All Forum Posts by: Dave Meyer

If you upgrade your BP account there is a quick and easy tool to analyze different types of investments. 

The one time I changed my criteria for tenant screening it was a disaster. I had a good vibe from them too, and it was an absolutely miserable year of my life dealing with them. The only way I would even consider this is if you have a lack of applicants and are facing the possibility of long-term vacancy. Then it MAY be worth taking the risk.

As many units as your can afford! My first place was a 4-plex. I've been fortunate and it's thrown off so much cash in the last 5 years I was able to buy another multi-family on the same block. It's an incredible investment. Learning to be a landlord takes time, but forums like this are a big asset. 

I'd also check on the financing. In Colorado, you can't go more than 4 units without going to a commercial loan. Not sure if that varies by state, 

Well done! It's an unfortunate situation, but hopefully it will work out well for both parties. 

If I were you I'd begin looking for a new tenant right away. Try to get her to pay January rent, and if she will, look for a new tenant for Feb 1. Unfortunately that seems unlikely, so I'd start looking for a new tenant for Jan 15 or something, since no on wants to move on Jan 1. 

It sounds like this woman needs help - you could consider calling the authorities, but not sure you want to get in too deep into this situation.