All Forum Posts by: Thomas Nance

It's all about the numbers. Use the BP calculator, include your figures. Since this is your first, don't depend on the positive cash flow for income. My first deal was a triplex around the same price. It does seem like a lot of money, but I promise that it's the best money you'll ever spend. It really is the gift that keeps on giving. Wish the best

Thank you so much for the responses. I inherited these tenants with the purchase and am going to have to ride them out until the end of the lease. I am learning a lot from these post so thank you all. Feel free to contact me anytime if anyone needs anything. I will fallow you to see if I might be able to gain some more insight from your discussion boards. Thanks again

Update: I filed for an eviction with my attorney. The tenants have just paid the remaining balance. I have seen a trend of paying late, keeping trash around, and and a high amount of traffic in and out. My question now is, is this just the nature of the rental business or am I right to continue with eviction and find a better tenant? Thanks

This is why I love the BRRR! Congrats!

I agree with Reece. FHA and BRRR are your best routes. Also, if you can make it to a local REIA meeting, that would help. Brandon Turner has a great explanation for this is his book as well.

Thank you for the responses. I'm going to go forward with the eviction. I'm a little nervous since it's my first:/

Hi BP community,

I haven't had an eviction yet and have run into a situation. A mom and daughter were on a lease and have shown late payments since I signed them. The mother moved out at the beginning of the month and left the daughter. She paid half the rent and is "promising" to pay the rest along with a late fee. I was going to allow her to fill out an application to rent on her own, but she is still delinquent for her payment along with continuing to make "excuses" (waiting for paycheck, had to go to the hospital, etc). My question is, do I serve an eviction now and have her out by the end of the month or try and see if she will just leave OR any other routes I haven't thought of. Thanks in advance for your responses. 

Welcome Jay. You've come to the right place. Good luck

I am in the Charlotte, NC area and am looking for an inspector that will not charge me for every unit inspected. Does anyone know of an inspector in this area that will do this?

Thanks in advance,

Thomas

Thanks Ramar, and Andrew, you have a good point. I am unfortunately stuck with the hours. I'm reinvesting the positive cash flow back to my investment at the moment. I just wanted a general response from the BP community. I'm trying to get to a point where I can use my money from the properties for bills etc. I'll just have to continue to double down when I get home. I just want to meet people face to face doing what I'm doing.