All Forum Posts by: Chris Merchant

I am intrigued by your idea, I have toyed with similar ideas as well but never thought of the glamping idea was always focused more on RV/tent style camping with good amenities.

Welcome to BP! As stated it is always a good time to get into REI but the current market just means sometimes you will need to look harder for the deals, but they are out there. Don't do something just to do it, find a deal the numbers work for and do it.

 Okay that makes sense, not familiar with wild cows where I am from.  But whatever you choose to do I would suggest running it by your attorney first just to make sure it is legal to do and everything is worded properly but I also doubt if the tenants know they will be responsible for damages they will never admit to being the culprit so without some sort of undeniable proof it will be hard to pursue them for damages.

I would assume that the lender is going to want more than a subject to sales agreement.  They will want the reinstatment in certified funds and potentially more.  They will also probably want to see your financials to ensure you can cover the remaining amount if you're not doing a complete pay off, either a pre-approval letter or approval letter from a lender you're going to use.

I am not sure why the current owner waited until 72 hours before the auction date though, banks generally don't want to just settle for the reinstatement fee at the 11th hour, it is much harder to get them to work with you at that point.

Good luck getting the tenant admit to it, you could notify them and then put up cameras to see who leaves the gates open just make sure to post the property is under survaillance (or speak to an attorney in the area to see if notification is needed), but in any sense I think you would also have to in writing and a signed "agreement" make the tenants aware that by leaving the gate open any damages incurred from that would be their responsibility.

Are these cows wild?  It seems if they belong to a farm then the farmer would be liable for his livestock, and I don't understand as to why if it is a farm they belong too why your tenants are even using the gates that belong to the farm?

Does he want nothing down?  And with the 10 year term he still wants interest only on the first 3 years?

I myself would look for a small multifamily home to where you and your brother can live in a unit and then rent out the other unit(s).  Especially if you are looking to do long term rentals.  

The pitfall I would see with SFH house hacking is unless you do a live in BRRRR strategy than you are essentially renting out just rooms in your house, it can be done but I personally wouldn't want other people living in my living space. Unless you are planning on renting rooms out to friends to cover the costs of the mortgage and maybe generate some cash flow in the process.

The simple fact she clearly is residing at the address and not on the lease is a violation of the lease which in and of itself is grounds for either a new lease being signed with her added or an addendum to add her or they vacate the property.

As for the sink not draining due to a faucet issue  or vanity issue that would be a new one to me and I have experience in the sewer, drain and plumbing business.  I will bet that is a result of the sink trap being full of her hair that goes down the drain and sits in the trap.  Most likely the shower slow draining is the same issue, hair in drains is 1 of the biggest causes of slow drains and clogs especially in bathrooms, I would bet money on that.  But if nothing else in the house is draining slowly (kitchen sink, toilet etc) then it is localized to those 2 drains and not the main line in the building.  But replacing the vanity definitely will not fix it.

It probably varies by state / city but generally speaking, you can use the deposit for any damages that are not considered normal wear and tear, and any unpaid portions of rent for the lease however it is generally only until the unit is re-rented so it is only for lost income.  So seen as you only missed 15 days you can probably prorate the rent amount and withhold 15 days worth of rent.  

I would check with a RE Attorney in your area or check the exact things you can legally deduct from the deposit in your area.   She may know the answer and just wants to see if you know, don't risk that it isn't worth the lawsuit.

Welcome to Bigger Pockets, hope you find the site helpful!  Do you only deal in the Jacksonville area?

@Devin Peterson is in St. Petersburg he may be a good contact for you, if you guys connect!