All Forum Posts by: Michael Glaser

@Brandon Foster ,

Can you give me an example of your last couple of deals here in LA or other deals you've seen? The reason I ask is I live here but invest in my hometown of KC. I'd like to invest in LA, but I'm a bit skeptical of the market here. Especially since the prices seem to be overpriced. 

I'm attempting to run my numbers with the variable of raising rent each year. I'd like to hear from landlords what percentage people in Kansas City and other like cities use to raise rents annually. 

Off the top of my head, I remember hearing between 3-5%. To me, that is keeping up with inflation if you're closer to 3%, so I'm thinking 5-6% is probably more appropriate with rising taxes, cap ex, etc, etc.

My evicted tenant stole my fridge. No other damage or theft, but I just had to fork over $$$ to buy another fridge. I'm out of state and didn't notice that it was gone until long after he was evicted. 

The eviction is set, but what repercussions, if any, do I have for something like this?

I'm going to assume moving on and concentrating screening tenants more effectively is the way to go. 

@Ethan Summers I have a few zip codes I wanted to start hitting next month. You talked about farming number and skip trace tools. 

How do you best recommend farming numbers?

Also, how do you recommend skip tracing? Is that through a 3rd party?

I see a lot of home come up for auction and then purchased back from the bank for pennies on the dollar. 

For example:

Foreclosure Information

JUNE 22 2017	Listed by bank	$31,200	This property was foreclosed and now the lender is selling it for $31,200.Zillow's Foreclosure Estimate predicts this property will sell for $39,618.
FEB 27 2017	Foreclosed	$26,400	The lender assumed this property for $26,400 during foreclosure proceedings and now owns it.

Legal

Foreclosure type: Judicial Recorded: Unknown
I'm wondering if I'd have success making a cash offer with a quick close just above the $26,400 or the 'Foreclosed' price? Most markets are really hot these days and I'd like to find the sweet spot so I'm not spinning my wheels. Or am I safer asking in and around the banking list price?

How is that an 18% ConC return?

What am I missing here?

@Albert Ng have you read any of the above?

@Jason Moore You gave great advice which I will use no doubt. No hard feelings what-so-ever. Great to have people like you here to help people like me. As naive as I am with evictions. 

I have the judgment. Talked to the Sheriff and my eviction is set. 

I'm not comfortable with anyone on my team entering the residence. Though I think the tenant is harmless, I've never met his dog. If he's still in there I'll let the Sheriff, animal control and the tow company do the talking for me. 

@Victor N.  This is crucial and I remember reading this many moons ago when I was reading through the various laws. BUT, I forgot about letting them reenter. I will store his belongings as per the law and he can pick them up at an alternate location. 

@Michele Fischer

This is my lease Clause for landlord entry: 

Clause 14 Right of Entry-

Landlord will have the right to enter the premises at reasonable times by use of key or by force if necessary, to inspect same and to make repairs required therein or elsewhere in Landlord’s property, to enforce any provision or condition of this agreement, and to show property to prospective Tenant or others, by appointment or by use of key. It is further agreed that in the event said Tenant, prior to the expiration of this Agreement, or any renewal thereof, vacate, abandon, or surrender the premises at any time during the tenancy then the Landlord will have the right to enter the premises by use of key or by force, if necessary, for the purpose of decorating or repairing said premises so that it may be put in habitable and proper condition for occupancy by a prospective or another Tenant, without being liable to prosecution therefore or damages by reason hereof and without relieving the Tenant of any obligations to pay the rent for said premises.

This would be great, but he has a dog and I'm risking one of my team getting bit. If he's not out, the Sheriff will get him out shortly. 

@Jason Moore Thank you for your response. I won't take your "Whoa, whoa, whoa there...." comment as overly patronizing in its context. I do appreciate the feedback. 

A lot has transpired since yesterday. I am still unable to get a hold of him either by having someone come to the property or the few numbers and emails I have for him. 

Today we posted the judgement that was awarded to our company to his door on a green neon paper. In addition, I posted this note:

EVICTION NOTICE

May 24th, 2017

From:

Michael Glaser

Cloud Break, LLC

To:

XXXXXX

XXXXXX

KCK

XXXXX,

YOU ARE INSTRUCTED TO LEAVE THIS PROPERTY IMMEDIATELY.

THE WYANDOTTE COUNTY SHERIFF WILL BE OUT TO ENFORCE YOUR EVICTION.

We have tried to contact you and your associates. After no response, a JUDGEMENT with The District Court of Wyandotte County has been successfully filed in the amount of $X,XXX and eviction scheduled.

Case No. 2017 LM XXXXX

The Wyandotte Country Sheriff's Office will be out to accompany Cloud Break LLC to take back possession of the property and clear out belongings left behind.

Please note that you are still legally responsible for the houses condition as well as any theft of appliances, fixtures or damage to the property.

I can be contacted by calling (XXX)-(XXX)-(XXXX) or XXX@ email if you have any questions or need additional information.

END

Speaking with his neighbor today, he had told her that the house had been broken into TWICE. So I also called the KCKPD to check in on the house to make a police report with the tenant. This serves two purposes. ONE: If something was stolen he needs to file a police report before any insurance can be claimed if he has renters insurance. TWO: It lets him know that I'm in contact with the neighborhood, his neighbors and I'm keeping an eye on the house. Hopefully, it will hit home that it's best for him to move along as easily as possible. 

We will continue checking on the property along with the neighborhood contacts. 

In retrospect, hindsight being 20/20. Cash for keys was probably a better option after lost time and lawyers fees. I would've gladly forked back his deposit for him to move along. Though, not paying rent is a form of stealing. 

I will update tomorrow.