All Forum Posts by: Account Closed

We sent this 7-day Notice to Quit via certified mail and posted on the door of the unit for good measure. 

We also texted him to let him know about the Notice to Quit and (despite not responding to a single text, call, or voicemail for the past month), he immediately texted back and said "sorry for the inconvenience, in that case I'll be out by Sunday."

I'm hoping he keeps his word on this one but if not, we are prepared to take him to court. 

Thanks everyone for the helpful advice. Eviction it is! 

Hello BP community!

I have an interesting situation at my house-hacked duplex (I live in one side & rent the other).  My tenant has not payed rent this month and he is no-where to be found. I have left a number of voicemail's and text messages with the tenant asking to speak with him - he has not responded to any of them.  I have also reached out to his parents & girlfriend via Facebook asking for them to have him reach out to me.  Both replied and the mother stated he was staying with his girlfriend and sister (30-45 min drive from rented unit).

That has been going on for the past 20 days... with no response from the tenant.  

My first thought was that he did not plan on coming back, but you can tell from looking in the window that all of his personal items are still in the unit (TV, mattress, clothes, etc.).  I have not seen him at the unit during the month of September.

So here is the question: Without giving legal advice (as a disclaimer) - has anyone run into this problem? Do you have to go through the eviction process if there is no one living in the unit?

Any thoughts would be appreciated!!

Thanks,

Andrea & Tyler

Hi BP Community!

My husband and I are buying our second duplex (first was house-hack style) and we are having a hard time finding a good home insurance agent.

Our current agent tells us that we cannot receive a HO policy until we have a signed lease with a tenant.  The problem is that we need to replace the carpet, paint the house, etc. before we can market the property.  Also, we are financing the property, so we will need HO Ins before we close.

Seems silly to me, as vacancies are expected in investor properties - I posed the question, "what happens when that tenant leaves, do you stop insuring the property?" 

Is this a common problem you investors are running into out there?  Or is my HO insurance provider not "investor-friendly"?

Any recommendations would be greatly appreciated.

Thanks!

Andrea

Thank you all for the quick responses.  That is why I love BP!!

I have spoken with the wholesaler and believe we have everything worked out!

Good morning BP,

This weekend I have verbally agreed with a wholesaler to enter into a contact at a set price, lets call it $50k.  I will be seeking renovation financing for this property, so I will need the standard 10-14 day inspection period, and the financing contingency.

I received the Assignment agreement last night and wanted to run the language by some of you seasoned pros out there.

1. States the Buyer (Wholesaler) and Seller names and gives a legal description of the property.

2. "hereby assigns the rights to said contract": My name

3. "In exchange for compensation in the amount of $50k" (agreed upon PP)

4. "Assignee agrees to fulfill all terms, conditions, and contingencies of said Contract and to perform as required in good faith and within any time periods established by said Contract"

5. Signature Line

Here's my questions:

1. OK

2. OK

3. Does this language not sound like I am paying "$50k" for the assignment, and not for the property?

4. How am I to fulfill the terms, conditons, etc. of the Contract when I have yet to see it?

5. OK

6. Has anyone seen a inspection clause and financing clause inserted into the assignment agreement?

I am hoping an experienced wholesaler or buyer can weigh in here and assuage my concerns.

Thanks!

@Joe Mancuso

Hey Joe, 

My fiance and I just officially joined BP, although we have been reading and listening to their books/podcasts/webinars for a couple of months now. I have some family that lives up in Oxford, and we live just down the road in Waterford. We're going to the local REI on June 18th in Troy. It will be our first time. Let us know if you and your wife want to meet up there.

We just bought our first investment last year, a duplex here in Waterford.  We're actively searching for our 2nd.

Hope to hear from you!

Andrea & Tyler