All Forum Posts by: Jimmy NA

Here is another issue that I didn't mention: the tenant has 2 children under 7 years old. Couldn't this tenant 1.) claim some hardship in court ans ask the judge for 2-3-4- months to find new housing, 2.) claim lead paint poisoning or some other health violation.
These are the unknown things that could come up making a 40K profit "deal" a loss of much, much more. After speaking to the tenant (once) I have the feeling this individual knows the system and could pull out some real tricks. So, Iguess I answered my own question, seems like to much risk for me, at this point.

I agree. But I think the tenant may indeed be leaving and is using (right or wrong) the deposit as his last month. Hopelly, after this weekend the tenant is headed out the door. I am crossing my fingers.

Ryan-----
I understand where you are coming from. But this tenant could cause me trouble....The kind of trouble that could be more costly than it appears on the surface. I had planned to turn the prop. around, quickly. Now, if this tenant knows the system, he could end up sitting tight for 2 or more months if he has a few tricks up his sleaves. That puts me into the winter and the renovations still are not done. I am going to sit on it this weekend and see what the tenant does.

Beachbum----
I think you are right.... I will sit on it and see what the tenant does this weekend. He was supposed to leave by Sept. 1st.

Thanks.

I have agreed with a Seller on price and all other terms and conditions, except one. This property is a 2 unit building. One tenant informed the owner that he is moving out earlier this month. The tenant followed by not paying for this months rent. It does not look like the tenant appears to be going anywhere. According to the Seller, the tenent had always paid up to this point. The Seller does hold a deposit of 1 month rent. My condition for the purchase was that the tenant must be evicted. My offer reads "unit 2 to be delievered vacant prior to closing." He says he won't start an eviction b/c the tenant had been a good tenant for several years and he (the seller) claims the tenant is on his way out. I don't want to buy into this situation. I could be getting the prop. at 50% of its ARV if I buy it at the price we have agreed on. But I am buying with a non-paying tenant and my renovation plans would be held up, and other surprises are bound to follow. How can we come to a compromise here?

This question is for individuals whom operate as traditional landlords. Share the development of your career in REI briefly with a timeline included. In other words, "bought my first (3) family 10 yrs ago, than (2) yrs later a (6) family , than 3 yrs later....etc....etc..." I am curious to know how many units you have and how long it took to acquire them. Here is a chance to brag a little....we all like to talk about our real estate and how we acquired it. Share with us a quick run-down. Did you buy a lot quickly, slowly over many years? And finally when (if at all) did you quit your day job and begin working exclusively as a landlord?

EZLoans--
I scout with a different objective than I think you are speaking of in your post. My goal is to secure a listing on the property. But here is one of my methods:

What: Drive neighborhoods. Look for props. in disrepair: high grass, trash, apparent vacancies.
How: Direct mail to owners; cold-call.

No major break through here, but it works. I have gotten listings and found my own buyers because these properties tend to sell at the lower end of the market. People looking for deals contact me directly.

Funny, I am in Connecticut also...No "crash" here. I have to work harder but props. are selling. I have had around 12-15 transactions in 2007, so far.

what is a "NOD search"?

When an agent calls to show one of my listings on short notice and says
" My buyer is an investor in town just for today....". These words translate to "I have a nosey neighbor who is not qualified nor interested in buying but has a free minute to look at properties."

thanks for the response. But what dO I have to Offer them? This is stumping me. Most lawyers in my town are well established.....sure I could turn some business their way. But really, what can I offer them?