All Forum Posts by: Juan Cristales

@Kathleen Salinas

Hey Kathleen, I'm actually going to be moving to Houston in the coming month.  I wanted to know more about your deals and how you got them also.  I'm personally not looking for turn-key deals per se, but I can definitely see the benefit of providing them.  Thanks so much! 

@Dev Horn @Michael Quarles

"Guido Quarles!!!" That's absolutely HILARIOUS!!!

@Cathy L.

Wow! You are in a tough spot and wish you the very best! 

I'm not going to beat you up on tenant screening as I see that your are new to BP so first off WELCOME!

We use a 17-page lease appropriate for the state we lease in and it has been reviewed by a lawyer and then on top of that we add an addendum for pets, an addendum for moving out procedures, etc.  I realize that info would have been helpful a while ago but nevertheless, I think it'll be helpful for your next "lined up tenant."  BP has a FANTASTIC tenant screening product that I highly recommend.  My advice on it: Don't deviate as it will cost you later in headache and money.  

What to do with the tenant in the unit that is giving you the current headache, it is tough to say as we don't know what type of contract you have set up with them or what it says.  I would highly encourage you to find a RE Lawyer that will look at your current lease with the current tenant along with their "demands" as realistically, paying a RE lawyer a couple of hundred bucks is going be a worthwhile education, plus, may save you thousands on that weird agreement the tenant is "demanding" you sign.

Being a landlord is very tough and I believe it to require STRONG LEADERSHIP skills.  Don't be bullied by a bad tenant! They have probably done this to others and have developed the knowledge and experience base.... and.... they will do it to another landlord!  I'm sorry to hear about your situation and wish you the best.  Get ARMED with information and under no circumstances, get into an argument or verbal-shouting match (I know it's tempting) with them as they can become emotional and you have to walk a very DELICATE line when dealing with problem tenants like this.

I'm NOT providing legal advice: but if you have a lease (contract law) and they are in default, it doesn't take a genius to decipher who is in the wrong. Keep us updated and again, good luck! 

@Account Closed

This is what I do: I have it in my contract and always follow up verbally or by e-mail to let them know what our expectations are.  It goes a little something like this: "I am giving you a freshly painted, freshly clean and functional house.  If you want 100% of your deposit, you will return it to me the same way and I don't think it's unreasonable.  Before they move out, I e-mail and mail them a list of TO-DO items prior to move out.  I try to be succinct and keep it to a one-pager so that it isn't overwhelming for them.  Next to the items, there is a price that basically says, if you don't do THIS, I will do it for THIS MUCH.  When they see the prices, they normally make an attempt.  Some don't care and you keep a good piece of the deposit which always helps offset the cleaning and painting.  Either way, open and honest communication is key and I let them know that this isn't a hobby for me, it's a business and I treat it that way.  There is some delicateness that may be required depending on the tenant but at the end of the day, don't tolerate being forced to paying more than you need for tenant turnover.  I clean it after the final-walk through.  I'll either do the walk-thru myself if I am able, or pay someone to do it for me.  Always have pictures of before they rent and then pictures afterward in case there is a dispute.  Good luck!

@Jeevon Jones Jr

That question would probably be best answered by a lender.  The last time I spoke with one, a couple of weeks ago, I was told they could work with a 620 FICO.  They are able to go a little lower but the buyer is going to need to bring more to closing.  Understand that your traditional large banks with a large portion of the market share, aren't necessarily investor friendly though they may say they are.  There may be pockets of individuals in those big banks who are better than others at assisting but by and large they are few.  After you get past your fourth loan (for loans 6 through 10), you are going to need to talk to a different type of bank who can assist you in achieving your goals. 

@Jeevon Jones Jr

Welcome to BP! I concur that the 30-yr, fixed rate loan is the way to go. It affords you the opportunity for the largest amount of monthly cash-flow, and at this point in time (summer 2015) interest rates are still extremely low in comparison to other decades which saw double-digit interest rates on home loans. Also, this is specific to SFR investing since commercial lending is a bit different. Take massive action and WIN!

@Jose Ramery

Welcome to BP Joey! I've found so many people helpful and willing to share here. Good luck to you.  

Juan

@David Ransom

Welcome to BP! I'm working on a couple of leads in Tallahassee at the moment. If you are interested in getting some hands-on, let me know.  I'd be more than happy to talk about your questions.

@John Cohen

I submitted a bid on a 53-unit there and am patiently waiting on the broker.  If you don't mind me asking, I think I know which 99-unit deal you are talking about, what did you guys settle on for price? Don't have to post on this thread, but I'm simply interested and am always looking to learn more. Thanks.

@Cordell Hinton-Brown

During the phone qualification, that is one of the key questions I always ask the seller, "Is your house currently listed with a real estate professional/broker/agent?" 

If we don't ask that we end up wasting our time and theirs.  

The only other thing I would add to the other great comments already posted is, go ready to get a signed contract.  That involves preparation: contracts, business cards, comps that favor your numbers, etc... 

@Cornelius Charles

For follow up dates, I use a plain'ol Excel worksheet. Aside from the normal items such as the Seller's Name and Property Address, the first column is the date they called.  Then Excel does the math and adds my pre-selected days to call back on (plus 15 days, plus 30, or whatever you are looking to do).  It's not very complicated but it helps keep all my calls on one sheet.  I highlight the angry calls in red and the good leads in green. Simple. I tried CRM, and just like you, I still have a full time job and getting into the weeds of it was a bit too overwhelming to attempt to master during my less-than-optimum hours of the afternoon.  I laugh with you at your "I had to just find a scratch sheet of paper," as I have been there! Caught me totally off guard! It's funny now. I just try to keep my cool and ask them to just "tell me about their situation or why they are looking to sell."  This will usually give me enough time to get my bearing and it gets them comfortable and opening up.  Good luck!