All Forum Posts by: Stephen Spearman

@John Underwood appreciate the advice!

One of my tenants will be moving in July and I am beginning to do tours for the turn over for potential renters and the moving tenant is asking for us not to do tours due to safety concerns because of covid. I notified her yesterday (giving 24hrs notice) and she replied 12 hours later with these concerns. How are/ would other landlords handle this matter? I have two tours scheduled for today.

Thanks in Advance.

Bri,

Welcome to Bigger Pockets! This is a great resource. We have not, but it is a good idea. I will look into setting something up virtually. 

Thanks,

The Foothills Real Estate Investors Meet Up is comprised of a community of real estate investors and real estate service providers (Business owners, New Investors, Experienced Investors, Agents, Or Anyone who is interested in Real Estate). Whether you are just starting in real estate investing, a long-time investor, or provide related housing, management, mortgage services and products, the Foothills Real Estate Investors Meet Up will benefit you! A great place to learn and network with all levels of Real Estate Investors and Service Providers. Wholesale Deals are welcome to be presented at the end of the meet up. We look forward to seeing you there!

Investment Info:

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

Purchase price: $235,000
Cash invested: $2,000

Contributors:
Michelle Marie Spearman

This property is an unconventional duplex that my wife and I house hacked for a year and a half. It was our first investment property and taught us a ton of difficult lessons about real estate. It was built in 1932 with the main house being 5 bed room and 2 bathrooms. The back of the house has what was a 2 bedroom, 1 bathroom in law suite that was walled off and metered separately. After a year we refinanced it to improve the cashflow and I had to replace 2 hvac units and remodel the entire back apartment. Purchased with a VA loan for 0% down, but in total probably have nearly $15,000 in repairs I have done.

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

6 months making offers on multifamily properties with no luck

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

Pocket deal form realtor

How did you finance this deal?

VA home loan

How did you add value to the deal?

Remodeled and Airbnb one unit for a while

What was the outcome?

Learned a lot of hard lessons about real estate and we made it work.

@Cole Oraham Thanks!

Investment Info:

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

This Triplex is located near Clemson University in SC and will be our second house hack. Used a FHA loan to purchase.

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

Within 1 mile of Clemson University

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

MLS

How did you finance this deal?

FHA Loan

Lessons learned? Challenges?

Double check sellers disclosures to ensure the leases match. Caught a few issues a few days prior to closing, but was able to negotiate to still close with all issues fixed.

Tom, I have one multi family in Sanford and have seen a lot of growth over the past two years I have been in the market in Sanford. The market is very dependent by the area you are looking. As a whole I see a lot of growth and potential here, mainly as long term buy and holds. What are you looking for specifically? Maybe I can give you additional information.

Stephen 

Good Afternoon,

Seeking advise on how to handle a tenant who was supposed to move in tomorrow and has already paid the security deposit, but is now asking to break the lease. My wife and I are house hacking with a property and transitioned from the apartment attached to our home being an Airbnb, to a tenant, in hopes of a more passive investment. We had an lady and her daughter scheduled to do the move in walk through and receive the keys  and is now asking to break the lease because her dog was hit by a car today and can no longer walk up the stairs to the residence. Not saying the tenant is lying, but in the phone conversation she told me she already had the utilities and everything transferred in her name...so I called to confirm this and the utilities were still listed under my name. So the tenant lied about the utilities part, so I am assuming she is also lying about her dog being hit by a car trying to break the lease. I am going to allow her to break the lease because it is a house hack and I share a wall with the tenant and am not trying to have the next year be problem after problem, but how much of the deposit and fees should I return to the tenant?

She paid: 

$800 security deposit

$200 pet fee

$800 in Decembers rent

$293 prorated rent for November

and $250 for furniture from the Airbnb she wanted to have purchase

I know legally since the lease is signed I can force her to honor the lease, but with it also being beside my residence, I do not want to have a year of a tenant who is already lying and causing issues. How much should I return of the deposit? I was thinking of returning everything except the prorated rent from November because she is causing us to have to go through all the work of screening and filling the vacancy again. 

Thanks @Dan Barli ! I plan on closing this deal with a VA home loan. After my wife and I have a tentative plan for the next year. We will finish up the Dave Ramsey debt snowball in November time frame of this year. I will then buy my next property in February of 2019 with a local partner who is experienced so I can learn how a partnership works and is structured (or I will buy two smaller deals solo). After that I plan on purchasing my third in June of 2019. We want to use the stack method and double how many units we buy each year. We will self manage at first so we can learn how to land lord. I just started learning about real estate this year and have a decent knowledge base book wise, but no experience yet. My goal over the next year is to buy three homes and gain some actual experience.