All Forum Posts by: JM Payne

Are you absolutely sure that you are fully aware of any liens attached to the property as well as the title status? 

I'd want to have a title search done and get insurance...it doesn't add that much time and can be done separate from the lending package.

That being said, people buy QC all the time, but it's definitely buyer-beware.  Good luck and congrats on the new property!

- JM

The name of the game is to get somebody else to pay for your real estate. 

If you ultimately do decide to buy SFR, I would shop with an eye towards roomates or AirBNB. The less money you spend, the more money you have to invest. 

In the meantime, I'd be milking that free living while reading as much as possible about investment and finance, I'd be networking with local investors and getting coached via BP and mentors on developing a business plan and investment strategy, and I'd be saving every dollar possible for my eventual first purchase.

I hope that helps!

- JM

You wouldn't sue the handyman...you'd sue the PM as he is their contractor, but honestly no need to go that far just yet.  

I'd start with a call to the Principal Broker at the office and demand that they resolve the situation.  They messed up, it's on them to fix it.  If there is nothing wrong with the unit, then the tenant has no real justification for breaking the lease...honestly how many times have we had contractors (or car dealer service departments) try to upsell us with scare tactics?  I would absolutely hold them accountable to resolve the tenant's concerns.  Although you have the inspection report in hand, I would not provide that to the tenant, as there may be other sensitive information that you do not want disseminated.

I would also be shopping for a new PM.  I hope that helps.  Good luck with whatever you decide.

- JM

@Tyrone Hood no problem at all. 

@Jason Merchey is spot on.  Tuck that $10k away and focus on making it bigger while you grow your knowledge.  Slow and Steady and you got this!

- JM

If you hover over the top where it says "Network" and then click "Events," you can search by zip or city.  Here are the Boston results, for your viewing pleasure.  Have fun and enjoy!

https://www.biggerpockets.com/...

- JM

Mine doesn't show on my report either, but trust me!  They still know!  o_O

- JM

Living in a house for a few years is expensive.

Continue to live in your rent-free living situation while stockpiling both money and knowledge until you can afford a duplex.  In the meantime, read, listen and learn as much as possible about real estate, financing, banking, insurance, business strategy, personal development, etc. etc.  I hope that helps.  Go crush it.

- JM

Sounds about right to me.  Be very careful, make sure you calculate holding costs into your numbers, and add at least 50% to your hold time estimates.  You might also try a more favorable local portfolio lender as an alternative to traditional banks.  Be careful, but good luck!

- JM

If it's below market rent, then you can practically raise it. 

Unfortunately, most places legally require that you honor the lease in place at the time of purchase.  Check with a local attorney or manager, but you may be locked in until the expiration of the lease term.  If so, then send a letter a few months before renewal with the updated terms and given them an intent to renew deadline.  I hope that helps, good luck!

- JM