All Forum Posts by: Brian Knox

How is it typically handled if a storm like Hurricane Irma damages a rental property or creates an extended power outage for a tenant?

In other words, do I as the landlord need to put them up in a hotel or find alternate shelter for them?

Thanks very much for any insight!

Brian

On the very first day when I made the offer, the AC unit was NOT there (recently stolen), but the house was listed with the statement of "seller to install new AC unit prior to closing."

Well, I didn't want to have the house inspected until it had an AC for me to test/inspect. So the seller installed it and - in my offer price - I upped it $500 with the heart of "covering the cage cost to reduce the threat of theft."

Then we did all the inspections as normal and all was well.

Then the AC got stolen again. Ugh.

The thieves cut through the dang cage! This is really making me reconsider because I don't have the money or resources to get into a security arms race and battle burglars on the regular.

I'm your average family guy with precious little extra money trying to earn some rental income in an above board way.

Thanks for your comments!

Main question: Might I be able to get my $1000 earnest money back?

With about a week to go before closing on a house, the outdoor AC unit was stolen. Sad thing is, this was the NEW unit and NEW theft-prevention cage that the seller had installed because the prior unit was stolen as well.

While we the seller and I had made it amicably through all of the inspection and repair processes, this recent additional theft of the AC unit has made me want to back away.

Now - in what is very frustrating and heartbreaking - the seller is refusing to sign the "release from contract" form, refusing to allow the return of my earnest money, and is also asking that I compensate him $500 for the AC cage. This hurts because it's additional to the $1000 out-of-pocket money that I have already put into the house (inspection, termite letter, appraisal, title work, etc).

Please help me know if I can possibly recover my $1000 earnest money. Honestly, the house is different now in that it lacks an AC unit.

With gratitude,

Brian

Found a house while driving for dollars and, when I go to our county records, I see that:

It's owned by Bank of America at  7105 Corporate Dr Plano, TX 75024

It was bought in 2014 from the "Secretary of Housing and Urban" for $5.

Can you please offer insight on what it means when the bank is shown as the current owner?

Is it possible to access folks within the banks who might sell the house? Or does red tape tie things up?

The house is in rough shape and continues to deteriorate so I wondered if I could try to scoop it up for rehab.

Thank you!

Hi guys,

Over the past two years, I've helped my parents (age 70) buy two rental houses for investment. I did not help them financially - just with finding the deals, running numbers, and stuff.

Now, I have approached my parents about selling me each of the houses via owner financing (so that I can avoid 20% down payments because I just don't have the cash).

Are there limits as to how good of a deal they can give me on the purchase price? In other words, are they allowed to sell well below market value or does Uncle Sam catch on to that?

In my limited reading, it appears that there are some limits on this so that people don't skirt the gift tax, but I am sincerely looking for some insight.

Much appreciated!

Brian in Mauldin SC

Hey BP Crew,

If - in your marketing or networking - you come across a Single Family Home that might work for buy/hold or for rehab, I'm interested!

We're looking to add to our portfolio in these areas:

• Greenville
• Simpsonville
• Mauldin
• Fountain Inn

My partner and I are serious buyers and we won't waste your time.

Feel free to reach out if you have homes to sell!

Thanks so much, Brian Knox

Hey Y'all! I'm new to the Marketplace and am in the market for our next SFH:

Seeking houses in Greenville SC, Simpsonville SC, Mauldin SC, Fountain Inn SC.

• 2 or 3 BR is great.
• Mild rehab is OK. I'm not adept enough for a major renovation.
• HVAC system preferred (as opposed to window units, etc).
• Doesn't need to be in the greatest part of town.
• Price range of $40k - $70k or so.
• My plan would either be to buy with cash from my private lender and then re-fi to conventional a year later. Or to use bank financing from the outset.
I'm open to buying from wholesalers, fellow investors, frustrated landlords and the like.

Feel free to hit me up if you know of something that may play.

Thanks so much! 

Loving the landlord life,

Brian @ 864-881-1012

Hey @Gregg Gannett! The few BP gatherings were had were relatively informal and low-key. I'm not sure if their have been any lately, none that I know of.

I'm always open to grabbing lunches, slamming coffee, and bouncing ideas off of like-minded folks.

@Colley Bailey, I'm with you in that I'm still in the research phase of my Direct Mail campaign. I am too simple to figure out the Click2mail and List Source sites. 

Did you get any feedback or assistance on which sites are good to use?

What did you end up doing for your campaign?

Thanks! Brian.

Megan, which avenues are you most wanting to pursue?

Rentals?

Flips?

Wholesales?

Marketing?

Have you done @Brandon Turner's "No and Low Money Down"? or J. Scott's Book on Flipping Houses? Maybe see what excites you from those books. Then just start taking tiny steps of action each day.

I gotta say: JLD's Freedom Journal has been pretty dang helpful for me on the "action" front. I - for the most part - am the "learn all day but do nothing" guy. But the journal has helped me crank up a little action.