All Forum Posts by: Michael Dumler

@Kristen P. generally, you can put it on the tenant to be available when contractors are present, but keep in mind that often means they are the one's to sign off on completed work. Having the tenant sign for completed work is fine, however, this brings up the importance of trusting your vendors to complete the work properly and ensure they aren't cutting corners when you or your husband aren't around. Hope this helps! 

@Jonathan Walters congratulations on kickstarting your RE investment journey. My only advice really is to work with an agent that has house hacked before or is known for helping clients with house hack deals. Working with a reliable and resourceful agent will not only save you time, but will hopefully ensure a smooth transaction as opposed to the headaches of doing your first deal on your own. Keep in mind however, the market is extremely competitive and a lot of duplex deals will receive cash offers. With that in mind, you may have to adjust your house hack strategy. In addition to searching for duplex properties, I would also advice looking at homes with in-law suites. Hope this helps. 

@Fernando Limon congratulations on taking action in your search for real estate house hack deals. You bring up a great point and you're correct, I've noticed as well that most 2-4 unit listings are tenant occupied. There are a couple avenues you can take to ensure owner occupancy. If the current tenants, or at least one tenant is on a month-to-month lease, add a stipulation in your offer asking for the unit to be vacant by closing. Adding the stipulation will put pressure on the seller to give notice to the tenant to vacate respectively. Depending on your market however, don't expect an offer to be accepted right away. Home sellers have the upper hand in this market, I believe your best approach is to consistently put in offers and see if one lands. Hope this helps!

@Sarah Lindberg unfortunately not, the lease runs with the property and can be looked at as a binding contract between the new owner and tenant. Read the current lease and see if there any provisions or clauses that may allow rent increase, however, I doubt it. If anything, you can try cash for keys and essentailly terminate the lease that way. Hope this helps!

@KG Morgan keep in mind for wholesale transactions you're either paying in cash or hard money. The wholesaler makes their fee by assigning the contract to an intended buyer and is paid the difference from the sale of transaction from what they originally had the property under contract for. When working with either an agent or wholesaler I advise you to run your numbers religiously. I would not rely on either party telling you the property is a good "deal." Hope this helps! 

@Isaiah Pearson that is probably going to be a big waste of time and money. I'm no attorney, but I don't believe there is any legal ramifications you can take here. Again, you signed a contract binding you to a years lease and you need to read the lease to see what it states about early termination. Also, I highly encourage that you do not stop paying rent, that's a great way to ruin your credit and overall dispatch future lending approval. 

@Dwayne McNab I believe you're referring to condos since you brought up HOA fees. Not only can HOA fees kill your deal but must condos have rental restrcitions that could dispatch your whole investment strategy. Condo investments certainly come with their advantages, but recognize the trade-offs. Hope this helps! Feel free to reach out anytime if you have other questions or just want to chat.

@Manco Snead I am unaware of this nor do I believe it's common, but if the closing attorney and lender have agreed to this arrangement, then it appears all other options have been exercised. Usually the closing attroney arranges for a mail away notarty, but given the FedEx situation timing seems tight. I assume closing cannot be extended? 

@Isaiah Pearson your lease is a binding contract, technically if you breach any part said within, your landlord/leasing company has every right to hold you accountable. I would assume there is an early termiantion fee and the possibility of not receiving your deposit back, but you need to read the lease. Second step to take after reading the lease would be to contact your lanlord/leasing agency and speak to them about the about the matter. Additionally, get everything in writing if you can before breaking your lease. Hope this helps!

@Kareem Mahmoud REI meet-ups are the best routes to take when networking with local ATL flippers. There are numerous in person meet-ups and majority of them can be found here on BP or Facebook. I'll shoot you a personal message for the one I typically attend.