All Forum Posts by: Robert Hughes

Eviction notice to the family for an energetic and noisy 2 year old would most likely result in a discrimination lawsuit. Highly do not recommend that route. 

 Go to the bookstore tab up top of this site. There is a couple good books to start with. "How to invest in real estate"  is a good starting point. Maybe snagging a book or two on multi family real estate investing (or read all of them). Must reads before buying are is "The book on negotiating real estate" and "the book on managing rental properties." Those books should give you a good starting point and have you almost ready for your first buy. I would also say to read "Rich Dad, Poor Dad" by Robert Kiyosaki to get your mind churning in the right direction on how to view finances and passive income as a whole. I highly recommend watching the bigger pockets podcasts on Youtube to learn how to properly run numbers on a property, what information to research on every property and where to find that information. I personally like to listen to podcast and Youtube videos of where people made their mistakes because I love learning from others mistakes to save me time and money. On top of all of that; practice, practice, PRACTICE the process of analyzing properties to the maximum extent possible and running all of the numbers. I personally analyzed 90-100 properties before buying my first just to be sure I had a grasp of how to do it. This might seem like a lot of work, and potentially tedious work, but its necessary. Passive income done correctly requires a majority of the work up front. The more detail oriented and knowledgeable you are, the less headaches you'll have to deal with in the future. Hope this helped a little and good luck!

Hey Ya'll,

I had a couple questions regarding buying a property with existing tenants. I close tomorrow on a 3 story Victorian using the VA home loan (1st home ever). I have 2 tenants that live in the 3rd story, 1 bedroom, apartment. They are on a month to month and have been in the property for just over a year. I've heard nothing but good things about these tenants. The second story apartment is now vacant because he was a nightmare. As a condition of closing he was to be evicted. So I still have a couple tenants and I have only met one of them because the other works 2 jobs. I haven't had the chance to have an in depth conversation with either of them to really learn more about them. Their current rent is 750 and market price for the neighborhood is 800-850. I'm also upgrading the second story apartment (4 bed, 1300 sq. ft.) and raising that rent from the previous amount of 800 to market price of 1200. My girlfriend is going to sell her house and we are going to move into the 3 bedroom apartment on the first floor and house hack. Now that you have a little bit of background to the property, on to the questions:

1) Should I make the current tenants go through the application process as new tenants in order for me to get more information on them or have a sit down conversation with them.

2) Should I require a year lease like I am going to with the second story apartment? 

3) Should I instantly raise rent the 50 dollars or keep them where they are at? Or add a progressive rent increase into the rental agreement.

4) They currently pay rent on the 15th. I'd prefer rent to be on the 1st to make concurrent with the future tenants due date on the second story. What is the best way to go about making this adjustment. 

5) Is there any legal reprimands to instilling new lease/rental rules and regulations (located in upstate NY) that differ from what is currently in place if the previous owner didn't have formal rental documents or lease agreements?

Those are just some questions off of the top of my head. Any further advice would be super appreciated. Thanks!

V/R

Robert