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All Forum Posts by: Dylan Lersch

Dylan Lersch has started 2 posts and replied 17 times.

Post: Wait to build credit or try to buy a investment property now

Dylan Lersch
Pro Member
Posted
  • New to Real Estate
  • Chicago Land
  • Posts 17
  • Votes 10
Quote from @Ko Kashiwagi:

Hi Dylan,

It seems like you would need to save up cash either way (and likely increase credit score). Whether you BRRRR or do seller financing, it's very unlikely you can do a deal $0 down. Saving up cash and increasing your credit score wouldn't hurt you any way even if you find a good creative finance deal.


 Okay! thank you for the reply!

Post: Wait to build credit or try to buy a investment property now

Dylan Lersch
Pro Member
Posted
  • New to Real Estate
  • Chicago Land
  • Posts 17
  • Votes 10
Quote from @Theresa Harris:

If you don't have the funds right now and your credit rating is lower, I'd wait.  Take a year to build your credit and save.


 Okay Okay. I was going to do that I was must trying to see if people had come up with a certain way around my two downfalls right now. But thank you!

Post: Wait to build credit or try to buy a investment property now

Dylan Lersch
Pro Member
Posted
  • New to Real Estate
  • Chicago Land
  • Posts 17
  • Votes 10

Im a new investor and I've been running some calculations with the BP calculator and I think I have found some good deals but I do not have the best credit right now (middle 600s) and I do not have the proper funds id be comfortable with, with buying a investment property to try and BRRRR or just upgrade a few items. Should I try to save more money and improve my credit for a better rate or try to get creative financing for my possible investment. Thank you in advance. ( Also I'm in the middle of BRRR book so I'm feeling motivated )

Post: Landlord wants money from a month they didnt collect from.

Dylan Lersch
Pro Member
Posted
  • New to Real Estate
  • Chicago Land
  • Posts 17
  • Votes 10
Quote from @Bill B.:

It sounds like there’s not a “fee” for moving out before the two months, you just owe the two months of rent, it’s not a fee, it’s rent you owe. 

This is similar to having a 12 month lease and moving out 3 months early. You legally still owe the rent for those 3 months. It’s not a fee you owe in addition, you just owe the rent. Paying it and moving on sounds like the best move. 

Okay okay that makes a little more sense. Thank you! 


Post: Landlord wants money from a month they didnt collect from.

Dylan Lersch
Pro Member
Posted
  • New to Real Estate
  • Chicago Land
  • Posts 17
  • Votes 10
Quote from @Paul De Luca:
Quote from @Dylan Lersch:

Hello, First post here and it's a personal one from a place I was renting from. I moved out early from my lease because I bought a house and I paid the lease break fee and was prepared to pay the 2 months notice I was suppose to give prior to moving out. I moved out prior to the two months and told the management company and I left the rental house in very good condition ( better than when I moved in ). Recently they gave me my deposit back in full but a day later they stated they did not take the last months rent out of my bank account and they want me to pay back one month of rent even tho I was completely out of the house and they forgot to take it out of my bank ( I was enrolled in automatic deposit ). They are threatening me with going to collections and I don't want that hit on my credit as I'm trying to get into real estate investing once I save enough for a down payment. Can they legally send me to collections even though they did not take the money out and they gave me back my deposit and deleted my renting account with their firm. 

Thank you. And I'm not trying to screw over the Management company either. 


 I mean if you paid the fee to break the lease, you shouldn't owe any more rent. Unless they're talking about the rent due prior to you paying the lease break fee? You could ask them for a statement reflecting your charges to see if they are correct or not.


 In my contact it said I needed to give two months notice if I wanted to leave. I gave them one months notice because the contract didn't have a fee for moving out prior to that. They're trying to get me to pay for a month I was not in the house. 

Post: Landlord wants money from a month they didnt collect from.

Dylan Lersch
Pro Member
Posted
  • New to Real Estate
  • Chicago Land
  • Posts 17
  • Votes 10
Quote from @Bill B.:

If you owed it and they forgot, yes. I couldn’t really determine if you were saying they owed money you didn’t think you owed or just they forgot to collect the money. 

Imagine you have a plumber out and he forgets to bill you for a few months and then suddenly sends you a bill. You owe that money. Or you have autopay in the utilities and then you move and change bank accounts. You still owe that money even if they can’t auto withdraw it. 

If you don’t think you owe it, fight it, if you agree you owed it and they made a mistake definitely pay it, you’ll wreck your credit and then pay it anyway with penalties and fees. 


 So they wanted two months notice of me moving out but I did not give them two months notice and I only gave them a one months notice to moving out and in our contract it did not say I had a penally fee to move out prior to two months notice. I probably will just pay it because I don't want to wreck my credit for 1 months rent I just wanted them to see there contract was flawed and they tried making me pay for professional cleaning when the contract did not say I needed to do that. They were just a very bad management company in my own opinion. But thank you. 

Post: Landlord wants money from a month they didnt collect from.

Dylan Lersch
Pro Member
Posted
  • New to Real Estate
  • Chicago Land
  • Posts 17
  • Votes 10

Hello, First post here and it's a personal one from a place I was renting from. I moved out early from my lease because I bought a house and I paid the lease break fee and was prepared to pay the 2 months notice I was suppose to give prior to moving out. I moved out prior to the two months and told the management company and I left the rental house in very good condition ( better than when I moved in ). Recently they gave me my deposit back in full but a day later they stated they did not take the last months rent out of my bank account and they want me to pay back one month of rent even tho I was completely out of the house and they forgot to take it out of my bank ( I was enrolled in automatic deposit ). They are threatening me with going to collections and I don't want that hit on my credit as I'm trying to get into real estate investing once I save enough for a down payment. Can they legally send me to collections even though they did not take the money out and they gave me back my deposit and deleted my renting account with their firm. 

Thank you. And I'm not trying to screw over the Management company either.