All Forum Posts by: Amber Toussaint

I have had a Section 8 tenant for the last 14 years in Brooklyn.  The rent is very low because of the rent restriction for yearly renewals.   (3 bedroom - $1965.00). Tenant is now leaving.  Question. With the new Section 8 rent increases (3 bdr appr.$2800.00) and a new tenant, will I be entitled to automatically make  such an increase without being turned down (denied) or would I have to show comparables to qualify.  ( I make application 3 years ago and was denied).  Those low rents are causing financial hardships.

You would be better off having it legally approved as it has the main criteria - 2 separate entrances. You would be taking a risk by renting as there are some scamp tenants who specialise in renting such basements and not paying after a few months, then it's no end to the court procedures. They even encourage your other tenants not to pay also as the rental basement is illegal. I know b/c I have rental property in Brooklyn.

As an agent myself - broker to be exact, just study the RE Manuel and get another note book and write down very important points and facts that you need to remember. That is what you would need to study from when revising. Also study the glossary or dictionary to the back of the manual that explains RE terms and meaning. There you have it. Go brother. No shortcuts, just study wisely.

There was a particular house that I was interested in buying - contract signed. Actually the day I had the inspection done, the owner died. There's been some complications and expenses that the daughter as heir does not want to get involve with, so it just sits there. Since then, I've learnt that there's no getting around it, two attorneys have told me that it MUST be probated, before it can be sold. So hands off, I wasted enough time on that property.

Need advice from my Bigger Pockets family. Scenario: Own a MF property, bought for $350,000, - monthly income of $5,500 with mortgage and expenses @ $3,500. BRRR but no longer owner occupied -cheaper to rent elsewhere. Bought 8 years ago and now valued at $750,000. At present awaiting the bank for purchases on 2 short sale properties: (1) Primary residence - 2 units - - $350K ARV $600K with a Rental - live rent free. Bank pre-approval received - 10% down payment -finance ready. - It is very important for primary residence so it gets first preference. (2) 3 unit, 3/3/3 investment MF: $375K, rehab $40K, ARV $750K - Needs long term financing because I want to hold - profit after expenses - approx. $2,000 monthly. (HML is short term). PROBLEM: ( i) Bank is not willing to Approve both properties. Have down payment for #1 (10%), but not #2 (25%). So I'm willing to do refi cash out (investment mortgage much higher) for my present MF to get down payment for the upcoming #2 - (3 unit), but that causes my Loan to Income ratio to rise and hinders the #1 owner occupied pre-approval. ( I'm not sure which short sale will be approved first). ADVICE NEEDED: New investor with new LLC- Only my husband's salary income is available. (a). How can I get long term financing to hold #2 with the new LLC? Bank says they do not approve new LLCs for loans. Can I get it elsewhere? Needs this advice because may get reply from the short sale bank at any time requesting proof of funds. I applied for line of credit, but again bank disapproved for 3 units. (ii) do not wish to do FHA, hence the conventional 10% for #1. But can I get a conventional 5% elsewhere without FHA? Needs all extra cash. (iii) trying to avoid HML - EARLY payback as I want TO HOLD. So big brothers and sisters, I need your help and advice as to how to go about acquiring this investment property.

I'll also like to contact Curt Keels for similar lending information as you didn't post your contact info.

I bought a 3 family owner occupied. REO - real estate owned - FHA with a 203k loan attached (Meaning the bank gave 20k or more to help with repairs). Live rent free and rent out the other 2 apartments - 3 BRs @ $3,600 per month which pays the mortgage and the expenses - and some left over. FHA also allows , after some time, additional funding for another residential owner occupied property using that 1st property as total investment income. I choose a 2 family - another MFU 3 or 4 is not allowed. So you can again live rent free. You can again refinance the 3 family, taking the cash out as down payment (25%) for another 3 family which you can flip for leverage to continue buying.

I would believe if it comes with the apartment, then it's part of the leasing agreement and the landlord's responsibility to upkeep. Question: if it Becomes faulty and leaks downstairs (multi-units), who is responsible for damages to the downstairs tenant.

For sure- no pets means no pets. If you allow it, then the other tenants can challenge you on it - and you can appear to show favoritism. You know you are trying to be lenient, but you are starting a bad precedent. I know of a case where one tenant had a cat and it was allowed (policy no pets). Then one brought in a pit bull and was very angry when it was not allowed. She then cited "the cat case". She was right - so no pets means no pets.

Shannon K. I agree with you Shannon. We get so materialistic that we forget about compassion. Yes throw him out when he's unemployed and been an exemplary tenant for 3 years - never late and keep property in excellent condition for 1 to 2 days late. You may not get another tenant for 1 to 2 - just check how many $70 you have lost. The best tenant is one who keeps you out of court, not having to do constant repairs, pays their rent on time - for 3 years - and having not to evict. New tenant - a waiting period - Then you have to paint the place and change the carpet - natural wear and tear. A bird in the hand is worth two in the bush. You have a good tenant - you don't kick someone when they are down and that's not being soft.