All Forum Posts by: RJ Reynolds

Looking for a housing solution my family and I can live with and thrive from!

Daughter #1: 21 yrs old, will have a baby in July 2019 and is well employed at your typical low level, doesn't pay enough grunt job. She lives with and is dependent on me. Her boyfriend is not employed or able to provide any financial support.

Daughter #2: 19 yrs old, engaged and will also have a baby in July 2019. In college, no income and her fiancee is also unemployed and unable to provide any financial support. They both live with and are dependent on me.

Rather than buy a bigger home or even buy a multi-family that we can all share with me still paying the bills, I'm wondering if I should look into 'house hack' x 2!  Buy a multi-family that cash flows properly for daughter #1 and a second one for daughter #2 (with me as the owner, maybe gift them a percentage ownership).

Just a thought.. any feedback?

Decades have passed since my first and tragically flawed foray into Real Estate Investment.

That and my subsequent experience as a Real Estate Agent is a foundation for a new initiative, a new result and an outstanding life.

What held me back in the past was a less than compelling “why” to overcome the myth-understandings and fear of failure mindset.

Two months ago both of my daughters who are living with and financially dependent on me became pregnant. My response was a short “what part of you aren’t ready for this did you not understand” and some tsk tsking but my real message to them was that these children will never feel unloved, unwanted or a burden. From that point forward it is all about creating a loving environment for my girls and their children. (One is engaged, the other is still dating the dad).

I have six months to create a home solution and financial foundation for me, my children and my grand children. Our current home is in no way satisfactory and I am in debt. My net worth is actually good however most is in retirement accounts.

The debt, the resulting credit rating are the stumbling blocks

That said, I am highly skilled and can make the moves necessary to change that. Too bad it took such a dramatic why to get me there!

Stay tuned to learn if this new BIG WHY truly overcomes my previous fears.

Happy New Year!

@Sydney Tiffany You can ask why a property has not sold and the REALTOR will tell you the truth typically. That truth HAS to represent the sellers best interest so it will likely be an I do not know of some form. There is ONE reason a home does not sell. It is over priced. The market (buyers) are not interested in paying the price listed. Whether they have refused lower offers is a good question. Whether they are really motivated to sell is a good question. You will likely not get the answers to those questions as it’s not in the sellers best interest for the agent to tell you. Hire a qualified buyer agent to represent you and get as much info as possible from her sources. Make the low offer and inspect thoroughly.

@Thomas S. While I totally agree that it is best to be prepared and do your research etc. being careful not to run afoul of the law and it’s vigorous implementation, when you LIE about why they are being evicted YOU are the problem. Yes, you the liar who assumes that the tenant is lying have stooped to being the person the law was meant to protect tenants from. I’m ashamed of you. You are better than this. How many of you landlords have actually talked with experts in the subject before knee jerking your reaction? Do you care that there are veterans in our world who require the assistance of support animals because we sent them to a war zone? Just saying. Be better than your posts imply.

@Zevi Arem Always be looking for deals. It is how you will really learn. Evaluate any opportunity with an eye toward profit and doable. If it’s profitable but not something you personally are ready for,, share it with other potential investors. Get their feedback on your evaluation. Viola experience and mentor ship

@Landon Brazile good is relative. There are a wide array of possibilities and the area of the country for the investment matters. Consider and research funding vehicles when you buy. An owner occupied mortgage has very different requirements. With that info, evaluate the cost of funding the purchase of homes in your neighborhood of choice. Viola, you have a piece of the answer. The other piece is cost of upgrades and maintenance. Vacancy management costs. Cost to find and vet tenants. Do some leg work and you’ll soon know how to move forward with 10k. If that is what you have then there are ways to make it happen. Good Luck!

@Jason K. If you were buying to flip I’d be concerned that you would be selling the best property in the neighborhood where pricing limited by value of neighboring properties. Being on the main road definitely provides visubility. Are there any other limitations that might prevent people from seeing your business and coming to your office? Traffic? Noise? Look forward to hearing where this goes. Rj

@Chuks Erinne cheers🍺

Thank you for clarifying that @Charlie MacPherson. I find myself walking on egg shells at times. It comes with the territory.

In Massachusetts, any time you ad provisions to a contract to purchase, even those found at inspection, results in either party being able to say NO. 

When my clients request repairs I always make certain they understand that doing so opens up the previously signed contract and releases both parties from the obligation to move forward.

There are all sorts of details about 'habitable' rules etc that someone else can respond to as I'm not an expert on that point. Your lender will certainly not give you a standard loan on something that isn't habitable however there are other loans that allow you to repair first, then mortgage and occupy.

Rj