All Forum Posts by: Matthew Morrow

It surely could be. While im not familiar with the FL market- we've looked into this in PA and watch out for a few things that may play into the equation

-Zoning restrictions

-Required code upgrades with building changes- IE Sprinklers needed to be installed

-Cost of project vs true value added 

Quote from @Scott Mac:

A one time mess up by a kid, or a criminal enterprise(???)

If it's a criminal enterprise, I'd say Door--behind--don't let it hit you in the....

But follow legal procedures in your area.

Look parents here's  a new MacBook, and a some size 6 ladies shoes, and $300 shaver, and a new Dell Monitor and Cat Back Muffler system for a Mustang etc, etc, etc... (and the parents don't know this is happening ????) vs a one time mess up by the kid.

Do they still have reform schools, or is that Juvenal hall, or kids jail or whatever, but this young man will probably be spending some time there soon. In some areas they might even try him as an adult (do they still do that to kids???).

If you have videos, it seems like the Police Department would want to see them.

Good Luck!

Police have the Videos, and the person who was the victim reached out to us directly.
Appointment with our attorney this afternoon to further discuss. Certainly don’t want to ruin a situation for a family when one kid is causing the problems. But we also don’t want to expose Ourselves to any unnecessary liability 

@Nathan Gesner Thanks for this. I completely agree. Don't want to get involved in drama. BUT this is near my home, and the child had been a known issue in recent past. Its a HAP contract and it clearly stipulates in the agreement. Picture attached.

Having them there seems like a liability shall anything else happen and we've been made aware of this. 

Quote from @V.G Jason:

This is your tenant's issue, not your issue. I wouldn't get involved, unless authorities are asking for some sort of information that is voluntary. Otherwise, mind your business. 

Thanks and I agree. I don’t want to get involved.   I should have included that the property is on the same block as my home and the minke in question has other serious run ins with our police.   Their lease obviously won’t be renew but just curious what if any liability we have in the meantime 

One of our fairly new tenants who previously checked all of our boxes has a minor who has been caught on camera stealing packages and items from surrounding homes. This obviously is a problem, but the only reason we know about it is because we happen to personally know one of the victims. There have been formal police reports filed, any suggestion as to next steps or any experience you’ve all had?

This obviously is a problem, but we are still learning about the scenario and what we can do, if anything without overstepping bounds, or the law. It’s definitely civil law situation, but what if any liability to we have to say something since we’re made aware of it directly by the victim  

We have contacted our attorney and and waiting their guidance but curious if anyone here has had instances like this? 

Their HUD lease is up August of next year -

Property is not in PA. Its a legitimate question to see if there are sources or suggestions for screening for those without SSN. Obviously were going to abide by Fair Housing and applicable laws. They are nice people who we'd like to stay if they- however owners have every right to check inherited tenants upon lease renewal date. 

Investment Info:

Large multi-family (5+ units) buy & hold investment in Sylvia.

Purchase price: $500,000

5 unit mixed use building, including restaurant. All units fully occupied at purchase, and under market rents- with new lease terms already negotiated. Zero $ of our own money in the deal thru creative financing, seller assist, and managing the property / partnering with colleagues in exchange for equal equity in holding company.

What made you interested in investing in this type of deal?

Off market response to some of our marketing materials.

How did you find this deal and how did you negotiate it?

Direct marketing to the seller. Negotiated in person

How did you finance this deal?

Convention / commercial loan via Buisness partners

How did you add value to the deal?

Under rented units- all lease’s renegotiated with current tenants to step up to market rents over 6-12 mo

What was the outcome?

In progress - owner has 20 more units to sell over the next 12 mo and will be doing so with us.

Lessons learned? Challenges?

Some tenants not citizens. First for us.

Hi all,

We have several tenants in a building we recently acquired who are non-US citizens. They pay the current owner cash, and have been reportedly "good" in the past. No SSN, Ghana Passports on file.

We will be requiring full background checks and fresh leases for them (and all other tenants) to remain in the units after their current leases expire 12/31.

Anyone have experience or recommendations on adequately screening them to ensure we aren't missing anything?

Quote from @Luis Escobar:

Quote from @Matthew Morrow:

@Nicole Yarde - PA is full of opportunity, but also caution. You'd want to know the market you anticipate investing in. As with any area- investing can be hyper-local and finding someone knowledgeable is a must. 

We are in eastern PA, Lehigh Valley / Allentown Area and its one of the few places in the state seeing positive population growth and a rapid influx of people under 40yrs old. (All Metro Statistical Data). Heavily sought after by investors for this reason and others. Although the market is still quite hot - but cooling- we are seeing many opportunities for investors of all levels. Please let me know if you'd like to connect and discuss more. 

 Hi Matthew. Is that offer to connect for anyone? We've started looking around and the Lehigh Valley area has piqued our interest. 

 Absolutely. Send me a Message on here-or best is to use the contact info on my profile. It wont let me send it over the forum lol

Quote from @Nicole Yarde:

Quote from @Matthew Morrow:

@Nicole Yarde - PA is full of opportunity, but also caution. You'd want to know the market you anticipate investing in. As with any area- investing can be hyper-local and finding someone knowledgeable is a must. 

We are in eastern PA, Lehigh Valley / Allentown Area and its one of the few places in the state seeing positive population growth and a rapid influx of people under 40yrs old. (All Metro Statistical Data). Heavily sought after by investors for this reason and others. Although the market is still quite hot - but cooling- we are seeing many opportunities for investors of all levels. Please let me know if you'd like to connect and discuss more. 

 Hi thank you so much for this! 

 Sure thing. Look forward to our chat tomorrow!