All Forum Posts by: Jon Sheffield

@Russell Brazil Thank you for the heads up, DC is great I am trying hard to get a 4 unit but they are going quickly

@Valerie M. It appears that the seller is looking for an all cash deal if you ask me, but that's just my limited observation. To answer your first questions it's not uncommon or common, the lender would look at all of these items as well. I believe it goes back to what the agent said individuals who have been pre-qualified but when the bank makes it's final decision they don't meet the criteria of having enough for closing and three months of the mortgage in savings people or the other numerous stipulations. 

To answer your second question you could definitely purchase the building as an owner occupant, although if the seller doesn't want to sell to you they don't have to. I would suggest you find someone in the area that knows the market as well as having an agent that can talk to the other agent. I just had the same problem of trying to purchase a 4 unit in DC and the owner felt that with me being an owner occupant the banks wouldn't have appraised the building at what he wanted. So I lost the deal, but i understood why ultimately someone came with all cash at a higher price. 

It's interesting that the owner is saying that it can't be owner occupied have they said why that is? Is the building 100% occupied and no leases are coming up on expiration. Another cool tool to use that my realtor did was to offer one of the tenants money to break their lease early if that's the hold up. I think you should ask why, sometimes it takes a little hand holding when people have been burned consistently. My last suggestion is to begin looking at some other properties this one might be more than what you bargained for. Again just my suggestion I am interested to hear what others think. 

I am currently looking for investors that either currently own or have owned in the past investment properties within washington, d.c. (ne,se, sw,nw). My question is what didn't you know before investing in DC that as a landlord you absolutely must know. I know from the podcast and forum DC is a very tenant friendly state, evictions are difficult and even after the lease expires the tenant still continues to be on a month to month until they decide to leave or they get evicted. Horror stories and quick tips are all welcome.

I am currently looking for investors that either currently own or have owned in the past investment properties within washington, d.c. (ne,se, sw,nw). My question is what didn't you know before investing in DC that as a landlord you absolutely must know. I know from the podcast and forum DC is a very tenant friendly state, evictions are difficult and even after the lease expires the tenant still continues to be on a month to month until they decide to leave or they get evicted. Horror stories and quick tips are all welcome.

@Dawn Anastasi Does that mean the suspect/abuser can be evicted because of DV but the victim can stay at the residence? Also does the abuse have to be documented by law enforcement before the eviction process happens on the suspect /abuser.

I think there are several questions that need to be asked that will dictate how this is handled. First you can't solve their issue and you don't want to compound any problems either. I would talk to her to see if she is actually leaving, if not the next nine months will be extremely fragile. Speaking from my law enforcement side usually the person goes back and the violence continues. If she's actually leaving and he's staying or vice versa then make a new lease with that one person if they qualify by themselves for either the nine months or another year. Another option is allowing whomever to stay and as long as the rent is paid there isn't a problem for you. I would do some research talk to an attorney about this matter in the eyes of the court domestic violence isn't taking lightly and there might be some sort of legal release for the complaintant. But first talk with her ask her if she's talked to her husband about what she's planning and tell her you will contact him asking the same information just be sure that everyone is being truthful. And if no agreement can be made then your next step might be eviction. This happens people get married by a house then divorce and can't afford the house themselves foreclosure short sale ensues etc. And both parties take a hit financially. Also did she document this with the local police department? So until there is a new lease signed she's responsible, unless you decided to have the husband resign a new lease by himself asap. This is a very complex situation and wish you good  luck.

Although I don't have any information to give on this topic I wanted to say thanks to @Peter Mckernan for asking this question. I have been looking all around trying to figure out book keeping what's needed and what's not. I was always referred to products such as buildium, simplyfyem etc. I like the idea of quickbooks that @Account Closed  gave an example of it seems simple, easy to manipulate to fit your needs, also  with the other software you are charged per month for access. So to me it seems like quickbooks is good to start with to figure out what exactly you want just in case you outgrow quickbooks and want to move up to any of the other software. 

That's an awesome strategy @Guy Gimenez I will continue to do that as well persistence is key.

@Simon Campbell @Justin Pierce Thank you both for your replies and knowledge. I will continue to contact the owner they currently have a Florida address and watch the property they might not want to sell. Again thank you.

Also I am including a picture of the actual deed if people want to actually see what I am talking about