All Forum Posts by: Fred Engh

I would contact section 8 (maybe they'll have a specific case worker) before spending the time and effort starting eviction. I agree with others on starting eviction process. I disagree on not giving him a week to come up with the money. 

You're dealing with someone on a fixed/ limited income. I don't think the death was necessarily a household earner, but the tenant had an unexpected expense (like gas traveling out of town).

Not to sound heartless, but can you do some sleuthing to see if someone actually died. Maybe the family member has a house available now. 

I love it when people never post what the aftermath of a situation was.

The advantage to hiring a licensed contractor (versus a usually cheaper handyman) is they carry insurance.

You can check to see if his license is still active (google: Washington licensed contractor), although this won't give you his insurance information.

This would be a claim against his insurance. I believe you have a duty to offer him the opportunity to remedy the situation (this may be more than one e-mail/phone call). Ask for his insurance carrier from 2014. 

Be specific in your request. Show the contractor the pictures and have your other contractor write up a statement about the cause of the damage. It's unclear to me where this box is (on the roof or the side of the house?). 

Water mitigation is the number one callback for contractors.

This is a big deal. You don't want to have to start paying for hotel nights for your tenant. I would not delay in seeking a remedy, whatever that may be. 

This may be a claim on your homeowner's policy and then let them go after the contractor (just a thought). 

Can you tarp the roof for a temporary solution? If you give work to your contractor he may do this as a favor. This would resolve the emergency for a couple of days. 

Don't overthink it! Take the money. You could not ask for a better tenant. Good job, money upfront, non-smoking, non-pet owner. If you reject this guy, who exactly are you hoping to find? 

His wife would come after your tenant, not you.

My 2 cents:

I agree with others that you're being stressed out over phone calls. Eliminate phone calls (as mentioned) and go to e-mail. That should help eliminate the stress having to talk to her. I agree with others on setting boundaries, e.g. using an online form, e-mail contact. 

I think you DO have to factor in turnover. Is it worth the hassle and lost rent of finding a new tenant? 

I'm curious what the repairs were. Do you think a different tenant would have asked for the same repairs?

I agree with raising the rent, but $100 seems reasonable, not gouging her because of your disdain of her. 

You do have some leverage BEFORE you sign the lease (as you mentioned, she doesn't want to deal with a move). Now is the time to bring up your issues. Quit being so nice! You'll at least feel better saying something to her than renewing the nice and saying nothing at all.

Spend your efforts on another deal instead of tenant screening.

Everyone has their own metrics in deciding if a property is worth an investment. In your case, you may want to factor in the wife-factor. Happy wife, happy life.

Maybe go for light fixers and avoid the more in-depth rehabs (I think other people illustrated this point suggesting REITs or PML). 

I would NOT suggest spending a couple of hundred grand and tell her later.

I was curious about CIX after seeing a youtube ad.

As I typically do, I searched "CIX Bigger Pockets" to see what the BP forum had to say.

His ad felt like a used car salesman (my alarm bells were going off).

Another red flag from a lending source: lack of transparency in disclosing their fees. I am reluctant to give my information to get SPAM calls for years. 

You can also google: "RipOffReport Connected Investors."

I also check businesses out by adding scam to their name and see what comes up. 

I have seen other local companies in Washington State post their fees ($795 + 4 points rolled into the loan + 12% for 6 months. New fee for extending). It makes it easier to shop and compare rates. You may not like their rates, but at least they give you full disclosure. 

You have to understand a business's business model. If you're not dealing directly with a lender then they'll be padding what your actual rate could be.