All Forum Posts by: Charles M.

Good, it does sound like the best case for a bad situation.  I'm assuming that since this is your home that you are paying for all utilities?  If so, I would keep a close eye on those and see if your increase covers the increase in costs, if not then you may have to figure that out also, just don't lose money.  Is what I'm getting at.  

@Lydia R. I am going to Dm you could you please share those links with me.  

Please let us know how it turned out.

Hey BP fam, I just signed up for the REI Pro and am looking at Pre-foreclosure units in my area. I called the realtor who I have been using for my rentals and purchases up to this point in my journey. They informed me today that they are not really experienced in dealing with pre-foreclosures procedures such as paying for back payments and taking title of the property and making the payments to the bank until it is sold. i have an new investor who is bringing some decent money to the table to begin flipping properties and I figured the pre-foreclosure strategy would be a very good way to go as we will have money up front. i am just looking for advice on how to talk to the banks. Also if someone is more familiar with the REI pro program I have a few questions.

A good tenant would not "sneak" another tenant in without permission, nor haggle on price.  I agree with @Thomas S. on this one.  You do need to take your business more seriously though.  I think you are taking serious just not enough.

We had a tenant move in two people without our knowledge I went in to do some service work and saw it and immediately called the manager and him send a letter reminding them that any extra tenants must pass the same background and credit check or they had to leave immediately.  They were gone within a day or two.

Just an update, the tenant was a no show/no pay on the Saturday of last week, Monday morning eviction papers were filed.  This will be a first for me so I am looking forward to getting it over with and getting a new tenant in there.

I appreciate everyone's input.  The end result is that our manager offered cash for keys on Thursday, the tenant said he would get caught up on back rent this Saturday now that he has a new job and his pay week was Friday.  I'm sure I could stop typing there and everyone else would guess what happened next.  Tenant avoided manager on Saturday and papers were filed today.  I know it is not typical to offer C4K up front but we were just trying to speed the process up of turnover since we are so close to the school year.  Guess we are committed to the eviction process now.  Will keep everyone up dated as we go.

@Dennis M. I understand your point.  I am not rewarding bad behavior, I am trying to hedge against my investor losing more time and money.  The 350 we were offering the tenant was $50 more than what the filing fees and eviction process would cost, not including court costs to do all of this.   Not to mention we have to wait another 30 days between the conviction and then having to schedule the sheriff to execute the eviction.  All the while the tenant will not be paying rent and possibly destroying the property costing more in renovation time and fees.  Yes we can have a judgement against him and eventually we MIGHT get the money back from the judgement but I am not holding my breathe for that.  

The property is in a very desirable school district and is a 2/1 unit and school starts in less than a month.  If the tenant had agreed to our offer we would have had been able to turnover the property and have time to list it and possibly rent it before the school year.  Now we are looking almost October until we get the guy out.  That is the getting into the "slow" time for rentals around here and may have to sit on it another month or two vacant.   

Unfortunately, principles do not pay mortgages but creative ideas do.  To me its not about punishing the tenant as much as it is making sure my investor makes money.  I may hear a lot of flack for doing it this way but when you sit down and look at the numbers they back my plan.  Its not about emotions its about money.  

Have you found someone for you maintenance yet?

I'm pretty new in my journey also, I have been reading, listening to podcasts and currently working with an out of state investor looking for, analyzing and bringing him deals, I am located in York and would like to connect with you.