All Forum Posts by: Cherisse B.

Hi BP community! My partner and I found some great off market multi-family homes in FL and we're interested in using the BRRRR strategy with them. Does anyone have insight on how to manage the renovation stage if we inherit tenants with existing leases? It would be close to impossible trying to do major renovations with tenants living there. Should we consider paying them to break the lease so our timelines, ARV and Refinance aren't impacted?

Please feel free to share any advice, but we'd also love suggestions for any books, podcasts, or webinars that reference this as well. 

Thanks!

@John Warren Thanks! All of that makes complete sense. I appreciate you sharing your knowledge. 

Thanks for sharing the article! @Wale Lawal I will definitely read it. 

@John Warren thanks for the great advice. We are definitely looking for quality of life when it comes to where we live and in turn it will still give us cash flow in the end. I would assume you advise that we do have some kind of positive cash flow while we are living there even if it is only around $20 instead of living somewhere that will give us negative cash flow while we are living there but will give us positive cash flow when we move out? I've noticed that in the nicer neighborhoods cash flow can be challenging while we are living there. 

Hi BP community! I'm a new investor. I want to know who started their investment portfolio house hacking a triplex or fourplex and if you have any general advice/tips. My partner and I are looking to start off our portfolio this way. Thanks!

Hi Radhika, I'm in the same boat as you, but I'm starting by focusing in Ohio, and I'm not very interested in Turkey providers. Planning to make our first purchase by the 2nd quarter of this year, so happy to keep in touch with fellow out-of-state investors. Best of luck.

Hi @Account Closed, thanks for your feedback. 

I'll certainly be taking Tanner's advice with putting the responsibility on the owner in our offer, but this is still a great perspective. Identifying the circumstance and motivation of the squatter makes a lot of sense for finding the most efficient solution. And we certainly plan to hold on to that gem if we ever encounter them in one of our own properties.

We don't know what type of squatters are on the property; we just know the property is supposed to be vacant, and whenever we've done a drive by to check it out, it appears to be occupied. The property's in a C neighborhood, and it needs a lot of work, so I suspect it's someone that's homeless or dealing with drug addiction. 

Hi @Tanner Sherman, great advice! I've also seen some prospective properties with defaulting tenants, and that provision would be helpful in both situations. Thanks!

I'd like to make an offer on a property that appears to have an issue with squatters. I've never dealt with this before. Is it worth the hassle? If anyone's had to deal with this before, how did you handle it? Are there considerations in cost that I should be adding to my analysis of the property? Please feel free to share your experience and/or advice on how to handle it. Even if we choose to not move forward with this property, it's still helpful information and I appreciate the feedback.

Love this forum question, I'm always looking for great new books. My faves:

1. Rich Dad's Cash Flow Quadrant (I've a few of the variations, but this is one's my fave)

2. Crucial Conversations

3. I thought it was Just Me 

4. Richest Man in Babylon

5. Seat of the Soul