All Forum Posts by: Brad Hammond

Hi @Aric Adams, this sucks sorry you are going through this.  The way I interpreted this is she is withholding rent until you put in more insulation so her utility bills are lower.  Since nothing is broken and if the property can be heated to 68 degrees, you don't need to add more insulation.  While she is correct that you can't evict her for nonpayment of rent but is there anything else you can get her on?  If she has broken the lease in any way, I would try to use that as leverage.  

Depending on your local laws, I would remind her that the national moratorium expires at the end of the month so she could be evicted next month.  I would also remind her what an eviction on your record does to her as a tenant.  

Hi @Anthony Simmons, I see your point of view however, as an agent I wouldn't work with someone that is working with multiple agents.

Hi @Eugenia K., I think that isn't a bad idea.  Take a look at your rental comps in the immediate area to see if the finishes in your price point are similar to yours.  Even if you need to lower your rent by $50/mo, it might be worth it.  

One thing to keep in mind that is often overlooked is you don't have to worry about vacancy right now but when you do your renovation, that time will cut into your vacancy.  Also, double-check with a CPA but I believe you wouldn't be able to write off the renovation expenses until the unit is on the market.  

I'm not sure how you would compare the ROI on short-term vs long-term. I think it would depend more on if you were doing nicer finishes for a short-term rental.

Hi @Hongling Lu, I think it is a great idea.  That is what I did to get started in investing.  I did it with condos since it was the only thing I could afford.  Here are some things to look out for.

1. Make sure the forecasted rent will pencil out when you need to rent it.

2. Condos won't appreciate as fast as townhomes and townhomes don't appreciate as fast as single-family homes.  

3. Since you mentioned you are going to be upgrading them while you are living there, be sure all items are in good repair to reduce any maintenance issues in the near future.  

Hi @Jennifer fernandes Fernandes, what does the lease say?  It should have a provision in there stating that guests can not stay longer than 3 days.  It also should say something about not allowing subletting or unauthorized people (by you) living on the premise.  

If that is the case, you would send them a 30-day cure or vacate notice.  

Hi @Marlon Lacayo, I don't see a crash coming at all.  In my opinion, people have too much equity in their home to go through with a foreclosure.  If someone does need to sell their home, chances are they will be a motivated seller and sell at a discount.  I don't see there being enough of these people to crash the whole real estate market. 

Hey @Stephon Paul, congrats on making the first step which is deciding to invest in real estate.  I think the first few steps would be to research investing as a whole.  Listening to the BP podcasts and reading their books is a good place to start.  From there decide on what type of investing you want to focus on.  Maybe that is buy & hold, short term rentals, house hacking, long-distance investing, etc.  

Also, look at where you are at in your life and see what makes sense for you.  Do you have money for a down payment? How much time do you have to devote to this?  What is your unfair advantage?  Everyone has one so figure out or decide what yours is.  

You could always take the courses but in Oregon, you can only be certified as either an agent, property manager, or appraiser.  I guess it depends if you want to make money in those fields or just get the knowledge. 

Hi @Brielle Phillips, Congrats on your first purchase!!  When you get your general inspection, they will let you know if there could be issues with the structure, plumbing, or electric.  If there is an issue, bring a specialist in and have the seller take care of any issues.  Besides that, you will want to get a sewer scope done.  In my area, I recommend doing an oil tank sweep and a radon test but those might not be an issue for you.  

As far as the "tenant", they should be on a lease before or when you take ownership.  Ask the seller to have them sign one and ideally it would be your lease so you have them on the terms you want. 

Hi @Julie J. I think you should see how much each option will cost. I can't remember how much PMI is but I'm sure you can figure that out quickly or ask your lender.

Maybe I'm missing something but I believe HELOCs and PMI are only on personal residences. Is this for a second home?