All Forum Posts by: Damon Wong

Midsouth Homebuyers is pretty bad at property management----great at customer relations for purchasing property, but do not know how to manage properties.  They do not protect the interests of the owners, instead put the interest of the tenant ahead of yours.  DM for specifics, but I do not recommend using them.  

@Rene Pepin

In short, the previous tenant finally moved out and we just on-boarded a new tenant.

The previous tenant didn't pay any rent from May thru October when she moved out she moved out.  We never got an eviction through either (was it filed, not entirely sure since no one sent me any documentation). While this is just part of being a landlord, my disappointment was in the passive approach taken by the Property Manager and Branch Manager.  Finally, I elevated the issue to Terry Kerr himself who was able to get his folks to physically go to the property and check the health and safety of not only the tenant, but also the functional systems of the property itself.  In doing so, we immediately found out the home was in fact vacated----why did it take an inquiry from the owner to the company founder to do this, I don't know.  

Upon leasing the property again, I asked to see a copy of the tenant screening documents, but was denied by the Branch Manager.  All in all, the company is great when things are going well; but not so much when issues arise. 

Just bought a SFH rental from Mid-South Honebuyers and less than 12 months the tenant stopped paying, refused to leave, and now we're 5 months waiting for eviction process. I asked about their 1-year fill guarantee and 90-day vacancy guarantee, but they told me they don't apply. They offered to buy the house back from me for price I paid plus some lost rent (even though market value is still a bit higher).

Very disappointed not in a bad tenant but the passiveness of the property manager. Month after month they continued to tell me the tenant will pay and strung out the eviction notice longer than should’ve. The communication I’ve had with them make me doubt their commitment to me as a buyer/client/customer/landlord.

Maybe I’m one bad example of hundreds others, but needed to share with the community

I’m curious because I have this situation and was wondering what the community thinks/knows.

I have a tenant who’s lease is up and stopped paying. No new lease signed or recent payments received. Am I able to sell my property? I’m assuming the answer is yes, and I end up passing the buck to the buyer. Of course I would fully disclose the situation, but wasn’t sure if there was anything more to it? *Property is in Tennessee since I know some responses depend on the State. And with today’s environment gotta stay close to CDC eviction moratorium, etc.

Thanks for any input or thoughts!

Thanks @Shan Vincent! Will reach out to see if he has room for another client. Much appreciated 

@Shan Vincent Following up on this thread as I am in the hunt for a CPA and can not afford Wealthability right now.  Who did you end up going with, any recommendations?  Thanks.  

Following up as I'm in the hunt for CPA services.  Can't afford Wealthability right now, but wondering who you ended up with and if Keystone CPA was a good option?  Thanks. 

@Jim Kittridge Thanks; will do!

Has anyone had good or bad experiences with specific and/or general Qualified Opportunity Zone Funds? I’m looking to roll some Capital Gains into a passive QOF investment and just started researching/reviewing the various funds to invest with.

Thanks,

-Damon

I’ve been quoted between $600-$700 to setup a land trust. Don’t mind spending the money, but want to make sure it’s in the right ballpark. Does setup usually include doc prep and transfer of title? Assignment of beneficial interest? I’ll leave county/state recording out of the equation for now.

Thanks,

Damon