All Forum Posts by: Casey Culver

Alrighty everybody, I’ve purchased my 4th property at foreclosure auction and I’ve run into the dreaded situation…the occupant won’t leave.

I posted my 7 day notice to vacate (alabama), and I’m going to file a complaint per the process on the 8th, and I’m not concerned about that part. I’m concerned about a hypothetical situation, one where the occupant, out of anger, just completely destroys the place, burns it down, collapses it, whatever he does. What happens then? Do I just lose everything and that’s it? What’s that process like?

If anyone has any experiences, tips, or any advice that has come from situations like this I’d be happy to hear them. Thanks!

I was doing research on a home that was scheduled for a foreclosure auction on steps of the courthouse. I found out the previous owner was a realtor who had passed away, so looking through public recorded documents for information on liens and such on this house was pretty tedious. Anyhow, I found out this guy had many liens that I know stick with the property that I would have to pay if I purchased, no problem, would just factor that into the purchase price.

However, this guy also had over $1 million in federal tax liens. Do those stick with the property? Are they something to be concerned about? Should I be scared away? The home is in great condition and is worth $500k easily, state of Alabama.

 Well I haven't made the phone call yet, but I'd be yelling pretty hard at them if they tried to call this routine maintenance. When I think routine maintenance I think flushing water heater, replacing air filters, cleaning hvac lines, etc...

Sorry Dan I misspoke, the $1850 is just for the plumbing work, the tile flooring and wall will be extra, but those are inexpensive anyway. I do trust these guys to do the job right. Thanks for the reply!

Hello Everyone!

I have a leak in a hot water line in one of my rentals in Alabama. I've been told it'll cost $1850 to fix, and will require busting up 1-2 tiles, cutting some drywall, drilling hole in concrete, fixing leak, filling hole in concrete, putting down new tile, repairing drywall, done. 

I only got insurance 1.5 months ago, this issue was NOT happening then. My deductible is $1000. Should I file this claim? My heart says "yes because you pay insurance, so you should use it", but my brain says "no because you want to own this home for a pretty long time and you don't want your rates to go sky high". 

What do y'all recommend?

Hey everyone!

Here's my simple question, this is a hypothetical situation: Let's say I've found a single family home, buy and hold type deal, I find the deal & do all property management & rehab, and put down 50% money, and other person puts down 50% money, but that's it. What is a real amount that we should split from a profit standpoint? With me doing all the work + putting down 50% I would have thought minimum 60/40 my way would be fair. BUT I'm starting to hear differently from a few folks and I'd like to get some experienced advice here.

Also, would the profit split % be the same for a flip as well?

Thanks!

Hello BiggerPockets!

I have some tenants with a move-in date near the end of March. They're ideal tenants, worked with me on some maintenance issues, paid on time, good credit score, quiet, everything. However, they told me on May 24 that after only 2 months they are breaking their lease, which is unfortunate but in my opinion, part of it. My poor wife is a stressed out wreck lol. Now...according to my lease they have to give a 60 day notice, plus they pay a fee equal to 1 month rent, $1295 in this case. Therefore, they have to pay rent through July 23, and then provide an extra $1295 on top of that, security deposit works the same as it would at the end of the lease. They have the option to sublet to someone else if approved by me, but it doesn't look like they're going to do that.

My poor stressed out wife is sure I did something wrong here lol. Maybe I did...maybe I didn't? I'm personally satisfied with it, she's not. What she thinks I ought to do is make the tenant financially responsible for the rent of the entire Lease Contract (1 year). Meaning they can't move out unless either they or we find someone suitable to replace them. The logic is that we collect rent no matter what for 12 months after signing the lease, understandable. But I don't like that for 2 reasons. 1) I like FULL control of who gets into my place. I want to meet them, see them, shake their hand, everything, not just run the credit check. More importantly...2) I want that $1295 fee. Honestly, it's almost the same amount of work, so I want some money out of the deal.

So I'd like to know...what does YOUR Lease say about early move out? Also, do YOU show the apartment to prospective tenants while the current tenants are living there (with proper notice of course)? Should I be taking this more seriously? I'm posting the place today and will likely have a line of renters waiting by the 23rd of July.

Thanks in advance y'all!

Well everyone I thank y'all so much for replying! These forums really are awesome.

I found someone who could do the job for $3000 for a Carrier unit, 14.5 SEER. It's been registered for parts warranty, and I plan on servicing it yearly. Here's to not worrying about this unit for 15-20 years!

 I'm either not looking for the right people or I need to move to Florida :)

I agree, I'm definitely looking for lower end, cheapest brand I can get in fact as long as it doesn't break down noticeably more. I don't care about efficiency because I'm not paying utilities. That being said, I'm having a hard time getting below $3900 for anything...sheesh. I'll have 2 more quotes by tomorrow.  

 Auction home on steps of the courthouse, came fresh with all the issues, and even included the previous owner still living there for a bonus LOL