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All Forum Posts by: Chinmay J.

Chinmay J. has started 50 posts and replied 1178 times.

In Virginia, I would just go to the civil court and bring in an unlawful detainer suit against the tenant, if he/she doesn't pay after being served notice.. Don't even need a lawyer, but I will recommend one if you are newbie to this. When the suit is filed, the clerk at the court gives you a date on which judge will see you. If everything goes in your favor, the judge will order eviction, and the sheriff's department will come and evict him. 

You need to check laws of the state where your property is located. Get an attorney if you would like.

I plan to put a clause in saying they need to buy me PIZZA every other Friday - just to see if they even read the damn lease before they sign off on it - because some of them do act clueless when I bring up certain clauses in due course of our tenant-landlord relationship.. LOL. 

Post: How do I make this deal happen...?

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,217
  • Votes 903

@Thomas S. - Thanks for the reply. But I think you missed the point, or perhaps my explanation was not clear enough. I don't want the tenant in place. Even at $160,000, which I think is a tad bit low and would result in the seller not just walking away, but stomping away from the offer, I still don't want the tenant and inherit his 6 month lease. I want the property vacant on the day I own it due to the constraints that come with HML.

Post: Listsource: No results

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,217
  • Votes 903

I have seen lot of duplexes, triplexes etc listed on Cragislist. Have you tried that route?   Perhaps not populating in list source for some reason?  Maybe everything is lumped under Multifamily

Post: How do I make this deal happen...?

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,217
  • Votes 903

I am new to fix and flipping, although have been investing in buy and hold properties.

Recently, ran into someone who is a landlord wanting to sell his place due to the job he has landed, and decided to accept in a foreign country. He will be wrapping up everything and will be moving out of US in next couple of months. He is one of those accidental investors that we always read about.

Here are the details about the property...

ARV - $260,000- 265,000

Possible deal - $200,000 - $210,000 (Nothing in writing yet)

Repair - $25,000, 30,000. (The place has been extensively used by tenants for last 10 yrs. I am going a little conservative by going a little higher on this amount)

Here is the issue with the property. The tenant's lease is another 6 months. The owner would like to see this deal take place before he leaves the country, as he said he doesn't want to have any pending business once he is gone. The tenant is pretty upset that the owner is selling, and scared the the "mean investor" will be kicking him out. 

For me, I plan to purchase the property with hard money. If I inherit the tenant, I will have to potentially wait for 6 months before I can start any major repair. There is no way I can be doing major repairs with the family living there.

Other than making a nice offer to the tenant (perhaps 1 month's rent), and hope he takes it, what other ways I have go make this deal happen? If this is the route I take, how do I make it happen? Do I do a 3 way agreement with the tenant, seller, and myself for him to vacate the premises and make the offer to purchase contingent upon the tenant leaving? Has anyone dealt with this?  

The larger question here is, that I am bound to end up running into situations like these from time to time. So if an easy resolution is not found here, I am wondering whether to spend any marketing dollars on tenant occupied places. This just was dropped in my lap and I didn't spend a single dime on finding this deal, but I would hate to spend hundreds of dollars and end up in a situation like this. 

Post: First Flip at 21! Before and After Pics!

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,217
  • Votes 903

You did this at 21? You are going to be one bad to the bone investor. Keep up the good.. in fact great work..

Post: Need Motivation

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,217
  • Votes 903

Set SMART goals.. SMART stands for Specific, Measurable, Attainable, Realistic and Time Bound..   Eliminate distractions and negative influences in life. - That includes well meaning "friends" and family members who always want to pull you down. Read real estate books and other PMA books.. Good luck.. 

Post: NorthernVirginia RE agent investor friendly recommendation

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,217
  • Votes 903

@Minh Do - I am a real estate agent licensed in VA as well as hold several properties in Loudoun and Prince William counties. I can definitely help you out. I have sent you a PM..

Post: I might sell if the price is right...

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,217
  • Votes 903

@Ben Roberts - I am very happy to see that you are getting positive response to your campaign. Getting a call back is the first step. Personally if I were you, I would try to get face to face with the seller and start building rapport. How can you know what the right price is unless you have stepped your foot in the property. So I would set an appointment first to go and see the property. 

Since I am on the verge of having an yellow letters campaign myself, I would love to hear other people's inputs.

Post: Key Points When Flipping/Rehabbing

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,217
  • Votes 903

@Account Closed - You need to invest a little bit of money and lot of time and purchase J Scott's book on flipping and study it. He is master flipper extraordinaire 

http://get.biggerpockets.com/flippingbook/

Good luck.