All Forum Posts by: Chris Sukala

@Mike Wood@Thomas S. Yes when we walked through this duplex beginning of year we put in offer and they didn't want our offer. Now they lowered price to our original offer. This tenant has been here for 11 years on social security paying 650 out of pocket. I don't want to lose him because he is very clean and again been there for 11 years, yet way below market. So this is the other dilemma 

I appreciate all the help, Thank you 

Question for you folks,

We just had our offer accepted to purchase a duplex. Our realtor just informed us that the upper tenant applied for section 8 voucher and was approved. His rental is 650 and the housing authority is paying 575.00. However the neighborhood average rent is 775. Our plan was to raise the rent little by little  to get up to the neighborhood average but now this throws a wrench into it. Do we move forward? How do we get the housing authority to raise their amount? Then the biggest question is do we now have to take section 8 for lower unit? How should we proceed?

@Jonathan Weeks, What helps me out is I have worked a lot in construction. I have always been hands on since I was a little boy. I have been very fortunate to learn form my uncle, father and friends. 

One thing I would recommend is to make a journal on your remodel. We did everything on this last house so I can walk into a house and pretty close come up with a dollar amount we need to rental up and going.

Oh also This 3rd house we decided to do a rehab loan. Haven't done this before, basically get all your contractors over on your walk thru, get quotes done, and or get prices on material from home depot if you plan on doing he work yourself. You then submit this to the bank and now the bank has an idea what you are going to use and need. Some banks do it most do not. I found the local banks are the ones to utilize it.

Don't give up If you have the means to buy one, I say " Just Do It". I am addicted, I literately can't stop thinking of ways I can utilize my 401k to get more properties.

@Jonathan Weeks, I was like you also, My mother brought me up with always worrying about the "What If's". I have learned you cannot live life this way. years I wanted to but couldn't pull the trigger even though my wife wanted to. I have a wife that is the opposite and pushes me and us to keep moving forward for our financial freedom.

Once I found this site, I purchased Brandon Turners books, the book on rental property investing and managing rental property. I have download the first 100 podcasts and try to listen to them once a day. 

We only have 2 SFR's and we learn more and more every time we either remodel or bring in new tenants. We decided to go all in and we are closing on our 3rd and just bid on a duplex.

Bigger Pockets has taught me so much, Honestly I feel everyone here is my mentor. This forum is great so much knowledge out there waiting for you to ask the questions

As Michael Jordan Says "I've failed over and over and over again in my life and that is why I succeed.

@Craig Wilcox I should be able to make this. 

@Craig Wilcox I'll be there for tour, not sure about dinner at this time. 

@Byron Bohlsen I would go with your gut, We like stress free tenants. Honestly I would hold off for others if possibly. Do you have a minimum requirement on your application that all need to have? For instance must have 600 or high credit score, no bankruptcy. 

@Angelica Osusky welcome to Bigger Pockets,