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All Forum Posts by: Mark Hutchins

Mark Hutchins has started 1 posts and replied 30 times.

Post: Buyer's Remorse

Mark HutchinsPosted
  • Professional
  • Peoria, IL
  • Posts 30
  • Votes 10

I would say you got lucky with this one and hopefully this will be a good learning experience for the next one.  Sellers will tell you what you want to hear, that is why we need to have things in writing to ensure what was agreed will be adhered too. 

Personally if I can purchase a house for 5 times the annual rent, It makes money. 

Post: First Time! Need help asap!

Mark HutchinsPosted
  • Professional
  • Peoria, IL
  • Posts 30
  • Votes 10

IMHO that lender is not really interested in working with you, or they do not specialize in the type of loan you are look for and have limits on their lending requirements.  You are just starting out and as you get more experience, you will find not all lenders are the same in how they treat a potential customer.  I treat the process like interviewing for an employee. Ones who are eager and flexible, are the types of you want to work (hire) with. Would you really hire employee who makes demands?

Well that stinks.  If you have it written in your agreement that you provide that, you may have a case.  However keep in mind you will need to prove it and if you get a judgment it is another thing to collect.  It maybe best to cut your loses unless you spend a couple of grand on them.  Why these days I get good used appliances.

Post: Zoning Question?

Mark HutchinsPosted
  • Professional
  • Peoria, IL
  • Posts 30
  • Votes 10

Depends, check with you zoning commission,  I know where I live older duplexes if left vacant for more than 12 months, reverts back to single family. 

Post: How many offers did you make before you got your first house?

Mark HutchinsPosted
  • Professional
  • Peoria, IL
  • Posts 30
  • Votes 10

Don’t get discourage, it truly is a numbers game. Also you are just starting out so there is a lot of excitement on your part, however no one else seems to share the same sentiment as you do. For myself things changed when I started to understand the mindset of motivates a seller. My suggestion is to find listings about to expire (6 months, the seller is tired and more motivated than first listed). The listing agent is also very motivated based on the amount of time spent working this property knowing that their hard work may not pay off literally. If you are pre-qualified, and have your team in place you will find a higher success rate.

Presenting offers is like sales 101. People will say “No”, just don’t take it personally, they are saying No to what you are offering and not you personally For every No you receive, gets you closer to a Yes. I know it’s easy to say but after presenting hundreds of offers and have gotten my share of No’s or in many cases no response at all you learn it is all part of the process.

Good Luck.  

Chris

I can truly feel your pain and you are doing everything within your scope as a landlord to keep things civil. Anyone who has been a landlord for any given time will have to deal with this type of a tenant. You are dealing with a professional deadbeat who knows the laws and will find every loophole to drag this out and then some. I have had personal experience with this and make it very quick to pay them some money and move out or serve them notice and proceed with the eviction process myself. If I know the tenant is able to drag out the process than I will hire an attorney to not only evict them but get a judgment as well and keep dragging them to court to pay.

Below is some information that wrote an article from an attorney that specializes in leasing matters. This may help in some insight from a legal perspective

Q--After one of my tenants failed to pay rent for several months, I filed an eviction suit. She immediately hired a lawyer and demanded that her case be heard by a jury.

In my mind there is nothing for a jury to decide. This is simply a matter of her not paying rent--there is nothing else involved. Now the case has been continued several times, and still no rent has been paid. The lawyer has sent merequiring me to provide information that is already in the hands of the tenant. Is the tenant entitled to a jury trial? In any case, what can I do to get this process moving? Time is going by, I need the rent to pay my bills and this tenant continues to live in the apartment free.

A--Odd as it may seem from your perspective, the law entitles every defendant in an eviction action to request a jury trial. While you believe the only issue is payment or nonpayment of rent, this may or may not be the case.

As you are probably aware, if there is a problem with the condition of the apartment, of if repairs were requested but were never made, a question may be raised as to whether the rent is due, or how much is due. These questions could be decided by a jury.

Legal questions are determined by a judge, such as evidentiary and procedural issues.

If there are no issues of fact to be decided, you can file a "motion for summary judgment," which states that there are no such questions to be decided. If so, the judge can make a decision accordingly.

However, to defeat this motion, it is only necessary for the tenant's attorney to raise one issue of fact, at which time the jury would become involved.

Often the demand for a jury is simply a stalling tactic. Once such a request is made, it usually takes longer to conclude the case.

Quite frequently, discovery is involved. This might involve answering questions, known as interrogatories, and producing documents.

In some cases, the parties might take depositions of parties and witnesses, to gather information to advance their arguments. You apparently have entered this phase of the case.

The key is that the defendant knows that you are not receiving rent. That may well mean the unpaid rent is funding the tenant's legal case.

A way of countering this situation is to file a motion with the court asking for "use and occupation."

Such a motion says that while the case is pending, the defendant has the benefit of living in the apartment, and should be paying the fair market value of the apartment while the case is pending.

By such an action, the defendant loses the economic value of stalling. She has to pay her attorney while also paying for the apartment. This might speed the resolution of the dispute.

The defendant also knows that it will cost you something to try this case in front of a jury. The cost of such a trial might well exceed the amount you could ultimately win.

Even if you get a monetary judgment for the amount owed, the cost of the trial could prove excessive, and there is a question whether you can collect the money from the tenant.

Most jury trials end in settlements, because of these uncertainties for both parties. This result is more desirable than letting the case go to trial, where one side may win, and one will clearly lose.

You should understand that now is the time to hire a lawyer. A lawyer can position you to best present your case and respond to the other side. Keep in mind that a jury trial is a fairly technical process, and you will be held to legal standards even if you don't have a lawyer.

This will involve preparing jury instructions and motions before and after the trial. So a lawyer may be a necessity. The old adage, "you can't beat a man at his ownbusiness," definitely applies.

Good Luck.

Post: rental property house hacking

Mark HutchinsPosted
  • Professional
  • Peoria, IL
  • Posts 30
  • Votes 10

Do a home inspection of where they currently live.  When you show up check their fridge, if looks decent and no mold growing on the food, it increases the chances that they will pay their rent on time and keep your place decent.  Sometimes seeing their car can give a good indication.  Another suggestion is to try to find a couple with a dual income, based on if one looses a job at least there is another income coming in. 

Good Luck

Post: Gurus

Mark HutchinsPosted
  • Professional
  • Peoria, IL
  • Posts 30
  • Votes 10

Before you pay for anything find out who they are and than do your DD (homework).  Most of the time if they pressure you to buy something on the spot, that is usually a red flag.  These days there is so much information on the web, and with the help of sites like this one you will be far better off saving your money.  Remember "Knowledge is Power"

Good Luck

Post: Hey a newbie needs help lol

Mark HutchinsPosted
  • Professional
  • Peoria, IL
  • Posts 30
  • Votes 10

Need some more details.  What is your end game, buy and hold, flip, etc.

Post: Why do Agents suck? ... Why are they awesome?

Mark HutchinsPosted
  • Professional
  • Peoria, IL
  • Posts 30
  • Votes 10

It really is a numbers game.  I went through 10 of them before I found one that understood the dynamics of how I invested.  They need to be trained like anyone else.  Mine knew that I wanted to look at only listings just about to expire.  They also knew I would pay in cash and close quick which in turn knew they were going to get paid sooner working with me.  In general if they cannot keep up with you FIRE them.  The nice thing about letting an agent go is you don't have to pay unemployment :)