All Forum Posts by: Frank Nolan

You will also need to check your local city law as well. In Los Angeles, if the property was built before 1978 and is under rent control then even after the lease expires you cant just kick a tenant out for no reason. In fact there are only a few specific reasons why you can. So be sure to check your city law.

Hi Austin,

      read up on this site. As Chris already mentioned never offer to help someone sell their house unless you are a licensed agent. what you want to offer is to buy their house. Stay away from doing this with agent listed homes. regardless of what some people say about doing it, if things don't go well you could end up losing a deposit or worse. Just take the advice offered by Chris and also others on BP. Once you get an offer accepted, you can assign your beneficial interest in the property (i.e. the contract to purchase) over to another investor as long as that is legal in your state.

Would it make a difference if the rehab invoice and contract was in your personal name or was it an agreement between the contractor and the LLC?

News Flash! If anyone finds a deal that meet the criteria Jerry is looking for then contact me and I will take it and pay you 10k and you wont even have to pay anything up front. I am sure there are plenty of cash buyers looking for deals at 65% ARV.

I haven't used rentalualtions. Mysmartmove is very simple and streamlined. Once you fill in the apartment information and a few criteria, your part is done. All you have to do for the applicant is put in their email address and select that they pay and you're done. It sends you an email once they do their part online and it's very easy to understand when you click the link.

Deborah, you can reinforce foundation but it still requires drilling into existing footing, gluing in rebar and adding new wider, deeper footings not only on the perimeter of the home but also on internal support walls as well. The existing framing isn't built to support the weight of a second story so it's not as simple as adding a couple of 4x12 beams to raise the first floor ceiling. Probably best to get a contractor or an engineer to come out and look at the house and have them explain the process to you. 

I don't think you can really separate your first floor rehab with your second story addition. It sounds like you are almost covering the entire first floor with the addition so it will need almost a complete rebuild as opposed to a rehab. You will need to redo foundation to support the second floor and also reframe the first floor to raise the ceiling and support the second floor. 

Sounds like a pretty big job to take on, especially if this is your first.

POF to get an address? That is ridiculous. Tell this person you want to see proof they have a deal under contract before you show them the money. Most of the time people trying to do it this way don't really have a contract in hand, they probably just know of a deal that someone else has and they are trying to daisy chain and insert themselves into the mix.

Jeffrey,

It sounds like you will burn yourself out doing all this research on prospective tenants. My suggestion is to make sure you have a good application form with a lot of pertinent questions like ss number, last 3 addresses, rent paid, landlords number, job info for last 3-5 years, any evictions, any pets, etc. etc. also any other applicants. Make sure every one over 18 that will be living there fills one out. What I do then is either have them email me the app or get it back from them later in the day. 

Then I go to https://www.mysmartmove.com as a landlord it is free to sign up. You set the parameters for the apartment you are renting, then once done all you have to do is put in the prospective tenants email address and they will be sent an email asking for their information and they will pay the fee for the credit check, background, criminal record check. Within an hour or so you get sent an email with a recommendation based on the parameters you set.

I can tell you right now this will weed out a lot of applicants right off the bat who don't want to pay the fee which I think is about $20-$25. What I normally do is go by the order of applicants received. If the first one to get their application form back to me is a good candidate I let the others know the unit is gone so they don't have to spend the money on the application. On my units I usually get about 15 take application forms the first day of showing and about  2/3rd of those actually send it back to me. The most I've had to put through the full process to find a good one is 4.

Mysmartmove does all the research work that could take you hours to do if you have quite a few applicants and it comes from transunion, so it's pretty accurate. It is also a good way to compare what they filled out on the application form with what is on the credit report from transunion. It's easy to see if they lied on the form they filled out for you.

"Also find a coach (this is what I offer) that will actually talk to a Seller that is not sure but almost closed, and close it up tight for the REI Student."

Brian, In CA negotiating on behalf of either party in a real estate transaction requires that you be licensed by the California Bureau of Real Estate, so unless you are licensed, negotiating with a seller on behalf of your students could be illegal.