All Forum Posts by: Collin Wilson

Thank you all for the advice.  This was very helpful and I will be conducting an inspection this week.

Hi Everyone,

   I had new tenants move into a townhome earlier this year (3 adults and 1 cat).  My handyman had to go by and do some minor repairs in the basement which is where the 3rd roommate is living.  He said that when he went downstairs the cat urine smell was almost unbearable (he has been in the business for 40 years so him saying that means something).  I certainly recognize that this is the "Cost of doing business" when you allow animals but I have had previous pet owners with little / no issues.  I am hoping to get some recommendations on how to approach this.  The fact that the odor is that bad after only living there for 4 months concerns me greatly about the repair costs when they move out (2 year lease).  Any thoughts / recommendations on immediate solutions are greatly appreciated.

I received a call this afternoon from one of our tenants.  She advised she wants her ex-husband (joint tenant on lease) out of the house.  She stated he does not pay for anything (lease or utilities) and supposedly the police were called to the house earlier today for some sort of domestic disturbance.  She claims an assault took place, but law enforcement did not pursue any charges and no protective order was issued.  She wants him off the lease and out of house.  I do believe that she is the one paying the rent and I would be fine with keeping just her on the lease...that being said what are my options to get him out of the house?  Obviously my first step is to ask him to sign a lease addendum removing him from the lease and all obligations...but what if he doesn't cooperate?  Thanks in advance for your time and insight.

Hi everyone. I was fortunate to close on a property in which the seller agreed to seller financing. A note was prepared and the property has closed. The seller is very laid back and is satisfied with me mailing him the mortgage payment every month (15 year note). I know a lot of people use a note servicing company to handle the payments but is there any issue with us handling the payments between one another with no third party assistance. The seller will need to complete a 10-98 at the end of the year for tax purposes. Any suggestions on maintaining proper record of payments? Thoughts and recommendations are greatly appreciated.

Lieren, first congrats on taking the first steps.  You have received a lot of good answers and I certainly agree with a lot of the metrics.  However, when you look at the obvious metrics you are competing with 3/4 of BiggerPockets and even tougher you are competing with people with a lot more experience and a lot bigger wallets/purses.  If you can find good deals in these areas with the classic metrics then jump on it.

However, I personally would recommend you look at areas that you have connections: your hometown, your current town, where your brother/sister live, where you went to college, etc....It automatically gives you an advantage because it is familiar and even better you may have connections or people who can provide references for Real Estate Agents, Lenders, Handymen, etc...

Regardless, congrats on taking the first steps and I wish you all the best!

@Nadia Niswande @Elsebeth Birman @Paul Ellington @Stephane Larcade

Awesome to see fellow Winchester investors reaching out. I would love to get a group together but I would be lying if I said I was prepared for a structured meeting…I would prefer to just get a group of local investors together in a very relaxed setting to network and ask questions of one another. I would love to get together on one evening in late January / early February. I am looking at possible locations to meet up, I think a brewery/restaurant would be a good first spot. Let me know your thoughts on location, timing, etc. also my number is (540) 820-0104, would love to connect with all of you! Talk soon

@Nadia Niswander

Hi Nadia, nice to meet you! There are several investors from the Winchester area on BP and quite a few that invest in WV and MD. My wife and I invest in Winchester, Frederick County, and Front Royal. There are a few good Facebook groups and meets up in Martinsburg and Frederick (MD). I am working on getting a group together around Winchester. Let’s connect, would love to hear your plans!

@Chris Young

First and most importantly congrats on your first rental. The reality is you could have 10 tenants and 2 of them would mention all of these items, 3 would mention 1 or 2 items and the other half would never say anything. It sounds like there are some easy fixes in that list. The reality is there will always be one or two things that were an oversight on your behalf (regardless of what some of our fellow investors say on this site). I will say there is a fine line with higher maintenance tenants and you want to fix the items that are appropriate to fix but not allow them to take advantage of your willingness to please. Take it as a quality learning experience…that’s the only way you get better. If it’s any consolation I have a young couple that sounds 5x more needy than what you are dealing with:) best of luck !

I am hoping I can get some advice from people with experience in seller financing. My info:

I sparked up a conversation with the next door owner of one of our rentals (townhouse). He mentioned he was interested in selling the property but had received a lot of “low ball offers.” We discussed options for a few months and agreed on a sales price that we were both satisfied with. I mentioned seller financing to him and he was very interested and we actually agreed (verbally) to terms that day. The terms are as follows :

Sales Price - $136,500

Down Payment - $20,000

Seller Financed - $116,500

Term - 15 years with no prepayment penalty (won’t be exercised anyways)

Rate - Fixed at 3% for the term

Insurance and Taxes will be handled by me separate from the financing.

I assume the buyer will hold "First Trust"? There is an option on the VA sales contract for "seller held trust"…thoughts ?

Now the part that is new. I spoke with the title company we use and they said it would be $310 and they would send off the documents to an attorney to create the note / deed of trust. I assume all they will need is a ratified contract with the seller financing addendum and the terms of the financing. Are there any additional steps you would take or any cautions I should be aware of? I’m working through it but I’m sure there are plenty of things I’m forgetting to think about.

Hi everyone! Would love to meet up and make connections. It seems like the easiest places tend to be breweries. Is anyone interested in meeting up early next week (12/13 or 12/14) around 6pm at a brewery in Ashburn? If so, we can start out very casual (just people meeting up for a beer) and if we can get a good group we can find a spot that will allow larger groups and guest speakers! Let me know if you are interested!