All Forum Posts by: Joshua R.

@Aaron Lang What is your budget? What access to capital do you have? Since you are trying to use either seller/creative financing, dialing/driving/writing for dollars is a good place to start. I would start with pulling tax bills in the areas you are interested in to locate the owner's information. If you can find any delinquent tax bills that is a plus and potentially means a motivated seller. Write a lot of letters and don't get discourage! Let me know if I can be of any assistance!

Best,

Josh

@Ronnie Galindo Sounds like you have a great strategy and you are spot on! Slow and steady wins the race!

@Nathan Mount I would point them back to the lease and tell them they breached the contract. Two options rehome the animal or plan to move. They lied and are in violation of your contract. 

@Ronnie Galindo It may seem antiquated but I am a firm believer in leveraging a well placed written letter to find deals. You had mentioned you are married, is your wife on board with the idea of househacking? If she is, househacking is a great low money down strategy and you will also learn so much about managing your investments. Overtime is a great strategy to boost your cash available to invest! What is your investment strategy (buy and hold, BRRRR, Flipping, etc)? Different strategies lend themselves to different potential financing options. Let me know if I can be of any assistance!

@Phillip Dakhnovets Do not renew their lease. They are damaging your unit, the unit they occupy is under market, and they are paying rent late. There is absolutely no reason you should retain this headache tenant. In my experience inherited tenants are usually problematic in some capacity. Now that isn't to say all inherited tenants are bad, but from what you just described I would definitely remove this problem early on. Take the time to turn the unit, make the repairs, cosmetic updates, and build out your own property management systems. Then fill the unit with a qualified tenant at market rent. 

How does the inherited tenant currently pay rent? If they are mailing you a check, you should consider setting up electronic/automatic rent payment options. Just for the sake of streamlining that process since you are a "long distance" investor. 

I think it this deal has solid potential!

@Nicholas Pritzl A househack in Milwaukee is how I got my start as well! Milwaukee is a great market and the fact that you can leverage your VA can make the deal potential even better! To echo David's point with interest rates being as low as they are and you having a tool that allows you to go 0% down up to 4 units. I would definitely take advantage of trying to go in the 3-4 unit range with your search. Let me know if I can be of any assistance!

@Forrest Faulconer I have been house hacking since 2016 and have not looked back! I used an FHA for my first househack and conventional at 15% for the subsequent. Now since I live far enough away from my first househack, I am about to use another FHA to purchase my next one! While I agree with you, that living right by your tenants can be a hard sell for a significant other. Once you look at the financial benefit together, these things tend to become minor in the big picture!

@Tim Porsche Does your state have any limits on prepaid rent amounts? If so, how much of the 1 year upfront rent payment be considered a refundable deposit? I have no problem helping someone out that is going through but just be wary of someone playing at your heart strings to later take advantage of your niceness. Let me know your thought!

@Richie Thompson I will just purchase the wifi for the camera system.

@Margaret Ngumi Review existing leases and be very thorough and upfront about your expectations with the inherited tenants. Once you set the expectations stick to them! Enroll your tenants in automatic rent payments. If the inherited tenants are on MTM leases, give them a 60 day trial (do they pay rent on time, do they maintain their unit, are they high maintenance) before choosing to put them on a longer termed lease. These are a few things I do with inherited tenants. While it is nice to have the cashflow from acquiring a building fully occupied, always be cautious about who the previous owner filled the building with. Not everyone vets prospective tenants as thoroughly as you might! 

Happy Investing

Josh