All Forum Posts by: Mica Moore

You consider an opinion to protect yourself negativity? Good luck in your deal I hope you figure it out.

To everyone else -- make wise choices. There's an old adage he who represents himself has a fool for a client.

 I would say that's a bad idea. As a buyer an agent is free -- you need someone with experience ( which it doesn't seem you have) or you might find yourself in bad situations. 

Your Real Estate Agent is not helping you? That is their job.

For a multi-family building (Buy & Hold - for cash flow). What is the potential market desirability (to good tenants) for 1,2, or 3 bedroom units & is the best to own?  

Example:  1 bedrooms might attract singles, so less potential damage from children (but lower rent per unit). But the turn-over could be                    higher as people might outgrow it.  And demand for this small may be less.

                   2 or 3 bedrooms might attract families with children - more potential damage & pets (but higher rent per unit & more demand).

The client should of been counseled from the jump off that he will be getting no 'deals' that he needs to come in hot & heavy or it's a waste of time.

Before you rent increase the existing tenant (your only bread & butter to date) - take into consideration how long they have been there, how the keep the property & what their general reputation they have (this may be harder to figure, but you need to dig), and what the rental climate is like (tight hard to find places, or lots of inventory).  You want to avoid the tenant running away at the rent increase (unless they weren't worth having and you can get a new tenant in there quick).

If they move, you will not only have the absence of their monthly cash, you will probably have to spend some time & money rehab the unit to make it rent ready.

What are the state and local laws regarding this?  Which is better for your bottomline (run the numbers) - evicting her or keeping her.  

Tenants are ruthless -- if  this is your biggest problem you haven't seen anything yet.  Not your problem that tenants are less than desirable people - you want paying tenants, who take of the property & don't cause neighborhood drama.

Might be best to let her stay with an increased deposit (State laws vary).

For tax purposes it's best to live there a minimum of two years.

FHA is not likely to approve a fixer unless you get the FHA rehab loan. Conventional is always better (aside for needing a larger down-payment) because a seller is likely to choose a Conv buyer over an FHA one (FHA is a hoop jumping game).