All Forum Posts by: Ricardo Nieto

We recently acquired, fumigated, and remodeled a Duplex.

The first tenant moved in, looked clean at first.

The second tenant moved in and is saying there is cockroaches in their unit. 

I'm assuming the cockroach issue is from the first tenant who has been there over a month before the second. 

How is a situation like this usually handled?

@Kenneth Garret, I did have an inspector, I was there during the inspection and he said one of the heating units was new but the other unit was locked due to the tenants not wanting us in. My agent and the inspector went to do the other unit with the broken heater at a later date which I didnt attend and he didnt document anything for me.

I recently purchased a duplex and we had a 2 week inspection period. 

Once we came into possession after closing the heating unit wasn't working and come to find out it was broken and spitting carbon monoxide into one of the units. It cost 6,000 to repair. 

Would I be able to get some of this back from the seller? 

The unit was occupied by a tenant while under contract but they vacated before closing. Any tips from more seasoned investors? This is only my second property.

Thanks!

Sorry, they are on a month to month lease so theres no problem there, the boyfriend is fine to move in, we screened him so theres no problem there either, it's just a tenant dispute.

So one of the roommates is moving in with her boyfriend and the other roomate who signed the lease was going to but didnt end up moving in because of the dislike of the boyfriend who was also screened.

The roommate wants her money back but I agree with Marc and Matthew, let then work it out amongst themselves, it doesn't concern me. Thanks for all the helpful advice everyone.

Background: A tenant moved in with her roommate and payed 1100 for the month. The roommate didnt know the boyfriend was moving in and decided to give me her 30 day notice a few days after. She now wants her half of the rent back since she claims she never moved in. 

I think I shouldnt give her back her portion because thats a dispute between her and her roommate since they both have keys and have access to the property. Rent was payed and its none of my business how or who paid it.

This is also during the Covid-19 crisis, so not sure if my other tenants are going to be able to pay, I want to make sure I have my bills able to be payed.

Any tips or am I going about this the right way?

Hello BP, I'm running into a problem when offering on properties. 

I have been offering on multiple properties at a time because of the fact that I am in a hot market. Is this normal to offer on multiple at a time? 

I'm nervous about the fact if 2 go pending at the same time. What happens then? I wouldn't want to lose a earnest deposit. 

All of these offers are subject to viewing since they are tenant occupied, could I leverage that and back out just based on me viewing the property and saying I don't like it? 

Thanks for any input!

Hi Chris, yes we've run into that self-sufficiency test problem already and are pretty much only looking at duplexes. We are looking towards the Stockton area to try and find something less expensive that will cash flow after a year in which we will most likely move back in with our parents. I like the idea of renting basements and attics, maybe even rooms if occupancy allows, I know there are some restrictions to that. How much were the above houses if you know off the top of your head.

Hi BP, my girlfriend and I have been in the investing world for almost a year now and we have a cash flowing property we closed on about 7 months ago. I'm getting a lot of good information from books, videos, and the bigger pockets forums but I just wanted to see If we are actually investing correctly. I want to invest as efficiently as possible.

Background: Our strategy is to build up a few rental properties in our portfolio while we are young. I'm 19 and my girlfriend of 3+ years is 21 and we both live with our parents. We are teaming up by pooling money together and using our income to qualify for loans.

Our first acquisition was a single-family home with a conventional loan and 20% down. It was renovated and all we had to do was hire a manager and get a tenant in place which is what we did. The purchase price was 132,000 and we were all in cash 35,000 after closing. It was valued at 140,000 so we got a bit of equity but the reason we went with an updated home was to be safe. We will probably hold this property for years so we're banking on the fact that loan paydown will build equity in the property over the long term and any appreciation will be appreciated if it does happen. We cash flow about 400 a month.

I'm not sure if that was a sound investment but I feel like for our first one it was pretty good. I didn't want to get in a BRRR and mess things up due to inexperience.

Like I said its been 7 months and we have a bit of cash now so we've been looking around for an owner occupant FHA multifamily to house hack. Again I'm looking at properties already pretty much turn-key because of so much competition. I'm getting my offers rejected over and over by all-cash offers and I'm wondering am I even doing this right? Any tips and suggestions would be appreciated.

I was thinking the same thing, I guess I just need to wait and hope it's still on the market, good deal but I should be more prepared. Thanks for the input everyone.

This question may seem odd and novice but will a motivated seller wait for you to be approved by your lender?

I dont mean this in a typical sense. Me and my spouse has cash reserves "under the mattress" and our lender said to deposit them and come back in 2 months and it wont be an issue. All other requirements for the loan should have no problem being met as well.

It's been about a month since we deposited and the property is just nearing being on the market for 50 days.

I was thinking if I should just reach out to the seller and see if they'll take my offer contingent on me getting my loan approved (most likely) but I cant start the application until another month from now. 

Any advice? Seems like a long shot but maybe they'll save it for us, who knows.