All Forum Posts by: Bob S.

 Where did I say 1200-1500? Did you mean to reply to someone else? I literally said "as high as you can negotiate or is legally allowable". In some areas there are rules around what you can and can't charge as a security deposit is all I was saying. It's good that Miguelli is working with a competent local agent who knows what they're doing, knows the local rules that apply to his situation as well as what is customary for the market, and has done this before. Miguelli, I would just go with your agent's advice on this seeing as they probably do this all the time successfully. The one thing you might ask them about if it's not already in the contract is a per diem charge if the seller doesn't move out by the agreed-upon date. I usually do $250-1,000 per day depending on the price point. I've never had a problem with the seller not moving out personally but it's good to have protections in place if that happens such as a stiff charge for every day that they stay past the lease/PCOA term.

Interesting to hear that people aren’t familiar with this as it is very common. It’s called a post-closing occupancy agreement in my area. Just get a security deposit that you hold in escrow from the seller’s net proceeds (as high as you can negotiate or is legally allowable in your area, in my area the most you can do is 1 months rent) and have the sellers sign a lease/ post closing occupancy agreement like a normal tenant. You can include a steep penalty per day that you charge if they fail to move out by the agreed-upon date or hold more money in escrow if you don’t trust them to move out. I can see doing the roof and starting on the exterior while they are still there but anything inside I’d probably wait on. Everything is negotiable. 

Hello All,

This is Sasank. I'm from Irvine, California. I've been trying to get into the real estate investment for a bit. This forum looks interesting and helpful with real conversations. I'm looking into out of the state investments and would love to connect with people.

How long do you have to wait if the renters are late on their rent before you’re allowed to file an eviction notice here in Utah? Also sounds like there are different types of eviction?! Is there a specific one for this situation? What information or materials would I need to file one?

Hi BP looking to see if anyone has experienced this before…

Been working a deal out with my agent (well known on this forum and has great reviews) and trying to close on my first out of state rental property. I was initially looking for a turnkey property but after finding this deal and going down the rabbit hole it has turned into a BRRRR.

Property is well priced and seller agreed to lower price after inspection was done and scope of work completed by GC. Both parties have agreed on price however seller needs max of two weeks after closing to move out since they need funds from the deal to move. 

I’d like the begin rehab as soon as possible and PM will be managing the rehab for 10% of rehab price. Per the agent, ok to start rehab while seller still in there for a few days up to two weeks.  my main goal is to just get the roof in before weather gets bad.

is there anything I can do aside from a 3k escrow holdback suggested by my agent to prevent getting burned?  I’m worried they won’t leave or damage the property. (Property is already in poor shape). Agent says this happens all the time.

 But what cities you recommend for section 8 cash flow city from the city you named?

I'm a Los Angeles based Realtor w/ 17 years of experience and I am looking to invest out of California.  At this point I would like to keep each purchase under $200k.  Can anyone recommend any markets where one can make a purchase for $200k or less and still have positive cashflow?