All Forum Posts by: Michael Dumler

@Bridget Huebner 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 as others have alluded towards, you need to read the lease. You're taking the right steps by speaking with your apartment manager. Additional advice, get everything in writing before breaking your lease. Hope this helps!

@Izzy Izore no worries! Essentially a B-/C class neighborhood means you should expect a B-/C class tenant. If you proceed with caution and screen potential tenants properly, then this should help in the long run. Problems will come up occasionally but that's part of RE investing. Furthermore, this is why it can be essential to use a resourceful property management group. 

@Izzy Izore I've done deals in both Union City and Austell, and agree, both markets can provide great opportunity for cash flow. However, be mindful of HOA rental restrictions for townhome properties. Also, with an intended purchase price of 150k, recognize the type of tenant you'll attract, you're typically looking at B-/C class subdivisions.

@Kerry Pangan the seller wants it sold fast and in this market they have the upper hand to do so. I would not mistake this for less competition. If priced right, the seller can expect to receive multiple offers within the three day period. Obviously, offer acceptance is dependent on multiple factors such as intended purchase price, but this is not uncommon. Best of luck! 

@Jacob Billanti this is why investors advocate house hacking, especially for new investors. Other articles and videos on the subject of house hacking will provide much more insight then me trying to outlay every detail. Overall, the goal is to purchase a primary residence and rent to tenant's while still living in the property, hence, the objective of potentially living for free. House hacking can have a varity of forms, but your classic example is from investors who have bought a duplex, rented one side and lived in the other. The idea is to have the rent cover your mortgage and other associated costs of owning a property. At the end of the day, real estate is a time sensitive investment, the earlier you buy and hold the better. Hope this helps! 

@Aprilila Tran if you're looking to 1031, you need to identify a new property within 45 days and then excute on the transaction within 180 days. Be mindful, I'm not familiar with either market, but I'm well aware housing is much more expensive in SD then NV. I bring this point up because, a 1031 exchange can only be made with like kind properties in the eyes of the IRS. Hope this helps! 

@Noah McPherson best way to find a trustworthy hml is to acquire a referral from a trustworthy person, as is the case for all vendors. Do you really know if a company can be trustworthy simply by speaking with them? Even if a vendor has performed poorly in the past and cut corners, would they share that information with a prospective client? Reviews are the name of the game and will give you all the information you need. Maybe this is not the answer you're looking for, but best to keep things simple and realistic. Find someone who has worked with the hml you're currently speaking with, and ask that individual how their experience was. Hope this helps! 

@Cailyn C. national interest rates are still at an all time low. As you mentioned, obtaining a low interest rate is dependent upon the borrowers DTI, credit score, W2 income, intended purchase price, etc. For this case, 30 yr fixed 20% down, anything at 3% or below is excellent in my opinion. Always best for the borrower to shop around and compare rates across multiple lenders.

@James M Fario make sure to include a stipulation in the offer asking for the rent ledger and lease to be provided during due diligence. The rent ledger will permit you to verfiy if the tenant has been paying or not. It would be a shame to close on the property and find out the tenant hasn't been paying the last few months. If the tenant has indeed been there for 15 years, then usually it's a good indication he's been paying on time, nevertheless still include the stipulation. Also be mindful of the market, most properties are still selling well over list price, but obviously that depends on your specific market. Everything you have discussed makes this seem like a great deal. Best of luck! 

@Graham Guthrie biggest objectives to look for when pursuing a condo investment is HOA rent restrictions and monthly dues. Most midtown condos either have rental restrictions or ridiculous HOA fees that kill deals. Simple plan, identify condo complexes that neither have rent restictions or high HOA fees. Also, general rule of thumb but not always the case, SFH will tend to appreciate more then condos. Complexes to potnetially pursue: Harper on Piedmont, Mayfair Tower, McGill Place and 525 Park.