All Forum Posts by: Esteban Reyes

Coming up on a year in March of being an owner to a multi-family home. After the year is up, I plan to make it strictly a rental property. Soon after that the plan is to purchase a second property. Is the year mark too soon to pull out some cash, given that house has gained the 20% equity needed.. Year and a half? Should I still shop around just to get the ball rolling and see where numbers are currently? 

Any advice/guidance/opinions welcome. 

@Joe Martella I’m leaning towards that. I’m going to offer that solution. Hopefully she’s able to.

@Patricia Steiner thank you.

@Joe Martella thanks for your feedback. Now what if the other tenant decides not to leave?

Tenant hasn’t paid on first month of renewal 12 month lease. When contacted to set a time for me to come collect rent, tenant states she’s moving out and I’m assuming she feels she doesn’t have to pay rent for the month?

So there’s a collective of issues here. 1. You just renewed a 12 month co-tenant lease starting 6/1/21, which means you and the other tenant are responsible for rent in total. 2. June rent is due.

3. Even if you decide to move, you’re still legally responsible for paying your portion of the rent. I don’t know if the roommate is aware of the situation.

Furthermore, if you’re moving and breaking the lease, why are you still here? You need to exit the premises immediately if we can’t come to an understanding.

Thoughts on how to approach or handle the situation? Thanks in advance.

Best loan to put 3.5% down.. FHA or Conventional?