All Forum Posts by: Shain Ismailovski

You can insure oil tanks but most policies don’t cover leaks or spill remediation. That typically is the sole responsibility of the current owner

Yeah that wouldn't  be ideal. I would start looking by yourself first before progressing to a realtor. Check out the area you're interested in online and see if there are any deals currently floating around. If you want to maximize your chances of finding a place wait until the busier spring and summer months when there is more inventory out there. Depending on the lender, you'll have a window if around 60 to 90 days which typically is more than enough to find a place, but again all depends on the area. You could also look into alternative methods to secure financing such as hard money lenders, or seller financing. There are pros and cons to both that I won't get into here, but may be worth looking into as they have less of a set timeline. 

Not sure why you would fix anything you don't own? If you're testing for contamination you shouldn't be paying to repair anything unless you purchase the property. That being said I would never invest in a possibly contaminated site. The costs and mess to clean everything up are too great a risk. 

The BRRR book by David Greene

https://www.biggerpockets.com/store/brrrr-ultimate.

If you're serious about buying a place you should get pre-approved asap.The process can sometimes take a while and you can easily miss out on properties if you don't have a pre-approval letter ready to go. Some agents also won't show you properties if you aren't pre-approved as it could be perceived as you not being serious. 

Were I in your shoes I would go for the duplex first if all the income and expenses checked out. It would give you a chance to start earning some money and getting valuable experience as a landlord. So long as your buddies don't mind you crashing in their basement. Multi-families also tend to cash flow higher than single family homes. You can also BRRR multi families as well.

The cons of keeping this tenant outweigh any pros. Even if they can provide the rent they are behind on there is no guarantee they won't do it again. Just look at their already erratic behavior. This is a deep issue that will rise it's head again. Cut this tenant loose and look to start fresh. 

Professional pictures are often a great choice as they ensure a higher quality alternative with more options. It is important to ensure the same quality for all properties when having pictures taking. Alternatively, you can do yourself. Most smart phones these days have high quality cameras or you could buy a camera. 

For your first point, you don't need to create a new lease unless the first one broke down a roommate structure as part of the lease (i.e. Tenant A must pay X and Tenant B must pay Y). Otherwise, if a standard lease is used you're fine. For your second point if you have done your best to contact the roommate since she moved out and since she broke her lease you may be able to keep her half of the security deposit as a penalty. Did they each give you a security deposit or was it one lump sum? If it's one lump sum with no breakdown the deposit is still attached to the current tenant and you can't do anything with it. Also does your lease state that any breaking of the lease results in a forfeiture of the security deposit? Your last point is correct. The remaining tenant must pay rent in full if they continue to live there. There is nothing you need to do so long as the full rent is being paid it is up to her to find a new roommate. Take everything I say as a grain of salt as I am not familiar with your local real estate laws and regulations. 

Hi Mondre -- Welcome to BP. It's an awesome resource to have in your tool built. Make use of the free webinars the site offers on a weekly basis as they are a good learning tool. Also the BP podcast and Millennial Real Estate Investor podcast are two other great resources where you can learn about/from the experiences of others. Lastly, check the Network tab to see if there are any investor meet ups happening in our area (or start your own) so you can find people in your area. Best of luck on your journey!