All Forum Posts by: Daniel Y.

Follow up question, did you get paid? There is a saying in business throughout any industry, "It is much easier to win a lawsuit than to collect on the winning."

Thank you for the question

I had first posted about getting paid then hit the wrong button on my phone and raced everything so I left it out but here it is

Received the judgment which the tenant didn't immediately pay then four years later they went to get a mortgage. They were told they had to pay off the judgement

I get paid in full including interest for the four years so I was happy

I've also gone to court against a tenant in New York by getting proof that they were still in the House by producing electric bills from the power company I was able to prevail there as well

Once again did get a judgment which I turned over to the sheriffs department they garnisheed the tenents wages and Ingot paid plus interest

In both cases I tried to do it on my own in court long story short judge didn't want to hear the story. I then hired an attorney for less than $500 and prevailed in both cases

Attorney's fees were paid by the tenants in both cases

Had tenants in North Carolina in a single-family house I rented to two college students they did almost $10,000 worth of damage which mommy and daddy paid for.

I went and did the work myself cost me approximately $ 3000 plus my time (1 weeks work) was very happy with the results.

It took some time, but I'm glad it ended well for you.

1 Vote

Originally posted by @Michael Plante:

Interesting to see the responses from fellow Floridians

Owned a property in St Pete. Renters mother was the realtor who has sold the duplex.

Tenent moved out 6 months early. They had done approx 7,300 worth of intentional damage

Afternthey left (until the end of the lease) I kept the place for them choosing not to rerent

Went to court 7 months later and won in full including late fees x 6 plus interest and damages

Follow up question, did you get paid? There is a saying in business throughout any industry, "It is much easier to win a lawsuit than to collect on the winning."

1 Vote

@Dmitriy Fomichenko I have a quick question somewhat based on this situation (apologizes, for hijacking this conversation). If I wanted to do a partnership in TX and create a LLC to structure the partnership in TX, would I still have create a LLC in CA just to be part of the LLC in TX because I live in CA?

0 Votes

Aria is right, it is labeled under Las Vegas.

0 Votes

Bump for software question to be answered.

As far as credit card service. Square is pretty user friendly and well known. However, from the sound of it you are not physically swiping credit cards. You will receive the credit card numbers, and from your location, have transaction take place on a monthly basis or when you need to charge a payment, correct? There are probably better and cheaper options out there (worked at a payment processing company before).

0 Votes

Originally posted by @Brian V.:

I've decided not to make an offer...an exact sister property just sold this week for about the asking price. I'm not gonna spin my wheels and offer $400K less than asking even though this property has been sitting for 4 months. I'm gonna keep looking. The property was located in Rancho Cucamonga

@Daniel Y.

That makes sense. Rancho is actually pretty nice.

0 Votes

Originally posted by @Brian V.:

But don't I make money when I buy? If I can't justify the purchase based on the actual income rather than someone's wish price...shouldn't I make an offer? Doesn't the income of the property have to justify the financing...I mean, not everyone can just pay cash and earn 4% on their money. What about the 1% rule or other such matrix...following that I should offer $350,000. It feels like investors where I live don't want me to make any money. The housing market could crash tomorrow and my 920,000 property could be worth 500,000....I can't make offers based on someone's wish price. In my circumstance the offer has to make sense with 3.5% down...is that too much to ask...

Side note,,,should I look to brrrr the uglier properties crossing my desk...the funny thing is, they still want top dollar for their rents...In So Cal I'm not seeing any deals based on asking prices. I'm willing to offer a reverse engineered price to these properties, but it is gonna be 100's of thousands of dollars lower than their wish price.

what do I do?

Everything you said makes sense. Here are the two issues, you're in the SoCal market so all logic goes out the window...just kidding, but still true. However, here is the biggest factor. You are looking at a 4plex, which still falls under a residential property and will be valued the same way as a SFR or any other 2-4 units. There are exceptions, when there are no other 4plex to comp then you could go by income based appraisal, but then your lenders may be significantly reduced (you might still have options because you're in the CA market, but you would have had way more options if you had value-based comps).

You could buy a 5+ unit, go by NOI price, and look for a commercial loan. You would have to "rent" a unit as you could not technically do owner-occupied (at least with most of the commercial loan programs I've seen) and you would not get any owner-occupied benefits for any of the portion. But like I said, another option, as I don't your strategy and overall goal that you are trying to achieve.

Is the property in Victorville?

Daniel

0 Votes

@Joe Homs would you like to jump in and help this gentlemen?

0 Votes

Originally posted by @Sterling Fields:

Originally posted by @Daniel Y.:

@Sterling Fields care to share the name of the bank you are using? :)

Thank you,

Daniel

First Bank Mississippi, they were wonderful to work with!

Appreciate the help and reply back :)

0 Votes

All Forum Posts by: Daniel Y.

Daniel Y. has started 9 posts and replied 214 times.

Post: Investment property in North Dallas

Post: Can my landlord hold my lease and force me to pay the life of it?

Post: Can my landlord hold my lease and force me to pay the life of it?

Post: Fractional ownership in syndicated LLC in IRA, $800 LLC tax?

Post: Central Texas Real Estate Investor Meet-up

Post: Collections Software for monthly land payments

Post: Is it an insult to make an offer based on the income?

Post: Is it an insult to make an offer based on the income?

Post: Completely New & Looking for Meet-ups

Post: Small community banks and persistency