All Forum Posts by: Dean Boyer

Add 3 doors

I just want to run this by the biggerpockets community.  I have a chance to purchase a partially finished duplex conversion from a friend that had to move out of the area.  He will carry me for 1 year and 5 months.  During that time he wants me to pay his mortgage of $499.45, which includes insurance and taxes.  I will need to put in about $12-$15,000 to have it fully converted to a duplex that will rent for $1,200 per month.

At the end of the 1 year 5 months, I will purchase the property for $57,000.  He is currently asking $62,000 for it.  Can I just go to the bank and say that I want to refinance it to pay him off?  I think it should be worth at least $75,000 after I rehab.

If I can get it rehabbed in one month, that will let me cash flow about $300/month after withholding vacancy, repairs, cap ex, and paying for water-garbage.  

I am sure I will do this, just not sure how I can handle the refinance at the end of the 1 year 5 month period.

I have 8 rentals under my social security number.  Now my son wants to partner on some rentals.  Should I run this under my social security number also?  Does it matter?  Should I put the new one under my wife's social security number?

@Mindy JensenGreat advice on the wrong address idea.  I will do that.

I did charge her a late fee and she paid that is why I still have her.  Since we are in winter, it will be difficult to find a new renter anyway.  I am afraid that now she might she taking this PTSD to the extent of missing work and then the loss of her job.  Hopefully we don't get to that point.  

@Account Closed Great advice and I read the ADA and HUD regualtion thanks for posting that Meghan.

She sent a text to me saying that a doctor suggests that she gets a dog.  My next step will be getting documentation from the doctor saying that she NEEDS to have a dog.  She has been late on rent 2 times in 6 months.  I have had more complaints from her than my other 7 properties added together.  If she is a day late again, I will just start eviction.  Maybe, I should relay this information to her and that might make her toe the line on rent payment now that she will have a dog.  

I had the best references on this person that I have ever received.  I thought that they were be laying it on a little thick when they were talking to me about her.  I am now speculating that she has relatives set up to be the people answering the phone for her references.

Thanks for the advice.  I am contacting a lawyer this afternoon.

Isn't she breaking the lease by getting to have a dog in the house?  What good is a contract stating no pets then?  Can I restrict the size of dog?

Just had a renter call me and say that she was diagnosed with PTSD.  She says that the doctor suggest that she get a trained service dog.  She is about 6 months into a year lease that say no pets.  She says this is not a pet, its a service dog.  I told her that if she had to have the dog that she would have to pay another $25 per month rent and an extra $150 for pet deposit.

She says she is going to contact her lawyer because she was told in Nebraska you can't charge extra for a service dog.  Can anyone tell me if you have ran into this situation before?

I tinkered in real estate for about 5 years.  Owned one rental, and flipped 3 houses.  Just doing some side investing we will call it.  I teach high school math, coach, own and operate a 500 customer lawncare business.  I thought I had enough going on.

Then two years ago, I decided to get more involved in real estate.  My wife and I purchased a duplex, then 3 single families and I started managing 6 more properties for a friend.  While doing the other stuff listed above. 

Then I about a year later I, discovered BP.  I listen and read all the time.  People have inspired me so much that I just keep finding deals.  I am much better at due diligence than I use to be. Thanks to bigger pockets.  We are now up to 8 doors of our own.The main reason that I am writing is that I was shingling a house and the neighbor came out and started talking to me about him needing to sell his house.  Fifteen minutes later, I made him an offer.  My youngest son(19) was helping me shingle the house and he said he would like to get into real estate.  He is currently going to school to be a physical therapist.  I ended up carrying him and let him make payments to me so he could buy his first rental.  I am managing it for him while he is in college, but he has to do all the fixing up.  I TOLD HIM THAT HE HAS TO JOIN BP IF I AM GOING TO MANAGE HIS PROPERTY.  My oldest son(25) just told me that he wants to buy a house.  He has his own money, but if I have to manage that for him he will also be a BP member.

This website is too valuable.  Thanks, to all involved.

@Christopher Moore, I have 8 doors now.  With a duplex in Norfolk that I purchased 2 years ago and it is doing very well.  My other 6 single family homes are in small towns close to Norfolk.  I do not get as much rent for these, but I do not pay as much to purchase them either. I found Bigger Pockets about a month ago, so I am also new to the forum.  It is good to hear from another investor in the Norfolk area.