All Forum Posts by: Randy E.

@DJ Cummins

Congratulations, DJ.  That sounds like a great deal.

-Randy

Another lesson was learned.  You initially delayed the offer so you could "

research on a different loan product."  If not for that, you might have gotten your offer in before the others.  Timeliness matters.

I've bid and lost out on four houses in the last few weeks.  I've also bid and been rejected on two or three others.  In this business, it happens.  Years ago, my first bid went a lot like yours.  Like you, I was skeptical regarding the circumstances and listing agent.  Now, I just keep it moving to the next potential deal.

Good luck next time around.

 Hi David,

I just discovered this thread and I wonder if you have bought your second property yet.  Just curious.

-Randy

Is it written into your lease that the tenant must maintain the landscape?  I've heard of writing in that tenants are responsible for mowing the lawn, but I haven't heard of demanding that tenants water flowers and shrubbery.  

Lafontant,

I bought my first property after age 40, with 1 wife, 3 elementary school aged children, and a dog to provide for. I now own 2 SFR, should close on a third in a few weeks, and should have a fourth in the fall.

Don't listen to naysayers who haven't done what you are trying to do.  Bottom line, they don't know what they are talking about.  Listen to people who have done it, or at the least, people who have tried and failed.

You can do this.  My first bit of advice would be to save as much as you can, don't incur any new debt, and try to reduce the debt you currently carry.

Good luck,

Randy

If it's a good deal, moving out a previous tenant's leftover furniture shouldn't be much of a deterrent to you.  Don't sweat the small stuff.

I bought our primary residence before getting started. If I had it to do all over again, I would definitely buy a multi-family residence instead of a SFR for our primary. It gives you so much of a head start into the REI game. And frankly, it makes the most sense.

Michael,

I would guess that was the current owner's way of handling the late fee.  Instead of calling it a late fee, the landlord increased the actual rent by $25, then deducts $25 if the rent is paid on time.

-Randy

 I'm not in Philly either, but that's what I'd do.  And be sure to document when and where you notified him that you were giving him 30 days notice.  Also, be sure to hand him a letter stating same when you tell him.  All that will help if you have to go to court to evict him.

Also, I'm not sure about Philly, but I know some cold-weather states make it difficult to evict tenants during winter months.  You should check with someone to see if that applies to Philly.

Cierra,

Congratulations on going for yours.  A lot of people say they want to get in this business, but most just talk.  You are getting down and dirty in the investment game without putting any money in.  I'm excited about your future!

Cheers,

Randy