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All Forum Posts by: Brandon Rivera

Brandon Rivera has started 3 posts and replied 13 times.

Post: Past Due Rent: Colorado Springs

Brandon RiveraPosted
  • Colorado Springs, CO
  • Posts 13
  • Votes 2

Thank you guys for all of your feesback. My contract states that after the 5th is when the late fees occur. I was mostly inquiring about the process of actually going through an eviction. However, I did finally get in touch with the tenant after starting the process with the 3 day notice. The tenants moved in on the 15th and when the first came around were set back a pay period. So they figured they had enough time.

Post: Past Due Rent: Colorado Springs

Brandon RiveraPosted
  • Colorado Springs, CO
  • Posts 13
  • Votes 2

Jon my lease also states something similar so with late fees and all. So I will get the process started. 

Bill I don't think that is harsh at all I was just wondering as too what steps if any should be taken before the eviction process. It is clear that there is not really much else I can do except get the process started and hope for better tenants next time. Thank you guys for your replies.

Post: Past Due Rent: Colorado Springs

Brandon RiveraPosted
  • Colorado Springs, CO
  • Posts 13
  • Votes 2

Thank you guys for any feedback in advance.

Post: Past Due Rent: Colorado Springs

Brandon RiveraPosted
  • Colorado Springs, CO
  • Posts 13
  • Votes 2

I just had a couple of quick questions. How long past the rent late date should one start on the pay or quit and eviction process? Are there other steps to take that could possibly help the situation before taking it there? I'm curious because they are new tenants, but I don't want this to start becoming a habit.

Originally posted by @Bob B.:

Thank you for your service and good luck with your real estate investing.

 Thanks alot more to learn, but slowly absorbing it all. 

Originally posted by @Bob B.:

Thank you for your service and good luck with your real estate investing.

 Thanks alot more to learn, but slowly absorbing it all. 

Originally posted by @Jed Bratt:

Your lender may be partially correct, but keep in mind different lenders have different guidelines. As per VA guidelines, you may use 75% of projected income for units you will not be occupying. Many lenders however, may still put restrictions on this, for example, that you must have 6 months PITI reserves if utilizing that projected income. Many also stipulate that for DUPLEXES, no prior management/rental ownership history is necessary, while for 3-4 unit purchases, it is.

A duplex is a good place to start building that management history anyway, which will aid you in future financing on multi-families as well. I got started with my VA loan years back on a duplex, and have since used it again on several other properties. As long as you buy right, even a duplex can provide great returns, especially considering 0 down!

Your GI bill income will almost always not be allowed to be used, as it is not expected to continue for the foreseeable future (but I have seen a deal in which it was used- probably because of poor underwriting in my opinion). Disability however, may be used.

Good luck!

Thanks for the feedback. I might have been aiming to high with a quad, but a duples would be fine as well. Just to get started and get used to the trade.  Thats why I am here to learn and so far I have picked up some good tips.

Sounds reasonable. It certainly wont be much but worth a shot. Thanks again that helps alot.

Post: New guy here. Question???

Brandon RiveraPosted
  • Colorado Springs, CO
  • Posts 13
  • Votes 2
Originally posted by @Marcus Maloney:

Brandon,

Welcome to BP, the first thing you should do is set your keyword alerts about any information you would like to learn. If your niche is going to be rentals (tris, & dups) set the alert for those topics, also as a newbie it would be great to set Colorado as a keyword so you will learn who the active players are in your market.

Welcome and happy investing.

"Enjoying the Journey"

 Thanks Marcus I will be sure to set those..

Thanks for the reply and I see what your saying Don't come unprepared.  Now is it better to find someone that would be more equipped at getting that leg work done. Then go to a lender with all the paperwork after finding the area of choice. Or should I handle all this myself?