All Forum Posts by: Charles Carillo

@Marc Shin

I would probably speak to them first on the phone or face-to-face and then send them a formal letter. Make sure you give them enough lead time to find another apartment. That makes the conversation much easier. If I am inheriting the tenants, I might offer to assist with moving costs if they move sooner rather than later.

@Jacob Thorpe

It might be more beneficial to focus on paying down some of your debt and improving your credit score before investing in your next property. This way, you do not need a partner at all.

@Maria Apostolova-Mihaylova

Is the credit score the only issue you are finding that is stopping tenants from being approved? I would list the requirements in your ads instead of waiting for them to reach out to you; it will filter out most people. Also, I do not think I would lower my credit score below 600. The defaults start jumping up once you get under 600.

https://askwonder.com/research/credit-scores-correlation-loa...

If you do decide to take a lower credit score, make sure they are providing a larger deposit.

@Michael Paling

I have done this before. I would definitely refund all the fees they paid and explain why you are changing your mind.

@Lianjun Wu

Landlords should never allow tenants to have trampolines. They are lawsuits ready to happen.

Have the neighbors contacted you already? I would speak to your attorney before responding to them.

@Jyotin Gautam

You might be able to do it as you have explained it without being licensed, but if you are going to start a business of making referrals/finders fees, why limit yourself? Just go through the licensing process to maximize what you can do and what you can make.  Additionally, many licensed people (myself included) will never agree to pay "finders fees," "referrals," "commissions," or whatever else the same fee can be called to an unlicensed individual. 

@Mackensie Matze

She is not going to sue for $250. The real question is if you want to deal with the hassle. I would have the plumber create an invoice and send it to her. You have her money already. Or you can make a deal and tell her you will split it with her, or you can give her the $250 fully back.

@Tua Lino

You are not required to own a property that doesn't have cash flow. You can sell it when you move out. If you are $1,000 per month underwater, you probably need interest rates to drop 2%+ to decrease your mortgage by $1,000 monthly. I am not sure if this is realistic. I would probably sell and invest my capital elsewhere.

@Jagjit Singh

We have partners who are foreign investors. DM me, and I will send you contacts for attorneys, lenders, and accountants they have previously used. It is important that you hire professionals who have experience working with foreign investors.

@Dan Dares TM

If the "investing partners" are going to be passive, you need an SEC attorney since you are now creating a security. DM ME, and I will send you a few names. If everyone is truly active, it is now a joint venture and you can have a local real estate attorney form an LLC for you (which is much less expensive).