All Forum Posts by: Account Closed

So I bought a tax delinquent property in South Carolina through an auction and was able to pay cash for it. It’s in the town I ultimately want to relocate to. The plan was to temporarily live there cheap/mortgage free while I found a more suitable home and then either resell it or keep it as a a rental. A friend did a drive by of the property and apparently there is someone living there and they were acting ‘suspicious’ of a strange person driving by and scoping out the property. I want to make contact with this person to take steps to have them evicted but I don’t know their name so I’m not sure who I would address a certified letter to. I’m open to the possibility of just renting it to them if they want to stay but they would have to sign a lease of course. 
No I did not know the property was occupied when I bought it, it was a good deal so I jumped on it. 

I’ve tried calling several lawyers in the area but only one returned my call and that was to say it was out of his normal area of practice, he did give me the name and number of a lawyer who does normally do that sort  of work but they did not call me back. How best to proceed? 

I suppose I worded that wrong I would never blatantly lie, I should have worded it as ‘am I legally obligated to give full disclosure of this tenant’s habits and behaviors’

Evicting tenant question- in the process of evicting a nightmare of a tenant, I do believe she is trying to find a new place as I got a call from another landlord but the process is taking too long so off to court we go. 

But that raises the question- if I am called by another landlord as a reference as part of their screening process am I legally obligated to tell the truth? If I lie and they accept this tenant based on my reference and she turns out to be a nightmare can they sue me? I want her gone (like LAST MONTH) but I want to make sure it’s not going to come back to haunt me later. 

So this tenant is now on a month to month lease- she is consistently late with rent- every other month in fact. (As of today 5 days late.) She is smoking in the house which is against her lease, she has damaged two doors. She is disruptive at night- my other tenant has called the police on her several times for loud and disruptive behavior in the middle of the night.... So she needs to GO. I don't want to serve her with a notice to evict due to failure to pay rent- I'm afraid she will simply cough up the money and be in compliance so I will have no grounds to evict her. Instead I want to simply end the month to month lease- Pennsylvania law says I must give 15 days notice to end the month to month lease but I must give her 30 days notice to vacate. 

Could use any bit of guidance/advice you have.  Thank you. 

That is accurate, I want out of the rat race and I’m willing to hustle to do it. Right now I’m working 3-4 days a week. That leaves me with 3-4 days worth of free time- why not concentrate on a single skill set to master that I could do in my free time? If I could rewire my own properties (I’m looking at more of the fixer up type to buy) that’s one less thing I have to pay someone to do. Or if I can install and maintain my own HVAC systems once I have my dozen or so properties bought the maintenance would just become part of routine management. I’ve had my heater go out in the dead of winter in Pennsylvania, it wasn’t a cheap fix.

So I have a good career as a nurse, I’m on schedule to make about $100k this year but I know this isn’t what I want to do for the rest of my life. I want to buy and hold properties and become financially independent enough to pursue my real interests. I have a pretty extensive background in construction and remodeling- my Dad has been dragging me to work sites since I was three years old. At this point I consider myself a ‘jack of all trades’ I can frame out a wall, hang and finish drywall, rip up a floor, repair the subfloor, put down new flooring, basic electrical work like swapping out light fixtures and wiring a run of outlets, strip a roof and lay down new shingles or a metal roof, install a window or new door, hang kitchen cabinets, tile and grout a backsplash, very basic plumbing work like swapping out a tub or sink, I can build outdoor structures like decks, ramps, etc. These skills will certainly help but...

I’m thinking about going back to school to become a certified electrician or for HVAC but I’m not sure which would be more beneficial? I would still work full time (nights, weekends) though I may have to take a lower paying position while in school. Once I’m done with school I would be able to work on my own properties and/or have a really awesome part time job in addition to my full time job. I really can’t decide what route to take- or maybe something else entirely? Thoughts? Advice?

What are some must reads for a new invester? I’m concentrating on paying off student loans right now so it’s a good time to brush up on my education. I want to buy and hold but also do some flips. Thank you in advance.

Right now? Cash. I’m concentrating on paying off student loans so I will have more income to play with later and that doesn’t leave a lot for investing.

Currently living in my first house- a duplex where my tenant is paying about 80% of my mortgage. I'm already working on putting in a small efficiency apartment above the garage (which I plan on moving into when it's done) which should yield about $225-250 a door/month profit when I rent out the second unit. I'm paying down debt like crazy and saving for my next property.

Of course I look the other day and there is a gorgeous 14 unit for sale in one of my favorite neighborhoods. The preliminary numbers look good- (obviously much more in depth research is needed) but it brings up the question- how do you finance the 'big' one? This would be the one where I could quit my everyday job if I wanted to. (I don't plan on quitting any time soon- but it's a nice thought.) I'm not in a position to go knocking on the bank's door. What alternative financing methods are out there? I'd rather avoid a balloon payment and as of right now I have no partners but would consider one.

Doubt I could make this happen but who knows?

Bought a duplex, living in one half, renting out the other (potential for a third apartment above the garage) and I'm looking at doing some updates to the first apartment while I'm living there while also making plans for the third apartment space. What flooring is best for a rental- I don't mean cheapest or most attractive or even easiest to install- I want something that's going to last, something that is 'tenant proof' as far as damage. If it costs a little more or is a little harder to install then it's worth it to me IF I get my money's worth in the long term. 

I will likely keep the carpeting in the bedrooms but is there something I can do to further protect them like laying down a vapor barrier between the carpet and the carpet pad? (I had a cousin who had to rip out the carpet, carpet padding AND subflooring due to previous occupants who had dogs who peed so much in the house they had to gut it to the joists and start over.)