All Forum Posts by: Ken Livingston
Ken Livingston has started 11 posts and replied 43 times.
Post: Closed on my first multi family today. How'd I do?
- Posts 43
- Votes 45
Quote from @Corby Goade:
Congrats! You made a big first move and that's the most important thing to do.
Some people might say your ROI isn't good enough, you shoudn't cover appraisal gaps, etc. If you own an investment property and it's offsetting your living expenses, then you have made the right move. Now you'll get experience and boots on the ground education. Every deal you do will be better and better.
Nice work- keep pushing!
Thanks. I know it wasn’t the ideal purchase but it’s done. #1 in the books. It’s cash flowing positive. This will be a long time hold, so even though the numbers don’t start out fantastic, over time they will improve.
Post: Closed on my first multi family today. How'd I do?
- Posts 43
- Votes 45
https://www.biggerpockets.com/...
Its in Mount Olive NJ. 2 family. We are in the 2 bed 1 bath downstairs with a 1/1 upstairs. Will be staying for a year to satisfy the loan requirement. used a portfolio lender so only had to put down 10.5% with no PMI, however had to close a 37K gap from loan and assessment. Came with the tenant already in place. little bit of mostly cosmetic fixing to be done.
What you guys think?
Post: What are considered unreasonable repair requests/too much communication by tenants?
- Posts 43
- Votes 45
as far as the rent,.. "The terms for rent payment are in the contract that you signed. It will be paid this way or you are in violation of your lease. We will not be discussing this again."
Post: Established tenants in new purchase.
- Posts 43
- Votes 45
Quote from @Joe Xiang:
Quote from @Ken Livingston:
Would be a multi family.
Depends on where the property is.
if it's in NJ, for 2-4 family, if the owner wants to live there, you can easily evict one tenant using "the owner wants to live there" rules.
other state? Not sure.
Post: Established tenants in new purchase.
- Posts 43
- Votes 45
Quote from @Eliott Elias:
Guidelines state at least one unit has to be vacant upon closing. I’m not sure you can get a loan closed if it’s fully occupied.
Post: Established tenants in new purchase.
- Posts 43
- Votes 45
This is hypothetical. 2-4 depending on what is found
Post: Established tenants in new purchase.
- Posts 43
- Votes 45
Would be a multi family.
Post: Established tenants in new purchase.
- Posts 43
- Votes 45
If you buy a property that has already established tenants with time left on their lease, but the loan requirement is that you live on the property. how do you resolve this?
Post: +[Calc Review] Help me analyze this deal
- Posts 43
- Votes 45
Quote from @Darrell Bennett:
Quote from @Ken Livingston:
Besides the Vacancy thing that Tim noted above, that is a very low capex#. one major fix and that will blow that deal out of the water
Sure man. You can call whenever. IM me and I’ll get u my #
Post: +[Calc Review] Help me analyze this deal
- Posts 43
- Votes 45
Besides the Vacancy thing that Tim noted above, that is a very low capex#. one major fix and that will blow that deal out of the water