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All Forum Posts by: Corby Goade

Corby Goade has started 31 posts and replied 3015 times.

Post: Nightmare tenant is leaving, but....

Corby Goade
Posted
  • Investor
  • Boise, ID
  • Posts 3,053
  • Votes 3,180
Originally posted by @Angel Rosado:

Just wondering what tenant screening process did you have in place when these problem tenants came in?

Hi Angel- My screening could have been better- in retrospect, there were a couple subtle signs that I should have picked up on. Their credit checked out, and former landlord gave them glowing reviews, though now I am confident that they landlord gave them a glowing review because he was ecstatic that he was getting rid of them.

Post: Nightmare tenant is leaving, but....

Corby Goade
Posted
  • Investor
  • Boise, ID
  • Posts 3,053
  • Votes 3,180
Originally posted by @Lynn McGeein:

If you know they are problem tenants and always threatening lawsuits, why would you even attempt to show it while they are still there?  Even with the best tenants, it is difficult to show while occupied.  What happens when these guys say things are missing?  I'd just wait until they were actually out to schedule any showings.  You can still be pre-screening interested parties, then have an open house for all of them after the problem tenants are really gone.    

Good suggestion, Lynn. For one, I don't want to miss out on a month of rent, especially when I have gone out of my way to be more accommodating than the lease requires of me. Secondly, if they stay an extra two weeks, I fear that it will turn into three, then two months, etc. I understand that I could start a formal eviction at that point, but I want to be proactive about this and avoid losing rent, a formal eviction and caving to their whims simply because they've threatened me.

Post: Good Duplex Short Sale, but REEKS of cigarette smoke!

Corby Goade
Posted
  • Investor
  • Boise, ID
  • Posts 3,053
  • Votes 3,180

I've dealt with this issue twice. All new carpet, coated all of the walls AND the subfloors with three coats of KILLZ oil based primer. Both houses reeked of KILLZ for about a week, but when that subsided, the smoke smell was gone. Best of luck!

Post: Unapproved condo. Good idea?

Corby Goade
Posted
  • Investor
  • Boise, ID
  • Posts 3,053
  • Votes 3,180

How much are the delinquencies? Could you pay them off and still have a deal that satisfies your requirements? If so, talk with the seller and your attorney and draft something up where you pay off the HOA before the sale as a condition of the terms you've agreed to. The owner could probably be convinced to drop the price in order to have the HOA paid off before the sale. Anyone who wants to buy the property will have the same problem that you are having, so that's motivation for the owner.

Post: What if your handyman / contractor damages tenants' belongings?

Corby Goade
Posted
  • Investor
  • Boise, ID
  • Posts 3,053
  • Votes 3,180

Hi Nicole- I would call the contractor and tell them the situation. I'd probably say something along the lines of "I know this sounds a bit ridiculous, but..." and ask if they would please clean the AC out to appease the tenant. If they are a good contractor and understand that you are an investor and may be a good source of work for them, I would think that they'd be glad to do some quick and simple clean up for you. If they refuse, they probably aren't a good partner and I'd just suck it up and go clean the AC myself. Best of luck!

Post: Nightmare tenant is leaving, but....

Corby Goade
Posted
  • Investor
  • Boise, ID
  • Posts 3,053
  • Votes 3,180

I have a tenant that gave me their 30 day notice yesterday, which was cause for some serious celebration. Almost every interaction I've had with them over the last two and a half years ended with them threatening to sue me (dryer isn't working, "we're going to sue." Coming to fertilize the lawn; "this is our home and we don't want you here, if you show up, we'll sue.") Of course, they've never actually sued, because they have no idea what they're talking about.

So, I told them that I would be showing the house over the next month, and the lease allows me to have reasonable access without permission to show the house within 45 days of them giving notice. I've told them that I would give them at least 48 hours notice, and they've told me that they'll sue if I don't pay them $50 each time I show the house, because they are worried that I will show the house to a registered sex offender. But I guess It's okay to have a registered sex offender in the house if they get $50? Obviously I will show they house, and give them the notice that I promised I would.

My concern here is that I don't believe they will be gone on July 2nd, as their notice requires. I will have a new lease in place and new tenants ready to move in. How can I be proactive about this so that I don't have a nightmare on July 2nd with a new tenant trying to move in and the old tenants still living there and refusing to leave?

Post: Purchasing a buy and hold property in another state

Corby Goade
Posted
  • Investor
  • Boise, ID
  • Posts 3,053
  • Votes 3,180
Originally posted by @Andrew Syrios:
Originally posted by @Corby Goade:

Who has done this? What struggles and victories have you experienced?

 Some have made it work, but I've seen more sad endings than happy ones. I wrote about out-of-state investing here and how I would approach it, although I generally don't recommend it: http://www.biggerpockets.com/renewsblog/2014/12/23/investing-out-of-state-essential-items-to-vet/

Thank you for the advice and the article. Reading it now...

Post: Purchasing a buy and hold property in another state

Corby Goade
Posted
  • Investor
  • Boise, ID
  • Posts 3,053
  • Votes 3,180
Originally posted by @Alexander A.:

Hey Corby i started purchasing out of state in 2013 because I couldnt find any good cash flow deals.  It can be a good thing but it can go horribly wrong also if you dont do your proper due diligence.  My advice is do as much research as you can on it.  Im about to purchase my 3rd out of state now, closing in a few weeks.  If you have any specific questions, feel free to PM me, i would be more then happy to help you out.

Thank you, Alexander! I am sure I will be in touch.

Post: Purchasing a buy and hold property in another state

Corby Goade
Posted
  • Investor
  • Boise, ID
  • Posts 3,053
  • Votes 3,180
Originally posted by @Jay Hinrichs:

@Corby Goade

  I wrote an e book    and insiders view of buying out of state and country properties. I give it away to BP members.. I originally wrote if for Aussie investors.. but there is some good do's and don'ts in there from some one like me that has owned more than 400 of these.

the industry as a whole has matured with the better TK operators really stepping up their game and the asset ...

the main take aways are to remember that certain areas of the country and certainly the big rust belt cities and mid west cities have areas and neighborhoods you would never see in Idaho so you need to be very cognizant that RISK = REWARD in these markets.  higher returns generally equate to more risk.. etc.

Thanks for the advice, Jay, I appreciate it. I would be very interested in reading your book- where can I find it?

Post: Purchasing a buy and hold property in another state

Corby Goade
Posted
  • Investor
  • Boise, ID
  • Posts 3,053
  • Votes 3,180

Who has done this? What struggles and victories have you experienced?