All Forum Posts by: Karl B.

You're in the right place. Attend the Wednesday webinars, listen to the free Podcasts (they can be found under the 'Education' tab) and read the Blog articles BP e-mails you. Educating yourself is the first essential tool. 

Hi. I would definitely include information about each property and the rents. You can even include bank records to show that the money was deposited into your account(s) (my idea sounds drastic but the mortgage company I worked with asked for tons of paperwork from me because the lending bank had requested it - some borderline ridiculous).

Prior landlord/ownership experience definitely helps when shopping for a loan. 

This is what I did when I bought my first multi-family (a four-unit). Having a RE attorney work with the seller's RE attorney is not an issue and as long as the RE attorney is competent and communicative all should go well.

But I'll still give some advice from what I've learned the hard way: if there are any contingencies such as repairs (usually discovered and agreed on after the inspection) make certain all repairs/contingencies are completed prior to closing - and literally go and check to make certain these repairs were actually done. 

Also, if current tenant has a security deposit, make certain it's transferred to you. 

My pleasure. Personally, I'd wait until he moved out so he doesn't cause any unit damage out of malice. Once he's out, have the locks rekeyed for the new tenant. If the old tenant tries to give you half the money, tell him no - all or court. 

If you've got it all outlined in the lease it would likely be a solid win. What would his defense be? I'm assuming he didn't have any issues with the place - the only way I could see him winning is if there was a health issue that wasn't addressed (broken water heater, bug infestation, etc.). 

You included all the needed information. I always judge a property somebody lives in differently than when it's an immediate rental. It's smart you'll have roommates. So when judging the deal and being anxious/critical you can also consider the fact you're building equity while also living for free (thanks to the roommate rents) and you can also consider you're living for free as opposed to having to pay to rent an apartment/house someone else owns (you'll feel better when you run those numbers and realize you're not paying that amount of rent and are likely living in a better situation - more room, your rules, etc.)

Plus you're a homeowner - chicks love that! 

Personally, I'd take him to small claims. But that's just me. I'm all about principle and doing what I feel is right and it seems you're the same way as well. Some people would tell us, "It's going to be a waste of time" or "You're going to put all that effort in over a few hundred dollars?" but personally I like to hold people accountable as if I didn't it would bug me. 

It's kind of like the landlords who do cash for keys - I wouldn't - mainly because if someone isn't paying me rent I want to put that on their record so other landlords who do a credit check don't go through the same nonsense with that deadbeat tenant. 

I'm glad you've got somebody else lined up; cash flow is essential! 

I was curious about your question and did some research. Here's what one online source (source link listed below) stated: 

"In most circumstances, it is unethical for an attorney to represent two parties to a transaction or dispute. That's because the lawyer has a legal obligation to protect his or her client's interests, and it's difficult-if not impossible-to do that when you're representing two parties whose interests are in conflict. There are, however, limited circumstances when a real estate attorney can represent both the seller of a property and the buyer.

Conflicts of Interest

According to the legal profession's Model Rules of Professional Conduct:

The rules, however, go on to say:

Source: http://www.lawyerlocator.com/residential-real-esta...

Hi, it depends on what you're looking for. For SFR or small MF you can check Craigslist. Though I tend to find most of my deals on Zillow.com or Realtor.com and for buying my first large apartment building I have been looking on Loopnet.com

I once bought a duplex that had a driveway that was narrow and not long. I remember my dad (who owns a commercial real estate empire) said it would be an issue (he tends to be critical of my deals until he sees the cashflow after I buy - he's just being a protective parent. 

Luckily, there's a lot of street parking (it's a one-way street, which helps). 

Definitely not a deal-breaker. Especially if it's close to downtown and is accessible to public transportation (a lot of people near the big city don't have a car and this fact - being near a bus stop - is important to them).

Yeah - it would be cool if there was a driveway - but it doesn't make the deal a bad one. Note the parking situation when you're at the property. There could be ample street parking and parking on a nearby side street as well. 

Heck, for most of the winter my tenants didn't shovel the driveway and so nobody even parked there so it was as if there was no driveway (not a Miami problem, of course). 

What's funny is when I made my offer I used the driveway as leverage, telling the selling agent (who ended up being the dual agent and received a nice commission) I'd have to have it paved back further so multiple cars would fit. I didn't end up doing that (I live out of town and bought the property without having been there and when I saw the situation I realized it wasn't worth the cost) but the point is you can make that argument though if you're dealing with a bank they're much less likely to care. 

But I don't see the lack of a driveway as a major issue.