All Forum Posts by: Account Closed

Hi Wondering, what is the maximum number of the doors you have managed yourself without hiring a property manager?

Hi @steven_picker Thank you for the web sites! Wondering, has anybody had a successful transaction with FOAC or Corevest before? I read both good and bad comments from google about FOAC. Some says they had very good representatives. Some other says, the reps turn them to different reps each time, and they never got response back... Thank you

Hi @Aaron Graham Is FOAcommercial legit? I want to refinance with them and read some bad reviews about them on google. That's why I'm not sure if I should try them or not. Is there process simple? Did you refinance one property at a time? Or multiple property at a time? How many weeks did it take to close the escrow? Thank you

All states have slightly different rules.  Make sure you read the states laws good OR have your attorney do it. 

If I were you (the landlord), I would get rid of him 100%. 

This is how I would do in Las Vegas, send the tenant an official 30-days no-cause move-out notice immediately.  

This form can be downloaded from Nevada Clark County web site.  

Post this 30-days no-cause move-out notice at tenant door, mailed the same second copy using "certificate mailing" in USPS.  

Keep the third same copy yourself in case you need to take it to the court.  

Even the tenants pay rent, he still need to move-out in 30 days.

If the tenant does not vacate the unit in 30 days.  On the 31st day, (whether he pay rent or not, it does not matter), 

you will need to "post AND mail" a 5-days notice to quit for unlawful detainer.  

This meant, he is in your unit "unlawfully" now.  

If he still does not vacate your unit at the end of the 5-days notice (36th days from the day you sent the 30-day move-out letter), on the next day, you can go to the court and file an eviction.  Then the sheriff (police) will remove the tenant within 24 hours from the date you file an eviction.  

Make sure you do all the forms and procedure correctly, if you had done any form wrong, and didn't wait enough days, you will need to start the entire process again.  

All states rules are slightly different, if this is your first time evict a tenant, the best is to contact an experience attoney to do it.  You can try to do it yourself, but it will take you alot of time for research, and in case you miss any one of the steps, the judge will have you do the whole process again.  That may waste another month of time, means the tenant may live there another month for free.

Good luck.

@Brigitte.  

"The lease states any person that stays 14 days or longer must be on the lease and that only one vehicle per adult on the lease is allowed to be parked on the premises. He is definitely staying there a lot. I don't know exact dates. The thing I am worried about is that I have not personally researched this guy. I don't know his criminal history or tenant history or credit history. From what I understand is if she decides to move out and he won't leave when she does, I would still have to go through an eviction process even though I never signed a lease. Correct me if im wrong... but that is what I'm trying to avoid. "

I learned it the hard way before.  The boyfriend of my previous tenant had criminal background.  They caused a lot of trouble later on...  

I had them vacate my premises, and they made alot of damages, and caused us $10k to fix the damages they did...

After learning this the hard way, I have my lease very strict that, all people who stay in the premises for more than 14 days must get an application approval from us (landlords), or we will terminate their lease in 30 days.  

There are many good tenants out there, especially today rental market is very hot.  It is not hard to find another good tenants.  

Hi Nav, 

No.  All of my condos have very good tenants who pay rent on time and maintenance my condos well.  

I do not plan to sell my condos soon.  I plan to hold it long term. 

I have condos all over the town in Las Vegas and Henderson areas, except North Las Vegas. 

I bought these condos using hard money loans in year 2015.  

Each condo had negative (-$100) cash flow each month. 

10 condos had negative (-$1000) cash flow each month. 

I had to use my W-2 paychecks to support the negative cash flow. 

In year 2016, I raised each condo rent for $100 per month, so I broke even on the cash flow. 

In year 2017, I raised each condo rent for another $100 per month, 10 condos have $1000 cash flow each month today. 

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To Las Vegas/Henderson realtors,

I'm looking for multi-family in class A or class B areas.  (Not class C, not north Las Vegas).

If you have any, please let me know. 

Thank you

Hi I'm new on BP. I have more than 10 condos in Las Vegas and Henderson area. Each condo has a hard money loan. May I have advice, anywhere that I can obtain portfolio loan on condo please? (So I can refinance it at a lower interest rate). Thank you.