All Forum Posts by: Fred Stevenson

@Andresa Lobrace.  Thanks please let me know a recommendation as soon as possible. Thanks. 

@Sonya Stovall. Thanks for advice. 

Can anyone recommend a good T/L attorney in Philadelphia? 

@Melvin List.  The rehab was extensive (about 60k worth of work).  New roof, central air, plumbing, countertops, flooring, paint, updated plumbing, electrical, etc.

@Christopher Giannino Thanks for input.  I did challenge the appraisal, and he wouldn't budge. 

Okay, I started buying my first SFR's in 2014, and I keep experiencing things that I didn't think were even possible. Here is the latest. I have row house in Philly. My last tenant vacated the property about a month ago (after not paying the last three months of rent). I spent a few hundred dollars to get it in rent ready shape, and my PM had a contract to place a new tenant. The day before my new tenant is supposed to move in, I get a call from my PM asking me if I knew the family who had just moved into my house. I never heard of them, and he hadn't either. So, amazingly, someone posing as an agent broke open the key lock, stole the key, and marketed the house to a tenant. The tenant appeared and gave the con man 5k for 5 months of rent. He has receipts and a fraudulent lease. My PM called the police, and the police told my PM that the squatter had already taken possession of the home, and made my PM give the squatter the keys to my house or face arrest. Now the squatter refuses to sign a lease, and refuses to pay any more rent for five months. My first plan of action was to ask the power company and water company to turn off the power, but my PM's local Philadelphia attorney advised against that stating the this squatter would likely sue for pain and suffering. I'm being told that the only other option is to file an ejectment which could cost me 5-6k and take a year to get this ******* out of my house. Does anyone have any suggestions. I can't even believe this scenario is possible.

Thanks. 

I purchased a home for around 40k and put 50 into it for rehab so I'm into it for 90k. It has been over 9 months since I closed on the house so it has had its seasoning period. Appraisal came back at 59k so my plan to follow the BRRR strategy and take cash out of the house is down the drain. Provided the lender 23 comps for 100k+ within 3 blocks of the house, but the appraiser own't budge. Home has a tenant, and is cashflowing at 1200 rent so I'm not desperate. But what other options do I have. Does it make sense to try and find another lender and hope that a second appraisal will come back at a different price? Or do I hold onto it for a year and try again 12 months from now? Any ideas would be appreciated.

I don't own any short term rentals but I do stay in them when I travel, and I would prefer cable.  I would like a DVD player, as sometimes I bring my owns movies when I travel. 

Can anyone recommend a good home inspector for Independence, MO?  thanks. 

@Andrew Syrios Thanks for information Andrew.  I sent you a private message please respond when you get a moment.  Thanks for The insight into these neighborhoods.   I really appreciate it. 

@Mike D'Arrigo Thanks Mike,  the turnkey provider is willing to provide comps.  However, I was burned in the past when I bought turnkey properties  in another state, and the comps that the turnkey provider gave me were fraudulent on two different houses I bought.  He gave me comps on that overinflated their actual value by 30k each.  Eventually, I had to switch PM companies because this particular provider went out of business. When I switched to a new PM, I asked them to run comps for because I wanted to sell the house and that is when I recognized that the first set of comps I received were fake.  Since then, I've made it a rule of thumb to always get independent comps.  I'd be more than happy to pay a nominal fee for comps. Would you be willing to run comps for me on two of the properties on the list?  Also, any opinion about the streets and neighborhoods from my OP?