All Forum Posts by: Sheena Lee

@Colten Powell This is entirely my personal opinion but hear me out. I feel very strongly about having a “Plan B” in life, which would lend me to recommend you finish your schooling and seek full time employment in your field before you continue investing. Each of our journeys is different but I bet you will sleep better at night knowing you have a back up plan. I have two rental properties (4 units) and decided to go back to school this fall. I found a professional niche where I will always be able to be employed even if the real estate market totally flips. Yes my investing is taking a back seat now, and it will take longer to grow my portfolio, but I sleep well at night and am quite happy with all the options in my life. Even if I were to become a single parent someday I could still keep things afloat. Figure out what your goals are, have a SOLID plan B, and go at your own pace that you are comfortable with. Good luck!

@Bob Romano I would ask her to renew for 2 years, and as an incentive you will keep the first year the same but increase at year 2 due to XYZ. It’s all in how your present it. Make it sound like you are doing her a favor.

I’m starting to research what is involved in tax sales. One town I checked into stated the following: “If the delinquent property goes into the sale, a lien is placed against the property. If an outside buyer picks up the lien, he must hold it for two years from the date of sale before starting the foreclosure proceedings.” It sounds to me like you can’t do anything with the property for 2 years. Any further insight to this? Is this common practice?

Do you prefer to buy multi-family properties that are vacant, or occupied, and why? I've had a lot of difficulty with two of the tenants I inherited in my triplex. Thinking next time I would prefer the property to be vacant, but worried about having difficulty financing. 

I’m looking at a couple multi-family properties. Some are vacant and some are fully leased. I have difficulty with 2 of the 3 tenants I inherited in my triplex. Of course it’s easier to get financing when they are leased, but I’m thinking of trying to buy a vacant property next time. Which way do you prefer and why?

Hi @Jameliah Cunningham! I am also a NJ resident who invests in PA. If you are interested in connecting, I'd love to chat. 

I inherited tenants with the triplex I bought 2.5 months ago. One tenant has paid no rent despite multiple attempts from me to work with them. I have offered a payment schedule to recoup back rent which they swore they would follow and have not. Their lease is up Feb 28th and I have notified them by letter that late or non-payment will result in non-renewal. I honestly want them out. I’m don’t trying to work with them. I have a bad feeling they will not leave on their own. Do I jump right to eviction or send another letter confirming non-renewal? Any other suggestions for this situation?

@Dante Pirouz my advice is more life advice rather than real estate advice.... but dig deep, realize your strengths, and hone in on them. If SF homes is your strength and niche, do more of it. Some of the BP podcasts talk a lot about this. If you’re scattered it’s harder to get good at what you do. I have a SF rental and a triplex... realizing I like the SF route much better and may stick with that going forward.

In order to make payment easier, I am considering giving the bank account number so that deposits can be made directly. Is there any RISK in giving them the account number? Do you use a separate account just for deposits and then transfer them into your main account? Thanks!

This year was big for us. We refinanced our primary home, pulled out all the equity, bought a new house for ourselves, and rented the first one out. Then we bought a triplex in November. I’m the property manager and enjoying the steep learning curve. The ultimate goal is to work for myself managing our properties. I have a medical condition that will cause me to leave my day job eventually.

Although not ready to buy yet, I want to get to work preparing for the next property. Basically I need to get our triplex self-sufficient, get cash flow up a bit, and save $ for the next property.

What’s the ideal step for that next property though, hopefully in 2-3 years time? Save money from personal income? Refinance and pull out equity from somewhere? Our primary residence could be renovated and re-fi. I already know the market I would be looking in for the next buy. Just need to prep financially. Any good ideas/suggestions?