All Forum Posts by: Garrett Christensen

When purchasing a property that already has a tenant, there are a few important steps and procedures that you should consider. Here are some general guidelines to help you through the closing process and transition with the tenant:

• Review the tenant's lease agreement carefully. Make sure you understand the terms of the lease and the tenant's rights and obligations.
• Communicate with the tenant. Let them know that you will be the new owner of the property and provide them with your contact information. It's important to maintain a good relationship with the tenant and to keep them informed of any changes that may affect them.
• Consider the tenant's rights under the law. In most cases, the tenant has the right to continue living in the property until the end of their lease, unless they violate the terms of the lease or you have a legal reason to evict them.
• Handle the financial aspects of the transition carefully. This can include asking for the deposit and prorating the month's rent at the time of closing, as you mentioned. Be sure to keep detailed records and follow all applicable laws and regulations. Your Title company may already be handling that.
• Have a plan for managing the property. Once the property is yours, you'll need to decide how you will manage it, whether that means hiring a property management company or handling it yourself.

I don't think many people would suggest waiting on interest rates because no one really knows what will happen. I would suggest starting to look at and analyze deals more seriously over the next few months to get a realistic idea of whether you can make the payments each month. Everyone has a different risk tolerance, especially when you have some other debt obligations. I always tell people to buy when you can buy and don't try to time anything. It's never really a perfect time to buy real estate until a few years after to bought it, haha. Good luck man, I'm sure you'll make a great decision.

I'm not familiar with your market so I'm not sure of the exact numbers on the deal, but you should just carefully estimate the potential expenses and potential income. By doing so, you can make an informed decision about whether renting out your condo is the right choice for you. BP has some great tools for doing this and I think they're free the first few times you use them.

Not from there so I don't have any referrals myself, but here are some things you can do...

One approach is to ask for referrals from other real estate investors who have experience with fix and flip properties in the area. These investors may be able to provide you with the names of contractors and vendors who have proven track records of providing quality work at competitive prices.

Another option is to research contractors and vendors online and read reviews and ratings from previous customers. This can help you identify professionals who have a reputation for delivering high-quality work and excellent customer service.

You can also contact local real estate industry organizations, such as the Glendale Association of Realtors, to ask for recommendations and advice. These organizations often maintain lists of reputable contractors and vendors who are familiar with the local market and have experience working on a fix and flip properties.

Quote from @Jonathan Bonin:

Hello!

I am looking at buying a house, and it is on the expensive side when I ran the numbers. Right now it is $300,000, 2 beds and 1 bath in Orem Utah. It is a little old, and some new floors and a window or two will have to be put in, so a little repair is needed. Without looking at the price, this is what I am looking for: a residential home that needs a little bit of work to apply the BRRRR method.

When I look at the house, down the road I can picture a small ADU in the back and a finished basement added on to the main house. This can add two or three more rooms, making the numbers look a lot better. So the question I have is: Should I buy this home with the potential that I see? I don't want this to be a purchase solely based on emotion (although I do think it is pretty cool), or bad numbers/estimates on my side.

Any tips and tricks would be greatly appreciated!

Hi Jonathan, 

I agree always go off the numbers. Even if you can up the value the numbers have to make sense. I’d need to know more about the house to tell if the price is too high. Let me know if you like a second opinion on the house. I live in Orem and have my entire life so I should be able to give you a decent estimate.

Hi Michael, I've got some pretty good connections I could pass on to you. Message me.

TenantCloud is pretty good too. It does a lot of what you mentioned and is free for the base version. 

Add me into the mix!

I used it for a while as well. The reason I backed off is because I didn't have a lead generation flow with enough volume to justify it. Once I find that, then I will focus more on ManyChat. For now, I'm just replying manually to the leads that come in.

Using my engineering background to create products to sell on Amazon.