All Forum Posts by: Donny Widjaja

Hi Harry,

I am a newbie in real estate investment, so I might have a different perspective.

However, these are my thoughts after reading your post.

1. As a new investor don't want to be holding a house for 1 year before I can sell it back.
2. Honestly, it is not easy to sell the best house in a not so attractive neighborhood because the other houses will drag down the value of that house.  Unless, you can confirm there is new growth coming into that area.

If you really think the ARV is $210K, maybe you can try to find a buyer who wants to pay $170K for that property (as-is), and you keep $20K. Just a thought.

Thank you all for sharing your knowledge and experience.  This has been a great help.  

Donny

A guy from my REI group is looking to borrow some money for a few months to cover mortgage cost for a property that he flipped. I am thinking about reaching out to him and help him out and also build my network at the same time, but this my first time to lend out money to others.

Assuming we have agreed in our terms (agreed on the amount, length of loan, interest, and additional fees).  

What kind of paperwork do I need to file?

Do I need to file something with the title company?  So, it shows that my money is tied to a specific property.

Thanks,

Donny

@Jon Holdman and @Gene Hacker , 

I lived in that house for over 10 years before I rent it out.  It was a newly build house, and I have not seen any sign of mold anywhere in the house when I rent it out.  

@Marcia Maynard

I inspected the mold yesterday, and it seems like it is in a bad condition (see picture below).  My tenant said she tried to clean it a few times and it keeps coming back.  So, it might have been there for months before she suspected the black patch is a mold.  

Based on what you see on the picture, do you think this is bad?  

Thank you so much for all your feedback and insight.  

Hi,

My tenant just informed my yesterday there is mold growing on the bathroom wall next to the bathtub.  From the picture that she sent to me, it seems like the mold has been there for a while.  

I contacted ServPro, a mold remediation company, and they said they can provide a free consultation.  However, I'm also worried that there might be mold somewhere where it is not visible.  

I'm not sure what should be my action.  Can I just get a contractor to scrap those mold on the wall?  Should I get a professional mold remediation like ServPro?  Should I get a professional mold inspector to make sure there is no mold in other places?

What's the best plan to ensure I can protect my rental house, and provide a safe environment for the tenant, without costing me too much money.

Finally, who is responsible for paying for the repairs?  I see this as a tenant negligence for not reporting earlier, and keeping the bathroom wet and damp.  

Thanks,

Donny

Sorry to hear about your trouble tenant.  It seems like you have started the eviction process.  However, I want to share a discussion thread that I read here at BP about giving the tenant an incentive to move out.

For example, even though the tenant has not been paying rent for 1 month, you might want to talk to them calmly and face-to-face if possible, and offer to return 50% of the deposit if they move within a week or whatever time frame you think works for both of you.  

Hope everything works out for you

Regards,

Donny

Hi Jason,

The last time I read the photography rules from Wikipedia, http://en.wikipedia.org/wiki/Photography_and_the_l..., it is OK to take pictures of the property from the public place.  

I hope that help,

Donny

I was wondering about Nick Vertucci too, but luckily I found a free webinar from this site on finding, analyzing, and purchasing a rental property By Brandon.

You can find the link: http://www.biggerpockets.com/pages/webinar

Thank you all for the feedback. Now I understand what fees should go with rent and what's fees go to tenants.

Donny

Hi,

I am going to rent out my house that has HOA fee of $30/month. Do you think is it better if I add $30/month to the rent and keep paying for the HOA fees myself, or I ask tenant to pays the HOA fees?

I understand that some HOA can take legal action for unpaid HOA fees. So, to keep things simple, I would like to just add the fees to monthly rent.

What do you think about it? Any pro and cons?

Thanks,

Donny