All Forum Posts by: Edward Pulido

 They are cooperating so far, and hope I don’t need to go that route. I really do empathize with them but also want to cover myself legally. 

I was informed by my tenants family that he was in an accident and currently unconscious. He was unable to pay rent this month due to his condition. They told me they are going to be moving his things out by the end of the month which will break our lease. I have set up an amendment that will terminate the lease and has a stipulation that they must pay the last months rent, but he is unable to sign it and currently has no POA. They are going to try and pay this months rent but no guarantee on that. I want to make sure I'm covering all my bases legally, but want to work with his family where I can to make things a little less stressful for them. Any ideas on how I should be moving forward with this?

I haven’t had a particular issue like this come up in a rental. Yesterday my tenant called me and explained that the window sash became unclipped and fell as he was raising it. Glass was everywhere and he somehow managed to cut himself all over his legs. I don’t want to say that I have doubts about the injury, but it is odd that all of the cuts on his legs are long and vertical. I will pay for the repair and replacement of the window, but he has told me that his employer is requiring him to take time off work and that his doctor prescribed some ointment that is going to set him back some. I understand laws are different in every state, but how far should I go or what would be a reasonable and fair way to approach this?

I am in an interesting scenario where my contractor has not paid one of his subs. I received a letter from a sub making me aware of the situation and they are threatening to file a lien on the property. 

The situation gets interesting because although the property that this lien could be filed on is complete, and my contractor paid in full, I have him working on two other houses at the moment that he has not completed and I have not paid him in full. I have carefully documented all payments, but never received a release of lein from him or his subs. I can probably get a release of lein from him, but that won't protect me from his subs trying to collect.

 I don't believe I have any real legal recourse to withhold the money from him because we are now on a separate project. I am pretty sure he doesn't have enough money to pay the sub at this time.

Does anyone have any ideas on how to move forward?

Thanks!

I am under contract to purchase a property that is a bit unique and has apparently become a nightmare to insure. The property is a single family home with a garage apartment that has 3 separate units in it. Essentially the property is a quadplex. The buildings are on the same parcel, but the garage apartment and house have a completely different address. My insurance broker is telling me that if the property had the same address for both buildings and one unit in the garage apartment, then it would be able to be insured as an "other structure." I then asked if we can have two separate policies because their are two different addresses. Her response was that she cannot insure a garage apartment with its own policy. She's recommending a lloyds of london policy with a very high premium. Has anyone run into an issue like this before on these types of properties? I can't believe I'm getting ready to lose a deal because I can't find someone to insure it.

Thanks! I understand its a rough number and not taking into account the closing cost will affect it dramatically. I just wanted to be sure that the way I was going about the formula was correct.

So I have a few SFH's that are rented out, and I have thought about trying the BRRRR strategy for a little while. I am having trouble wrapping my mind around this deal and would like someone to look it over before I make a decision. I am planning on getting a conventional loan for the first part and then later doing the cash out refinance.

Purchase Price: $125k

Down Payment: $25k (House is eligible for conventional mortgage)

Rehab: $25k

Appraises 6 months later at: $190k

20% down of $190k is $38k

So the new loan would be $152k. Here is where I'm stuck. Since I am in this deal at $150k, does this mean I make $2k? I didn't take into account closing cost, which will probably negate the $2k, but is this a semi-accurate way of analyzing the deal?

Thanks!

So PayPal ended up giving him the funds back after I provided them with the contract, electric bill, and emails. I am fairly certain they didn't even read anything I sent them because they resolved the case less than 6 hours after I sent them the documents. 

The $600 isn't worth going after, and I will be closing my paypal account after this fiasco. I have also alerted VRBO to this fraudster, but I don't believe they will be doing much either. 

Live and learn. 

We have never had a long term tenant like this. We normally include the electric and all other expenses in short term stays. I negotiated a discounted price with him because he was staying longer, and he agreed to pay the electric expenses separately in our contract.