All Forum Posts by: Steve Archer

I believe the rule is you have to live there for 2 of the last 5 years. Whether you subsequently lived in a rental or in a cave that doesn't matter. You didn't live in the apartment. Would you consider a 1031 or refinancing in order to avoid/delay the gain?

If this is for college students then they won't pay more for something prettier. 

Don't upgrade unless you can get at least 10% of the cost of the renovation back in rent per year. Otherwise you might as well buy stocks

Hey Clarence. I use Lockbox Property management. You can actually get Stephen on the phone when you need him. This is a rare treat in my experience of PM's

I currently use Lockbox Property Management and Premier Property Management and am happy with their service. 

The lender should count rental income in a DTI calculation. Including rental income on property you will be buying.

other avenues are private money, portfolio loans and commercial loans.

Tell them the moratorium does not forgive rent and it will still be owed when over. 

Let them know you plan to hand over their case to a collection agency who will report to the credit agencies and destroy their credit. 

Cash for keys.

There are still ways to acquire property subject to their loan and not have it called. Or you could look for seller financing.

Since your looking at multifamilies in guessing you're contracting on cashflow. If so price to rent is critical. 

Zilliw has crime data.

rentometer and zillow rental manager for rents.

A realtor local to the market you are buying is good. 

One who specializes in multis in that area is best.

In MD the max is two months rent. You'll wish you had charged the full amount when the tenant trashes the place. However it turns off a lot of applicants. The argument can be made these wouldn't be the best applicants anyway.

If Stephen Kehoe at Lockbox property management has availability I would use him. He's always been on the ball for me however he doesn't always have availability because he doesn't take on too many clients