All Forum Posts by: Michael Webster

Hey Mark, if you had other work prior to your recent job, then just find a common thread between the two jobs (ex. they both are computer related, finance related, whatever). If you're a good candidate otherwise the banks will find a way.

It's been said, but the 15th is the first day you can charge the late fee.  It also can only be a maximum of 4% of the month's rent.  As Ed said, you can still give them a 7 day notice on the 2nd of the month (assuming your lease specifies that rent is due on the 1st) and if they aren't paid up at the end of those 7 days, start the eviction process.  Last I knew, you could add reasonable fees for going into the process of eviction to a tenant's bill (double check this).  
Some people think paying on the 15th+ once isn't that big of a deal, but it can quickly lead to the tenant finding themselves unable to make enough money to have rent ready again on the 1st of the following month.  More often than not, it will lead to them getting at least 2 months behind as you're going into the eviction. Add in infrequent court dates, the court agreement which usually gives them time to get out, etc, and you're out at least 2+ months of rent. 

Hey Ben - FHA requires you to occupy the property within 60 days, so it would be tough if you were trying to buy the property and get the tenants out that quick. I would make it a term of sale personally, that the tenant be given a 30 day notice prior to the 1st of whatever month you are heading into (so if I put the deal under today, I would require them be given notice by October 1st to be out by November 1st).

As a seller, you don't want to lose out on rent, and if the deal doesn't close, you don't want to lose a good tenant.  He might want to be a good guy, but might also be trying to cover himself.  Be sure to express that he wouldn't have to give notice until after all inspections, and be sure to go above and beyond to prove yourself financially sound so he doesn't have to worry about it not closing. 

@Michael Belenos - If you are looking to go from a SF home you occupy and plan to keep, and move to a MF home (for the FHA loan vs investment loan), then they'll have an issue with that. It can be figured out, just something that underwriting doesn't like.

That would be very helpful Michael!

@Michael Belenos, nice job, that's exactly how I started!  There are two things to consider with that:  1) if you decide to sell it, and have shown your house as partially rented on your taxes (which you should), then capital gains tax will come into play on the rented portion.  2) For your next purchase, unless you have a lease in place for the whole home, you will have a hard time purchasing a multi-family as your next live in flip.  It's hard to convince a bank that you want to move into a unit after living in a whole house (not impossible, but hard).  

Just consider those when you look into your next step!  Let me know if I can help in any way.

Saco is close enough to Biddeford to still get some of those B-C's at an okay price point.  Freeport & Gorham also have some deals occasionally, though they don't have a large supply of multis that come on.  @Tammy Richards is definitely right that if you give us some more info on your rental strategy we can help narrow it down!

Hi @Joan Curley. I can probably send you a couple different names. Will it be an FHA owner occupied loan or just commercial? Let me know how else I can help.

As you probably noticed @Dylan Moulton, prices have gone up considerably in the last 7 months.  Typically when we get close to Christmas we see less sales, but ultimately, that doesn't necessarily mean the prices on those homes will drop. If the current trend continues (too many buyers and not enough sellers), then people will start moving over to these homes that have been on the market for a while and pick those up.  

I would agree with @Account Closed and say pick your price based solely on what your goal is with that property.  If the numbers don't work, don't worry about it and move to another property!

Hey @Douglas Higa, our towns list that information: http://publicrecords.onlinesearches.com/Maine-Foreclosures-and-Tax-Lien-Sales.htm . Let me know if you need any help!