All Forum Posts by: Filipe Pereira

I like your thoughts here @Minna Reid, especially re evictions and them being a reason a lot of properties aren't coming to market right now. I think most landlords know that they will have to sell their property at a steep discount right now if they have multiple non paying tenants. The buyer is taking on a big unknown, especially because of covid and how backed up the courts will be - for months. 

It's sad to say, but an empty building is worth more than a building with shaky tenants or ones that are on the road to eviction. And fortunately for CT, we are not alone on this one. Hopefully we can get it done quicker than MA/NY and benefit from it, but that's doubtful at best.  

@Jamila Thompson check out neighborhood scout for resources on crime data of a town. It's a great free resource.

Nope. The furring strips can tie into the existing ceiling joists, and the new drywall to the furring strips. Won't be a problem if done right. 

@Angelika Roerig sure, here it is. I can email the word document to you if you'd like. 

Dear Resident,

The purpose of this letter is to inform you that we have purchased the property that you currently lease on XXXXXXX.

If you have a current and valid lease, it will remain in effect through its normal expiration. If your lease has expired, you may continue to live in your apartment on a month-to-month basis until XXXXXXX.

Beginning XXXXXXX, you must have a current signed lease or have made prior arrangements with us to continue to reside in the property. We will give you a copy of the new lease for your review and signature by XXXXXXX. If you do not intend to renew your lease you are reminded of the requirement to provide a 30 day notice to this effect.

Please note the new address and phone number of your contact for rent payment, repairs and any other questions or concerns you have with your home:

XXXXXXX

P.O Box # XXXXXXX

XXXXXXX

Email: XXXXXXX

Phone: XXXXXXX

Effective immediately, this is the new address and contact information for your monthly rent payments. Payments are requested in the form of money orders, or personal checks. Cash will not be accepted. Please note that all overdraft, NSF Fees, and late payment policies will remain in effect with your current lease.

Over the next month there will be quite a bit of activity around the property as some repairs and improvements are made. It may be a little inconvenient but in the long run it will make things much better. We will work hard to make sure there is as little disruption to you as possible. Along these lines, if any of the items behind the house (grills not included) belong to you, please claim them by XXXXXXX. After that time the items will be disposed of.

We look forward to getting to know you and hope that you will choose to continue to live at XXXXXXX. We are committed to ensuring that the building is a safe and comfortable home for all residents. Thank you for your cooperation in this regard.

Respectfully,

XXXXXXX

Owner

1. Yes, in my experience. At least that's what I have done. 

2. All one lump sum combined in the rent amount.

3. Facebook and craigslist have always been my go to for house hacking ads. I've not found anything better. Make sure you specify that it is a 1 bedroom house share, not a 1 bedroom apartment otherwise you will get swamped with a bunch of angry renters @Stephanie Szeto! 

Good luck! :) I've house hacked for 3 years now, tag me if you have any other questions. 

Hey @Tyler Brown, you can build your credit at that age by getting a secured credit card. It's basically a regular credit card that is backed by money that you put in their bank that they draw from. It's a loan to yourself essentially. 

Check out this resource: https://www.nerdwallet.com/bes...

Welcome to BP!

Hey @Johnny Alvarez, @Gary Nelson outlined it all very well. Just to add a small point, I would leave a letter / note with the information that you spoke with them about. Who to text when something goes wrong, where rent goes, who it's paid to, etc. 

I have a letter that we use for any tenants that we take on. I'm happy to share it with you if you'd like. 

Congrats on your purchase! Welcome to the game! 

I certainly understand your tenant's concerns @Asif Ahmed, and your builders should, too. You've identified the issue within the warranty period, they've acknowledged it, and agreed to do something about it. Have you asked them if they could give you a "rain check" on the repair until things settle down a bit with COVID? I would imagine that is a reasonable request, but I could also understand if they said no. 

At the end of the day, you may have to go the route of giving notice and entering anyway. It's for your tenant's safety and it's in both of your interests that the repairs get done. Let her know the tech will wear full PPE and offer to be there during the time the work is being done. 

Take a chapter out of DC "how to win friends and influence people" @Geeta Bhatia. 

Her actions sound pretty typical of someone who just wants to be recognized for being the "ideal, great long term tenant" that she thinks she is. Play to it. Praise her for having stayed so long, then slowly begin to illustrate the issues pertaining to having her own storage when the rest of the building could really benefit from that space. 

Seriously, you're not going to win people over by changing locks. Locks only keep honest people honest, and all it takes is a hammer and a decent swing and most of those master locks are toast anyway. 

Don't fight fire with fire. Nobody wins. 

Alabama requires a license. I would politely decline unless you want to be at the beck and call of tenants that aren't even yours. Believe me, it isn't worth the 10% you could charge unless you are doing it at volume. It's a great way to ruin evenings and vacations with your loved ones. Most people only build the systems necessary to avoid this once they are doing it at scale. 

If you don't want to feel like you are leaving them high and dry, research some highly reviewed property management companies for your friend, and refer them to those companies. 

Hey @Luke Carl, 

You've gotten a lot of great answers here. I agree that location matters, but proximity doesn't. You want it to be in a good area, but there's no reason it has to be in a good area near you. If you can stomach it, go wherever there is a deal and where you can find a good property management company. 

Find a pm through referrals if you can. Once you find a target market, jump on the local facebook group for landlords and RE investors and ask who they recommend for property management. There's usually a few "players" in most rental markets.