All Forum Posts by: Chang Pan

My guess - the landlord doesn’t see any benefits to him- he still gets the same amount of money if he allows a new tenant while you get out early. How about you offer half a month’s rent as an incentive if he does allow you to leave early when he gets a new tenant ? In that way, both of you have some benefits- you save one month rent and he gets half a month extra.

Please let us know how it goes. It’s something new and any landlord may encounter this kind of bs situation.

How long should I give the bank to consider my offer? One day? Two days? Three days? Please let me know what would you do. This is my first time to write a reo offer. Thanks.

@Marcia Maynard Thanks so much for providing pro and con from both sides. It really inspires me to provide a more flexible solution to this problem. I think I will agree to let the gf off the lease.

Thanks for BP forum! You guys solve my pain and headache!

Thanks Al. I appreciate your inputs. Both tenants want to have some formal paperwork to end the the girlfriend’s lease portion. I am a little nervous if I do nothing they will be mad and may intentionally damage the house.

The girl decided to move out and the boy decided to stay on the lease. What should I do paperwork wise? Do I sign and termination agreement with the girl? Do I need to sign a new lease with the boy? Please let me know what you would do if you are in my shoes. Thanks!

I plan to work with my partner to use BRRRR method for investment. My partner will only provide a larger portion of the fund with no other work and I will provide a smaller portion of the fund and do all the management work (including finding the house, hire contractors for rehab, do paperwork for refinance and etc.). Each individual will owns 50% of the house while the cash out money will be reimburse to each proportionally. If we have to sell in a short term and end up losing money on a deal, we split the loss 50/50. I am a licensed realtor and if I get commissions from purchasing, I will tribute the commission towards the closing cost at the maximum allowed amount. I am thinking about providing 20% of the fund while my partner providing 80% of the fund. Examples: buy a house at 230k, rehab cost 20k. So the total cost is 250k. I will provide 20% which is 50k while my partner provide 200k. After rehab, the house is valued at 300k and we do a cash out refinance with 75% LTV and get 225k out - my partner will get 80% which is 180k back while I get 45k. If we cannot get cash out refinance and have to sell at 240k, each of us will take 5k loss, my partner gets 195k back while I get 45k. My questions are: 1. Do you think it's a fair partnership? If not, what funding split do you recommend? 2. Is this kind of partnership a normal practice? If not, what is your partnership look like? 3. Any concerns / recommendations? Thanks a lot!

I plan to work with my partner to use BRRRR method for investment. My partner will only provide a larger portion of the fund with no other work and I will provide a smaller portion of the fund and do all the management work (including finding the house, hire contractors for rehab, do paperwork for refinance and etc.). Each individual will owns 50% of the house while the cash out money will be reimburse to each proportionally. If we have to sell in a short term and end up losing money on a deal, we split the loss 50/50. I am a licensed realtor and if I get commissions from purchasing, I will tribute the commission towards the closing cost at the maximum allowed amount. I am thinking about providing 20% of the fund while my partner providing 80% of the fund. Examples: buy a house at 230k, rehab cost 20k. So the total cost is 250k. I will provide 20% which is 50k while my partner provide 200k. After rehab, the house is valued at 300k and we do a cash out refinance with 75% LTV and get 225k out - my partner will get 80% which is 180k back while I get 45k. If we cannot get cash out refinance and have to sell at 240k, each of us will take 5k loss, my partner gets 195k back while I get 45k. My questions are: 1. Do you think it's a fair partnership? If not, what funding split do you recommend? 2. Is this kind of partnership a normal practice? If not, what is your partnership look like? 3. Any concerns / recommendations? Thanks a lot!

Instead of house price estimates, I also have concerns about their rent zestimates - they provide really low numbers and the bad thing is: a lot of landlords blindly follow their guidelines and ask for rent exactly as on Zillow estimate. That has some effect to pull down the market rent.

Great information! Thanks for sharing!