All Forum Posts by: Chris Karley

Check out the BP podcast. Hands down the best out there. 

5.6% cap rate without property management built in is a bit slim for me..... 

FYI If you do a double close instead of an assignment you would need to provide all of the initial purchase funds. Plus you have 2 sets of closing cost instead of one.  Upside is that the seller won't see the assignment amount on the day of close if you do a double close. I personally do contract assignments and keep the seller informed to the amount I'm looking to make. I found if I'm fully transparent the process goes much smoother. 

Here's a thread regarding TX assignment contracts. I'd find some others as well. 
https://www.biggerpockets.com/forums/93/topics/629660-assignment-contract-dallas-tx

Before you make an offer FIND BUYERS and know what they'll pay. You're located in a smaller county and it takes a little bit of time and a lot of effort to build that list. But if you don't know what people actually willing to buy from you are looking for, you'll find yourself in a very stressful situation with risk of hurting your credibility. 

Short answer, if the numbers are favorable and you have proper debt coverage, yes. Pulling your equity and leveraging into another property is a great way to increase your cash on cash return. But, if you over-leverage your assets you could find yourself in a bind if/when the market dips. I would suggest doing a bunch of research and coming back with some more details regarding your plan if you're looking for a more tailored answer.  

It should fall under PA storage unit law depending on how you wrote the lease. quick google search:

https://irellc.com/resource/the-pa-lien-law-and-auction-process/
"Specifically, the PA lien law allows self storage operators to place a lien on the stored contents of a unit once the rent has become a full 20 days past due. Then, at 30 days past due, the owner may move the contents of the unit to another space pending the sale. A property owner may also tow a motor vehicle or watercraft (by an insured and bonded tower) after the rent is a full 60 days past due. Operators and property managers will make several attempts to contact a tenant who remains in past due status, prior to a lien being placed on the storage unit or motor vehicle space."

"I am not intimidated by your $5 words and legalese" --Brutal

The verbiage in the letter sounds more like a medical dispute than anything. I'm scratching my head. Isn't the 3 day notice indicating the termination of an existing contract, not a bill? It's not like you repaired damage caused by the tenant and are evicting based on balance.  Do you know if the tenant has any legal leg to stand on?

I used to use tenant cloud but it had some limitations with short term rentals lease creation. In all it didn't seem polished or very flexible to me. (this was ~2 years ago). I switched to Buildium and haven't looked back. Downside is that there are some startup costs and you will need a business checking to accept payments. 

For students, you can require a parent be on the lease to offset the lack of income. I rent to college interns at a couple local companies. They both screen their employees well so I can circumvent background checks and most interviews. I also don't need to verify income, just the internship.  Short term renting can be more profitable than a duplex or single family, but there is defiantly a learning curve for the amount of turnover. (4 leases and a cleaning minimum every 3 months). After my experience with 'college professionals' I'm not sure I would want to get into the student housing scene. Same rent with more headache IMO

ALWAYS GET SIGNATURES AND DEPOSITS. NEVER BEND PAYMENT AND EVICTION RULES. 

Sorry for the botched title!

I own a couple rental properties in my personal name. I have an LLC (Single member self managed) I just started for general contracting/ renovations repairs for customers. I'm setting up Buildium and am trying to structure my leases, payments, and expenses through the business accounts.

Can I have the LLC designated as the Landlord and then sign on it's behalf even though the properties are in my personal name?

Any special considerations for expense reporting? 

Also, I have dwelling policies on each of my properties in addition to an umbrella policy. Will assigning my LLC as landlord limit what these policies will cover me for?

I found a lead off of some mailers that I sent out. Their mortgage was originally held by Ocwen, and is now with Nationwide Credit. I believe Nationwide Credit is a debt collection agency owned by Ocwen. The fact that I was talking to a collection agency and not the bank set off some red flags in my head. 

Anyways, they're offering a payoff of ~22k, but the house is trashed and damaged from some nightmare tenants. To re-evaluate their number they're asking for:

Appraisal Report (at my expense) - I expect this to come in around ~15k and for them to accept around 80% of that number. 

2 months bank statement (seller)

Social Security checks (last 2)

Hardship Letter

Signed Purchase Agreement with Closing Statement 

Is this legit? Has anyone dealt with Nationwide Credit before? Their agents are offshore based out of India and refuse to allow me to talk to the "investor" directly. I'm assuming the "investor" is Ocwen. Should I move forward with this process or run away? Any guidance would be greatly appreciated.