All Forum Posts by: Randall Kates

I have two elderly tenants in my duplex one lives upstairs and the other downstairs separate one 80 year old lady and a 60 year old male.I get a call today with her frantic  and explaining that she heard loud bangs and glass breaking! She said the downstairs tenant was banging on her door she was too scared to answer so she called the police! The police comes and the man explains that he had to change his locks because people are trying to come in (highly doubt) although it’s a tough philly neighborhood I figured he just call the cops like her but that might not be the culture there! Never the less I call the male tenant and he said that he changed my locks without permission and thinks the 80 year old and her friend were trying to get in!I am going to get a police report but I had to think quick and  I told the 80 year old if she feels a threat she is free to break the leasrcand leave! How would you go about dealing with the male tenant!

Turned out good It has enabled me to buy more properties in cash! 

Solid,thanks 

A few years back I purchased a duplex as a house hack, I then refinanced to another cool conventional loan with a lower rate and no PMI. I would like to use the same Strategy and purchase another 2-4 Unit. I've heard mixed reviews on restrictions with FHA and the fact that I would need to have a reason for moving and purchasing a similar property like I.e new job that required me to move closer and that being the purpose. I'm looking for folks to chime in and share their experience and understanding on this subject!

@James Masotti Looks  to be  another good one, Have an appointment  should be  coming in late.

I put integrity and doing the right thing over money kudos to you! He wouldn't get a dime of mine either! I had a contractor tell me a similar situation as if I wasn't black lol needless to say he didn't get the job.I'm obviously apart of the effected class and I'm sure your aware of how much damage it cost! There's a great book on how American Government has shaped these communities with its laws written by Richard Rothstein called Color Of Law My ancestors could not even qualify for an FHA loan imagine that and in top of that could never move to the burbs and instead had to live in the commercial zone areas. We know how discriminatory practices work let's keep doing better and reverse the wrongs by being on the right side of history!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Sicklerville.

Purchase price: $91,000
Cash invested: $30,000

Buy And Hold grossing $2400 monthly all in at $120000 that achieves the 2% rule which as many may know isn't easy to do in New Jersey!! Taxes, Taxes What about Taxes?? Initially they were at $6700 which was a huge chunk I challenged them and got them lowered to $5200. O yea so I house hacked and used the FHA 203k! Still not satisfied I moved operations across the bridge to Philadelphia.. This baby here was my first foray into Real Estate I definitely learned a lot with this one!!

What made you interested in investing in this type of deal?

Desired a safe parachute into the world of real estate and offset my living cost!!

How did you find this deal and how did you negotiate it?

Circa 2016 Home Path 3.5 % down + closing cost

How did you finance this deal?

FHA 203k

How did you add value to the deal?

Forced appreciation via remodel

What was the outcome?

Property has 55k in equity grosses $28,800

Lessons learned? Challenges?

Should of utilized more of the 203k money meaning should of added more towards my budget instead of being tight!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I myself am a Realtor I worked with my broker at the time s/o Gary Degree 1st Degree Realty!

Jason DiClemente  good  point

thanks for this one I’ll go over my comps again thoroughly 

I  have a property that I am rehabbing and  I  am  considering putting in Baseboard  Electric Heat  as opposed  to HVAC for  cost cutting  but I am hesitant because I have  a feeling I  will receive a  substantially lower  appraisal from  the  Banks Appraiser, Does  anyone have  experience in this  selection ? If so  how  did  it turn out  ?  Or  am I  making  a  bigger issue than  what it may possibly be?