with at least one of the tenants. This allowed me to simply state my case, letting them know that I know they aren't living up to their end of the agreement, and that I have to report it to my client, the landlord, because he can be fined. With group renters like this there is usually one person that organizes the utility bills and so forth, that is usually the person with the ability to make things happen, the one you would like to carry this information back to the others. The problem, in both cases, was resolved within 10 days. I even helped the "couch crasher" find a very affordable room for rent. Offering them a way to fix it on their own should work. Offering them help can make them feel like you understand their situation. If in two weeks, if they haven't done anything to remedy the situation, there is always the same legal recourse you were already contemplating. Happy to help if I can. 

@Jon Deavers that's the same thing they were worried about last year. Then the program expired before they could use up the allocated funding. I will have to get one of my lenders to do a comparison on it. I will let you know what I find out.

I heard this was back. Thanks for the reminder. My cousin used the grant program for his first home, in Arlington, last fall just before it cut off. Are there any significant differences between lasts year's program and this one?