All Forum Posts by: Eric H.

@Taisha Williams Greetings and Welcome to BP!!

Congratulations on reaching retirement!! REIAs are great way to network.

I wish you the best! Peace!

@Zainy Saj Greetings and Welcome to BP!

I would recommend getting accurate information on the current tenants. It would be bad business to inherit some less than favorable tenants. Ask seller for all docs regarding tenants and ask about their screening process.

Happy investing! Peace!

Greetings @Andre Mudiay,

Baltimore REIA meets in Towson

http://www.baltimorereia.com/our-events/

I wish you the best! Peace!

@Chris Lombardi Congratulations on your first purchase!

Do you have pictures/checklist of the condition of the property when tenant first moved in? All costs associated with getting the unit back to that condition should be deducted from security deposit. As you are not the one who leased to this individual, I would recommend deducting all costs associated with getting the unit back to your living standards, within reason of course.

Happy investing! Peace!

@Danny Minhas Greetings and welcome to BP!

I would say start the eviction process now. If they are out by the end of the month, no harm, no foul. If they are not, and you have not started the eviction process you are now 30+ days behind.

I wish you the best! Peace!

@Stephanie D. Congratulations on your success thus far.

I would say that you should definitely be worried about the tax issue if it's going to affect your cash flow. To combat the issue in that particular market you may have to find something you can pay a lower purchase price for or charge a higher rent. Are you self managing or have a pm? Another expense to consider that will affect your cash flow.

To the one in Philly, I would say get those tenants out of there, legally of course. Don't renew their lease and/or make sure you start eviction procedures as soon as they are late. Make sure you charge for late fees too. I invest in a similar market here in Baltimore and what I have found is that you have to stay on the tenants. It's a business. When I neglect to file for an eviction as soon as the tenants are late, it takes longer for me to get paid. A little motivation goes a long way.

I wish you the best! Peace!

@John Krasner Greetings,

I think it depends on one's market and goals. If your ultimate goal is to save as much capital as possible, you have to figure out if renting or owning will meet that goal. Keep in mind that owning comes along with expenses other than mortgage payment, including but not limited to maintenance, taxes, insurance. A live in flip may be a viable option as well. You can merge shelter and education.

Happy investing! Peace!

@Steven Cloud Greetings and welcome to BP!!

One of the many things I love about real estate is that so many aspects of a deal/transaction are negotiable. In any relationship, communication is key. If you and your brother go 50/50 on the first one, have a discussion afterwards regarding each other's work load and expectations to see if that profit sharing model is feasible.

Happy investing! Peace!

@Fernando Nova Greetings and welcome to BP!!

I would highly advise that your first step should be to talk to your broker about it.

@Steven Bichel Greetings and welcome to BP!!

I would carefully review the purchase and sales contract, line by line, and even have a real estate attorney look it over. I would also make sure the wholesaler is in contract with everyone that is on the deed. If the deed is being held by an LLC, make sure that LLC is in good standing. Ultimately, treat the transaction just like any other as far as your due diligence procedures are concerned.

I wish you the best!

Peace!!