All Forum Posts by: Dick Stevens

Figure out your financing and get a preapproval first.  Stick to 4 units or less and a residential loan for your first deal.  Diving into a large apartment building before you learn what you’re doing will likely be disastrous.

Is it a multi?  If so I wouldn’t put it above the first floor due to the noise that will echo into the below unit.

No way!  Major liability issue and money pit.

I’d start the eviction process now just in case they decide to be hold over tenants.  Get the ball rolling.

You screwed up.  Most banks wouldn’t let you pull out more than you have into the property that quickly anyways.  They want you to have skin in the game.

Sell it before something goes wrong and you loose it.

Come on Terrance.... tighten up your ship.

Family of 4 living with Mother and they can’t provide any prior landlord references?  This is a huge red flag.  They were likely evicted from their last place.

If it’s available now, my goal would be to have in rented in a week or two —- not October!!  Vacant units are a landlords biggest expense.

Pay her to leave.  It’s a miserable solution for the landlord to have to do this, but it will cost you less in the long run.  

Instead of focusing on score, look for a credit report that demonstrates a history of responsible financial decisions.  This is more valuable than a score.