All Forum Posts by: Maxwell Anyimah-mensah

So my wife and I have been negotiating with a home owner for about 2months now and this is our final proposal that he has agreed to: Property is worth 640k with current adult family home set up or 690k when fixed up without the adult family home equipments. It's located in one of the most sort after communities in the general Seattle area. 7bedrooms 3baths 3000 sqft Adult family home ready Terms: Lease option: $675k $50k down 4K a month in rent with $500 rent credit. 4year term to exercise purchase option. Am is there something I am missing in this deal? Thanks for your contributions:

Jackson Long how long much time do you have on the lease? If it's less than 3months, I will suggest riding it out and then being very firm with the next lease, charging more for a pet deposit, and stating very clearly what is allowed and not allowed on your property. I do require my tenants to call me before they dig or put a nail in a wall or installing anything. If you do have more than 3months on the lease, Then I would suggest that you do send them a violation notice, And start a discussion with the business owner who signed the lease. It is an issue that needs to be fixed, Work with them to fix it. Best of luck!

I just paid $785 on 11/06/16 for an appraisal on a rental property I am refinancing.. I paid cash for the property exactly a year ago and decided to refinance it this year before the Feds increase the rates next year.

@Chris Williams, As long as Zoning allows for an A.D.U on your property, in will advice that you talk to a lender and see if you can refi and take out your money back after building and renting out the A.D.U. I recently completed the same process.

1. Take a 52K heloc on actual property.

1. Build an accessory dwelling unit on my property. $52k

2.Rented it out. $850

3.Cash out refinance the property $53K

4.Bought a condo town house cash with proceeds from refi. 72K

5. Rented out the condo town house. $750

6.In the process of cash out  refiancing the condo town house 70%=96K  to purchase a multi family dwelling. 

Started with 52k but pulling out 70% equity at 96k  through current refinancing.  So what you are conceiving is totally doable.

Jessica Riley welcome to bigger pocket. There is a wealth of information on here, which will come in very hand through your investing journey. Great community to be part of. My only tip to you at this point is: Please do not let this be your first and final post. Best of luck.

Not from personal experience but I have always read that broker connections are the best way to start sourcing multi-family units...

Family is Family, And Business is Business, And the two shall never mix, Especially those of us who are immigrants where our culture depicts that your extended extended extended family are as important as your nuclear family.  

 I do not rent to friends or family members who I can not evict, Simply because that is part of the rental business.

so it's unfortunate that a family member of your's took it that far with you, But if they did not consider that you were family and what they did put your business and future into jeopardy, Then it was totally okay to start the eviction process after 3months of late rent.

Best of luck.

I just started using Smart Move at the beginning of this year, 2016.  In this business where a bad tenant can cause you a whole lot of headache,money and time. I personally do not make other considerations for a potential tenant. I use smart move as a first step in the approval process, it is a great way to save time and move on to the next stage of processing the application of actual qualified tenants. 

   The best advice I have received in the "buy and hold" world is "Do not make somebody else problem your problem unless you are the solution to the problem".   

  Disclaimer, My properties are in the very tenant friendly state of Washington, So a bad tenant can ruin your love for real estate.

Best of luck.

Thank you Patrick Liska for that recommendation. I am still debating whether to buy quick books or quickens. Can I still "class" all the houses separately?

FHA approved means That the property can be financed with an FHA loan.

Ran into an issue on my last town house purchase, i could only get an FHA loan but the townhouse i wanted to buy was not FHA approved, so i had to go looking for another property that was FHA approved.

If your condo/townhouse community is not FHA approved, That will turn away a lot of buyers or You seller can get the community FHA approved.

Hope that answers your question, @Nick Patel