All Forum Posts by: Nathan Gesner

 Is your current home already under contract? If so, then it's too late to change that contract.

If not, you could list it and tell any buyer that the sale of your current home is contingent on you finding a new home. However, not many buyers will accept a contract like that and you're probably wasting your time.

I recommend two options:

1. Find a home to purchase, then put your current home on the market; or

2. Sell your current home first. If you don't find a new home before the current home sells, move in with friends/relatives or find a vacation rental to live in while you finish your search.

You shouldn't allow your tenants to dictate terms.

Tell them you need to renovate and it needs to be vacant for you to do that. Give this to them in writing and make them agree to vacate within 60 days. If they refuse to sign, start the eviction process.

I'm not a fan of security systems because they waste time for first responders. The overwhelming vast majority of alarms are falsely set off by cats, faulty system, or whatever.

I think it's appropriate to cover the common areas as long as you provide full disclosure. I don't see any need for security in the individual units.

First off, you shouldn't go to a public forum to get legal advice. 99% of the users are under different laws and couldn't possibly give you the correct legal answer.

In my experience, and based on what you've shared, a clause like this shows the development was created for families, not work professionals. You may be in violation and subject to fines and/or eviction.

@Patrick Philip you have to define what "larger" means. Are you talking about a 20-unit or a 200 unit? Mobile home park or apartment complex?

Personally, I don't think you should buy something like this if you don't already know the answer.

If you don't even know what contracts you will need, then I would argue you haven't educated yourself enough. Hit the books, read blogs, follow the forums, ask questions and then write the answers down.

Use a local attorney for the contracts.

Invest from a solid foundation of financial discipline. If you follow the "get-rich-quick" or "no-money-down" gurus you will end up making them wealthy and yourself poor. If you are faithful with a little, you can be faithful with a lot.

Find a mentor. Join a local investing group and learn. If you are fired up, honest, and half-way intelligent, someone will take you under their wing. Be sure to offer something of value (generally your labor) in exchange for their training.

Work hard and save your money so you're ready to act as soon as you legally can and the deal presents itself.

BP includes forms for anyone with a PRO account, which is just one of the many benefits of being a PRO member. But as @Karen Rittenhouse pointed out, nothing is better than a local attorney that is willing to defend the contract in court (if it ever comes to that).

Getting your license is a good way to learn about real estate in general, get your feet wet, and build some capital to get started with investing. You can also manage rentals for others (depending on state law) and build expertise in that.

I hope you've counted the cost. It's not as easy or as lucrative as people think.

@Grayson Gist one thing every investor should learn is to find the original source for information. If you have a question about your state law, you should know where to find the state law. If you have a question about zoning for your rental property, contact the Zoning and Planning office. Your profile doesn't say where you are from but so far you have an answer from New York, South Carolina, and now Wyoming. That's a good way to get bad information.

Your tenant has a Section 8 voucher issued by your local HUD office. The HUD office can give you the specific process and forms needed to process a rent increase, deal with a bad tenant, etc.