All Forum Posts by: Marc Manelis

I'm with the majority on this one, ignore the letter and don't respond unless you get a summons to appear in court.  I have been threatened by tenants (as a property manager) that they would sue me, I have yet to receive a summons for a law suit.

I have been a property manager for properties that had students and non-students.  Just make sure you screen your students, get co-signors and monitor the property for damage (parties).  Look at rents in your area as you may be able to get a higher rent from students vs. non-students.  Also, if you rent to students be prepared to have lots of turnover and re-rent the property each year.  During the summer months you could look at renting the house out as a vacation or short term rental (if it's allowed in the municipality the property is located) which would allow for income during the time students are gone.  Doing this would mean you would have to furnish the property (which you might have to do renting to students).  Just my two cents.

Could you add an exclusion to the Deceleration of Acceptance that excludes the roof (and anything else that you want to add).  I would imagine the main reason behind this is no one knows what a tenant will do.  Say a unit gets trashed by a tenant the day before closing, the seller doesn't want to be stuck with the cost of repairs.

It is not a requirement for the owner to provide their taxpayer ID to a tenant.  I'm not an attorney so I would contact one or a CPA to make sure you are in compliance with your state laws.

Personally, I would let the  tenant out of their lease or agreement and refund their deposit (so long as there is no damage to the unit) and find another tenant.  Sounds like this tenant will be trouble.

Greetings fellow BPers!  My name is Marc Manelis and I live in the Portland, OR metro area.  I have always wanted to own investment producing real estate but have never been able to make my dream come reality due to life's directions.

I am looking to purchase three to four unit properties and hold on to them.  I need to come up with creative ways to purchase them as I don't have the money to put a down payment (hard/private money, partnership, etc.).  I am enjoying the podcasts and reading posts on BP.

A note is the document stating the loan terms. In this case the seller would be the bank.

Welcome, Joe.  I'm in the same situation as question #1.

Purchasing a duplex and living in one of the units while collecting rent to pay for the mortgage to me would be the route you would want to go.  If you did that you may have to use hard money or private money (due to credit) to purchase and then refinance once you have some equity built up and have good rental history with a tenant.  Maybe you can find a seller to carry the note on a duplex.  Good luck!

Great job BP team!  The content and podcasts are great and informative.

Congrats on your success.  Reading stories like your inspires me to get my plan moving faster and invest in RE.

Way to go!