All Forum Posts by: Paul Bowers

@John G., it's simple.  Call your attorney and your accountant.  Do as they tell you.  If it costs you an extra 2% that's the cost of doing business.  If that means the numbers no longer work, move on to a different property.

I am in the process of talking to an owner about possibly buying is multi family unit.  In the process of doing my research I found out one of the current tenants is a registered sex offender.  How would you handle this?  I assume I can't evict him for that during a valid current lease.  What are my responsibilities for notifying the other tenants?  Does anyone else allow them in their rentals?  Any info regarding what is and isn't allowed regarding this would be appreciated.

Keep in mind, every current owner and their agent tells the prospective buyer that the rents are too low.  Have you done the market research and confirmed that?

Does the property need any work currently or in the near future?  What kind of financing terms do you have lined up?  How long is left on the current leases?  Have you seen the actual proof of the numbers stated for rent and have the tenants actually been paying on time?

Congrats on getting the first one under the belt.  One word of potential caution may be your property management company.  If they aren't even putting up high res, high quality pictures on their listings I would step cautiously.  I may be way off base but I would keep them on a short lease until you really know the quality of the rest of your experience with them.

How did you acquire the property?

Honestly, for me the main reason I paid for the Pro membership was to support the community.  I'm still in the process of rehabbing my first property but have spent multiple hours researching, studying and learning.  There are lots of benefits to the membership that I'm sure I'll eventually use but for now it was my way to pay it forward a bit.