All Forum Posts by: Account Closed

Actually just found out that since they abandoned the house, for the most part, then I can just take it over and can enter w/o any recourse.  Don't have to continue with the eviction process.  Just have to hold whatever belongings are in there for 30 days.  If they aren't claimed then they're mine.

Yes, both of their names are on it

Yes, that might work but probably should also state that our lease is null and void as of that date.  Being that he's leaving 5 months into a years' lease - thanks for the reply.

The wife, my tenant, left in a semi with the kids and all the furniture to another state.  She left the non-working husband at my property.  He is agreeing to leave in about a week or so with his desk and 4 boxes, which is all he has now.  I told him as soon as he's out I will stop eviction proceedings.  I don't care about the rent money at this point, just want to get him out of there.  When he's gone should I just take over the property or have all of us sign a form saying we're legally done with this arrangement?  What form would this be if I have to do that?  It's hard to get in touch with either of them so even signing a form will be a pretty big effort.  I'm inclined to just take over the property and do none of that but don't want any of them coming back and saying I locked them out or something to that effect.  I don't think they'll do that but you never know.

If I remember right my lender told me some time ago that you could mortgage more than 10 properties with a conventional loan if you moved into the 11th one as your primary residence.  

So how much on average did you put down on each house and what is your average cash flow for each?  I am just trying to find a good model for me to follow as I'll have to do the commercial lender route very soon.  I'm trying to acquire a minimum of $2000 cash flow.  Then I think I could retire.  Like, a good scenario I could think of is putting $35,000 on 4 houses that cash flow $500 each.  If that's possible.

I don't know how to do the '@' thing

@ Thorney Gibson: Good post. Similar situation to mine. I am 55 and own 9 rentals and have 9 mortgages. some SFH, some TH, and some condos. Mostly condos. It's not enough to retire on and I really want to retire! Or at least be able to. So I figure another $2000 cash flow would do it. Conventional lenders will only lend to investors who have less than 10 mortgages. So one more house cash flowing $500/mo won't do it. So now I'm looking bigger, like multi-family. I saw a 6 plex on the MLS located in Baltimore. I still have to go see it and get qualified for a commercial loan. Maybe we could trade ideas sometime.

Thanks for the information Brie.  I never thought of going commercial loans for standard properties.  I guess that would open the door to being able to buy more.  Hmmm.  I'll have to start contacting some of them.  See what their terms are.  

Sounds like a wild ride Brie.  Congrats!  I'd like to hear, at some point, what your model is.  Like, what is your cash flow from each on average, what type of areas you bought in, and how did you finance?  I own 10 properties now, 9 rentals, and am almost 56 years old.  I really want to retire, or be able to, but am not really close to it.  I have 9 mortgages and the finance company will only do one more.  So I am thinking of buying a multi or something that will bring $2000 cash flow.  I think that would do it for me.  Also, I've never bought in lower rated areas as I'm afraid of dealing with difficult tenants.  Where I've bought are pretty decent areas but they come at a price, $$.  Anyhow, I'll have to listen to your podcast sometime.  Scott