All Forum Posts by: Liam Naughton

 Yeah everyone needs to agree to sell the property.

At least all the people who have some kind of claim to the property.

Hi Darien,

Welcome and good luck! You're in the right place. :)

My advice would be to start talking to agents and lenders asap. You can only learn so much from books before you have to go out into the field. Don't work with the first people you contact until you've talked to several options. Agents and lenders are a dime a dozen, the right one will make all the difference in your education and your success, it takes work to find them and more work to establish a relationship but it's worth it.

Usually, if you find a lender or agent you like, they can lead you to the other pieces of the puzzle.

Find out how much you can afford and find out what makes a good deal within your price range.

Identify your goals, make sure they're reasonable by checking with your team, and don't be afraid when you finally find the property that works for you.

Good luck!

What's the cashflow on this?

Was there a tenant in place on closing?

@James Dainard

^ this guy

He helps educate his clients and employees to a level of competency beyond the scope of what one could attain on their own. He posts educational content to YouTube and is on a BP podcast.

He's a deal junkie through and through, loves the process of finding a good deal and making it work, and is motivated by creating generational wealth.

10/10

Hey Randall,

We like using Apartments.com super easy to renew leases and collect payments. It also allows tenants to set up automatic rent payments, so no more late rents!

:)

Hi Kevin,

If you can get your VA loan back by refinancing the one you have outstanding that might be a good option for you to take down 2-4 units. Check with your lender what your new payment would be on the existing and what that would allow you to afford on your next purchase.

You can still do an owner-occupied loan up to 4 units but if you're using your FHA/VA loan you'll have to go conventional 5-10% down. I recommend 10% so you're closer to getting PMI removed. If you can swing living in one of the units of your new multi it could help to lower the rate on your loan by about a point, which I highly recommend.

The process is almost the same but your inspection is going to cost more and you'll have to take over the leases of the tenants already in place. Nothing you can't handle if you're coming from house hacking.

Good luck!

Hi Walter,

I just went through this process on a wholesale deal I did, it can take a while.

You have to find next of kin, or whoever inherits the property. There's usually a long probate process to get the owner on title changed to whoever it was left to. This can be even longer if the person doesn't want the property.

Look up and contact information you can on the property and do a person search for any relative and call everyone. Your local title company can help you find your leaping off point, then sites like Lexi's Nexus can help you find phone numbers and possible relatives.

If you have an agent you trust in your area you can ask them to join you on your hunt, they may have additional tools to track down any leads.

Good luck!

 Make 2024 a great year with good forms and documentation hahaha!

Hi Chantel,

Have the tenant make their payments, in whatever form, to an LLC. This helps keep everything separate come tax season. It also gives you a layer of protection.

We've taken Zelle payments before as well as checks. We've strayed away from checks because they take a while to process and being able to do everything online makes the account a bit easier. That being said, there are additional costs to using software.

If you want to accept checks you should have them place it in your mailbox. Make sure you are clear on when the deadline is, it's easy to forget to write a check, much harder to forget an automatic payment. This is one of the main reasons we switched to electronic rent payments, people can set it and forget it and they're never late on rent!

If this is your first unit I'd recommend doing whatever option is the easiest and cheapest for you. Zelle to a business account is probably my top recommendation. If you're planning to grow your portfolio fast or have other units you're managing, a software like apartments.com is really helpful.

Congrats on the duplex and happy new year!

Hi Paul,

Sounds like the 401k loan option isn't a bad bet for you to pay yourself first.

You could also consider putting a little less down on a property that needs some touchup (20% down conventional to avoid PMI if you can). The cash on hand that you save can be used to make improvements that you can use to shore up your equity position that you can take advantage of through a refinance when rates come down. This might take a little longer but could get you to your number with a freshly renovated house and some additional equity in the deal. There are additional costs here with the renovation and the refinance included but it makes for a pretty stable deal in the long run. Just a thought.

Good luck!