All Forum Posts by: Tim Richter

Hey everyone,

Hopefully this finds you all healthy and happy in this crazy year we’re having!

I’ve been feeling somewhat overwhelmed with my current(also first) investment deal and wanted to reach out to the community to see what people do when things get overwhelming.

Let us know what helps you get through when you feel like you have a thousand things to do and very little time to do it!

For me, I make a list and start checking boxes.

Thanks for your input!

Keep grinding!

Timothy Richter

Thank you for your advice Jonathan!

I have already contacted case managers and filled out the required direct debit forms. I didn't talk about increasing the rent yet, is it too late for that at this time?

The seller is sending the check over for this months rent and also the security deposit I believe. Still trying to confirm this. 

If you could send me a sample of that letter it would be a huge help.

Hello Bigger Pockets!

I'm happy to say that at the end of April I closed on my very first property. Yay! I purchased a two family in Haverhill, MA and I'm eager to get in there and start improving. Here's the catch, the property came with tenants. This could be seen as a huge problem, but in my case it was seen as an advantage. Both tenants are on section 8 and during these trying times (Covid-19) a guaranteed rent check is pretty attractive.

So here's my issue. Our P&S agreement stated that the property needed to be delivered with the upstairs unit vacant within 60 days of closing. I've contacted the housing authorities and it's beginning to sound like the upstairs tenant won't be out of there by the anticipated date June 1st. Considering there is no way to evict currently I decided no big deal, I'm just going to collect rent until they leave or I can evict(whichever comes first).

I'm not really worried about having to evict yet. My bigger concern is what I need to do (i.e. forms/contact/notices/other) so that I can have these tenants pay me their portion of rent. The vouchers I'll receive, but how would you guys and gals go about letting the current tenants know how they need to pay rent? 

To clarify, I'm keeping the current downstairs tenants for now, eventually need the upstairs tenants to leave, but need to make sure I get paid for the time they both are occupants. Both are section 8 TAWs.

Any advice is appreciated and if you have any questions I'm happy to answer. Just wanted to keep it as short as I could. 

Thanks

Tim

Thanks for the advice @Anthoney Hanks and for the warm welcome. @Dana Bull I’d love to meet up and chat. Sounds like you’re really knowledgeable about the area. Maybe we could help each other.

Hi everyone,

New member on BP and was hoping to find a solid real estate agent in my area that could help me find off the market multi family homes. I'm really interested in house hacking for my first purchase, but I need to find the right deal and there's a lot of competition in my area. I currently live and work in Salem, MA and would like to find a place nearby so I could keep my job for now. 

I'm not afraid to get my hands dirty and have some handy-man experience so I was hoping this would help cut costs. Ideally I would be property manager to start, but over time move away from these duties as I buy more properties. Thanks for your help, everything is appreciated!

Tim