All Forum Posts by: Bill B.

Can you ask PM to offer…

1) waive all past due rent (owed to seller anyway) to move out or

2) all past due rent if they pay April's rent now

3) start eviction and you’ll end up where you would prefer to buy. Empty with you doing the screening for new tenant. 

Luckily your mistake only cost you a late paying tenant so far. All past due funds were owed to seller. So you you lost almost nothing. 

If you don't have time to look at/for properties you do not have time to run a successful STR. It has to be literally the most time intensive real estate investment there is. Not to mention the deadlines are often an hour from now instead of a day or a week.

If you have any amount of net worth avoid this like the plague. You could be held responsible for expenses and liabilities that could bankrupt your non-real estate life. If you're really successful you could make enough to payoff the furnishings and break even with zero return in a year. Then you hope the landlord doesn't want to sell, inhabit, or increase rent. Hope the city doesn't change their attitude towards STR leaving you on the hook for rent while unable to generate income. All so that you can yard sale the furnishings in a year or two.

It’s an all around horrible strategy. But it’s mostly for the unemployed with more time than money. Not the other way around. You’re better off trying to rent out part of your primary home. If it’s not suited for it. Buy a new primary and do it there. 

Nobody’s doing an inspection “days before closing” their inspection period ends 7-10 days after opening escrow. It’s waaaay too late to ask for repairs or threaten to walk.  While I agree I hate “buyers” that put in full price offers with no intention of not finding problems to bring you to their price. That should happen weeks before the scheduled closing and only 7-10 days after offer. 

Always accept backup offers while in escrow. When your counter to “Do these repairs or I’ll walk..” is “Please sign this form cancelling your offer” you’ll find out if they ever intended to buy. 

Check with the closest 5-10 neighbors on the same hill and see if any of the have bothered with that insurance? If so ask who they use. As mentioned, you want to add it to your base insurance. 

How old are these properties? Just 5-10 years or have they been there for 50 years without problems?

good luck. 

If the seller doesn’t live in the property and owes less than they’ll receive at closing you can probably force the sale to continue. If the seller lives at the property or would have to bring money to close, probably not. 

The real question will be did the seller’s realtor tell the seller the wrong number? Did they hear the wrong number and not read anything they signed? Or have they just gotten a better offer? If it’s a better offer situation you could always ask for $20k to cancel. 

Ps  was the citation for the illegal adu ever dealt with? Was it torn down? Or rebuilt? Don’t try to live in it or god forbid rent it out without it being cured  

Good luck. 

If he didn’t have a will. Ask the grandparents if they want ANYTHING that’s in the unit. Tell them you’ll arrange for anything useful left behind to be donated and the rest disposed of and ask them if that’s ok. Get it in writing. You do not want parents with a dead child suing you for throwing away their final memories. 

As mentioned. As long as you’re willing to lose everything except your primary home and retirement accounts you’ll be fine.  You could lose all the Properties to a single personal injury claim at one of them. It doesn’t even matter if they are in seperate LLCs. You will be sued personally, and you own the LLCs, so everything is at risk. Imagine one of those natural gas explosions that levels the entire house. 

If insurance is really that big a deal you’d be better of doing a 1031 exchange and moving to a market where insurance is cheap, get cheap property tax and no income tax at the same time. With 500/500k insurance and only a $2,500-$5,000 deductible I pay less than $1,000/yr on $400-$700k Nevada properties. The property tax is closer to $2,400/yr but there’s no state incime tax. 

Good strategy as long as you're not working for that LLC or you're going to get sued personally as well.

That separation of liability is one of the reasons I hired a PM. Along with avoiding discrimination claims, higher late fee collection, a list of vendors that want to make them happy, and faster rent increases. 

@Dave Foster ???

Yes. It w\probably wouldn’t hurt to make new users self-verify with a phone number or something. 

For me many of the problems fall in to a couple categories. 

“New members” (joined that day or at least first post.) jump on and say hey I took Joe blow’s course and it’s great, he’s a link, well worth the money. And then 3 or 4 replies come within an hour from other first posters saying yeah, they agree, it is great. 

Or people that joined that day and say so something like. I know nobody on BP likes “this…” but what if I did it this way. Showing they’ve obviously been on the site a long time and just made a new account to post it. 

Maybe also an introductory email/text. While also verifying their info, and that it’s unique, tells them about the magnifying glass to search topics. Then we wouldn’t get the solar on rentals, home warranty on rentals, best market for rental arbitrage, which accounting software questions and what do with $X’s asked over and over. By someone that couldn’t be bothered or didn’t know how to search the forums. 

There is so much value in time and money given by those 10-20 people that answer all these questions. We should respect that while we’re trying to encourage new users. So many people save 10’s of hours, hundreds in fees and thousands upon thousands of dollars because someone reached out and solved a problem, for nothing. To me, that’s the value of BP. I have gotten better free advice here than advice I’ve paid for. And I wouldn’t have ever found the person giving that advice without BP.