All Forum Posts by: Erica L.

Okay, so my husband and I have put about 15+ official offers in over the past 3 months and have lost EVERY SINGLE ONE - despite waiving inspections and going well over ask. We're fairly new to the investment world. We have 3 doors and though my husband has been a "landlord" for 10+ years, I've been doing this for only 2 years. He has a duplex and I have a single family.

Anyway, we've been working hard these past couple months to add to our portfolio.... and this week we went under contract with TWO PROPERTIES (one being a duplex). Needless to say, if things all go through, we'll be doubling our doors. I know I should be extremely happy and grateful for this opportunity. However, we both work full time jobs and I AM THE NUMBERS PERSON! I am the one looking for houses, analyzing the calculations, scheduling the showings, re analyzing the numbers.... I DO IT ALL! 

Yesterday, my tenant calls me with a leaky toilet - fixed today. This morning I talked to two mortgage brokers and when the one found out I was "shopping around" he was highly offended bc of all the "work" he's done over the past couple months with getting me updated pre-approval letters. To top it off, the owners of the duplex didn't apparently didn't have their finances together and put together some crappy excel document as "proof the renters have made payments." In reality, it shows that he transferred money out of Venmo to his bank account. Anyway, I'm super weary of acquiring someone elses tenants. The place looked clean and taken care of - but if they don't pay, I don't really care how good they take care of it - they need to go. Needless to say, one is on a month to month and the other ones lease expires in September 2021. If they're not willing to sign a yearly contract under my terms (the current lease is one page!), can I immediately give notice to vacate to the month to month renter.... and what can I do with the one thats lease expires in September. Honestly, the rents are under FMR and I can def value add both units to justify the increase....

Also, my estimations of closing costs were wayyyyyy off! I was using 4% considering both properties are under 150k. However, the one property is selling at 125 and closing costs are nearly 10k?!?!?

Please help, I'm feeling extremely overwhelmed and don't know what to do from here.... my husbands ready to just give up.

So he filled out the application. He passed everything (criminal background, eviction history, sex offender search, etc etc). He just isn’t working - and I know she can pay the rent bc she’s been doing it for the past two years.... thanks for everyone’s replies. She’s more than just a “good tenant” bc she pays on time - she takes care of the place like it’s hers, keeps it spotless, and has never bothered me except for once (with a toilet tank leak aka easy fix). 

I will add him to the lease and ensure the new lease states all are jointly and severely responsible for rents due. If one or any parties leave, the other will be responsible for the full rent described on the lease agreement. 

Thanks again for all your replies. 🙏🏼 

This is just what I was looking for! Amazing. Hope to make it on this weeks call. It it zoom/conference/orchestrated?

Thanks for this - I was actually going to try to start a meetup for the tristate area. 

Talk to you soon,

Erica

Thanks for your help, I decided to let her know she was already breaching contract - however, I have no problem adding him to the lease if his background check is good. She can obviously pay the rent on her own. Also, reminding of no subleasing (which is also part of the lease). 

Okay, so I have a great tenant who have paid consecutively for the past 2 years and wants to sign another 2 year lease. However, today she informs me her brother lost her job in December "due to COVID" and has been staying there every other weekend. Yes, this breaches my current lease agreement that states no one can stay more than 14 days within a 12 month period. However, she's really amazing - never been late, takes care of the property and has only called once about something small over the past 2 years.

I looked up the forums and lot said to screen him as usual and add him to the lease. However, my concern is, if she gives me 3 months warning she wants to leave prior to the new lease ends, and he wants to stay but can't afford it, would I have to go through a whole eviction process.

My husband than said, "well, if you never put him on the new lease, he's technically trespassing and needs to go."

I don't want to offend my tenant send from the angels above. However, I don't want to make an idiotic move because this is my first time coming across this situation. 

Please help! Any suggestions would be GREATLY appreciated! :-)

Hello all, I'm hoping someone can point me in the right direct. My husband and I have 3 rental units currently in our own name. We just opened an LLC to build our portfolio. We new found a property we are in final negotiations with- however, I didn't realize the process of getting the loan would be totally different (as we were already preapproved with our personal lender using putting it under our names). My attorney discouraged me from putting it in my name then signing the title over to the llc bc the lender my call it). Anyway, I'm currently waiting on info from an underwriter my lender suggested but he kind of sounded like it wouldn't work because the purchase price is only $80,000 and his personal fee is $3,000 (which doesn't include closing costs etc)...

Can someone help point me in the right direction so I can get a loan with similar terms to that of a conventional? Preferably without having to jump through hoops and hurdles. We both have A+ credit with a great debt to income ratio. 

Thank you in advance. I appreciate your time and consideration. 

~Erica

Don’t give up, keep your eyes on the prize and ALWAYS, ALWAYS get multiple quotes (3 a minimum). I know you were trusting this guy, as he was a word of mouth referral but that just goes to show you, you can’t trust anyone in this business. The same thing goes for taking your car to the shop for work - if you’re a lady, they may just find 10 more things that are “wrong” with your vehicle. 

Good luck! 

I'm wondering when bid results actually get published to the Hudhomestore website. I've read it's "after closing" but is that true? Like will it really not show up until all the paperwork goes through on both ends or will it just automatically publish the accepted offer immediately?

Thanks in advance for your time.

Erica