All Forum Posts by: Christopher Krueger

What is a fair percentage for a hard money loan? I am taking out a loan from my father in law and I am wondering what a fair percentage is for a $120,000 loan on a fixer upper. Does it accrue monthly or yearly?

@Jacob Ritter thank you for the feedback this is very helpful. I have a friend who has a truck payment that adds up to about $700/month. At the end of the month there is little left for fun, much less savings or investing, so just trying to show him how much of a difference getting rid of that truck payment could change his future. I love the way you put it, decide what’s important to you.

What are some of the worst ways to spend money when trying to save for investing?

@Jacob Sampson their lease ended and now they are month to month but I have to give them a two month notice before they are required to leave. I am in Virginia so I will have to look up the laws.

I am a new owner of a duplex and have to be residing in the house within 3 months. The lease states that I need to give a two month grace period after notice of termination. How do I go about doing this? Do I need a signed legal document, do I need to consult a lawyer?

@Brendan Lawrence

I did get the tenant contracts and also the escrow payments along with security deposits but never received their contact information. I think they have a letter in the mail explaining everything also the tenants just have not received it yet. Thank you for your help I’ll definitely check out that site.

I recently bought a duplex and went in yesterday to meet the tenants to inform them that the property was under new management. Safe to say it didn’t go very well as the previous property management company didn’t inform them that the property was being sold. Other then contacting that company and asking them to inform the tenants that the property has changed ownership. What is the best way to go about getting all of their contact information and start collecting rent. Is there a good app to use or just mail as this is my first property and am still trying to figure things out?

I am currently looking at a duplex as my first investment. I can only afford to use the FHA loan as I won't be able to put 25% down requirement on this investment. The renters are currently leasing until May. What is the best way to go about asking or getting the renters to move out within 90 days. There are 6 renters in two parts of the duplex, so I would only need one to move out for me to move in? Is it legal to write up a contract to cancel the lease within 90 days?

I am trying to buy a home with an FHA loan. I need to move in within 90 days. What is the best way to get a tenant out so I am able to purchase this duplex? Can we sign an agreement to move out within 90 days and negate the contract?