All Forum Posts by: Jimmy Murray

@Lisa Sullivan Amazing story! I hope to catch up with you at a RI Real Estate investors meeting soon.

@Neal Collins You are correct. The IRS recently passed a regulation that a minimum interest payment has to be charged. I think it is in the 1-2% ballpark. If it is not covered in the offer the, in terms of payment size, I believe the owner has to disclose a portion of the payment on his taxes as interest.

@Kathy Johnson and @Thomas S. make great points. 

I would definitely leverage any other tenants in the building or neighbors for any information. If that turns up empty I would post the notice to enter the unit and see what is going on in there.

@Joshua Biondi I would check out Thumbtack.com. 

I know it is typically only used for finding vendors when you have an issue but I bet the right handyman would be open to your proactive search.

@Ryne V. are you the property manager? Would love to catch up and discuss your systems you have in place for managing STR.

There is an opportunity in my market currently and would be interested in picking your brain.

I agree with @Max T. theoretically if they signed a one year lease she would have to buy out the lease. I think holding back a portion of the rent until you were able to find another tenant is more than fair.

If you had the cash you could always start out by buying a commercial property.

On a commercial deal they typically are more concerned with the cashflow of the property rather than your personal credit situation.

Hope this helps!

John D. Excellent job saving! Saving is going to gulf a solid foundation for your investing success. I bought my first 4-unit at 23 years old. It can be scary having tenants older than you and learning how to deal with that. I agree with all the other guys. Reading is HUGE. BUT. Your next step should be to see as many multi families in your area as you can. I read a book called "Think Like A Tycoon" and the author talks about seeing 100 properties in your farm area before buying anything. I never saw 100 but I did see close to 50. It really helped me feel better when I decided to pull the trigger.

I think it's a nice thought that you'd like to compensate the agent. Essentially I think you should approach it as an interview. See how much the agent has to offer in terms of coaching. I'd look for an agent who can teach me a lot. Also, I think you've done a fair amount of homework up front. Now it's just a matter of finding your "Farm area". Deciding which neighborhoods are best for you investment objectives.

In my opinion this remediation falls on the HOA if it is coming from a common area item. The fact that this only became an issue when you decided to raise the rent will show any judge (if the tenants take legal action) that the suit is retaliatory.