All Forum Posts by: Greg Snell

Hi all, I purchased a turnkey property in Evansville Indiana at the end of last year. It took a few months to find a renter and said renter has every month not paid on time and finds excuses, every month is late. Now that they are required to pay with certified funds they do not respond about payment and are still late. At what point should I start the eviction process, should I try to work with them and find renters assistance programs or is it a lost cause. Just wondering if I should bite the bullet and start the eviction process, I have never gone through that before and am a little nervous about it.

I am so sorry to hear this. Are you using PM? If you do, what do they recommend?

We had issue from one of our inherited tenant for not paying but our PM managed to get them out without eviction in less than 6 weeks during Covid.

Yes I am using a PM, this is my first experience using a PM. One of the things I am trying to figure out is if I have a Bad PM or a bad tenant.

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Evansville, Indiana

I have just begun my first experience with a property management service. Is it common practice for the property manger to not communicate about non payment of rent? I am suppose to get my monthly payment around the 13th of the month. I then don't get payment and need to keep hounding the property manager for info about payment from the renters for the month. Is this common practice or a sign of a bad property management company?

1 Vote

Evansville, Indiana

Does anyone have a property manager recommendation in Evansville? Not too familiar with this market, is there significant issues with tenant quality in this area? I'm trying to figure out if I have a tenant issue or a property manager issue? Thanks!

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Evansville, Indiana

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Evansville, Indiana

@Greg Dickerson thanks for the info.

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I have come across a 13 unit bundle of 3 properties that I would like to purchase. I don't know much about commercial loans/buying process and how it differs from conventional, hoping someone could help me out. Are the loans shorter , i.e. I'm not going to get a 30 year loan, what is the standard loan term? What are the banks looking for when it comes to approval, my income/debt ratios? I would need to partner with someone to afford the down payment, I know this is usually done with an LLC, are commercial loans given to LLC's? I have been denied by several banks trying to purchase a 2-4 unit with an LLC. Any advice is greatly appreciated.

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Mechanical Engineer in New Hampshire with 2 properties, working on getting a 3rd. I work with 5 other engineers that I know of that also invest.

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There is a cash only wholesale deal that I have found. They want offers with proof of funds by Weds at 3pm (about 2 days). Is this something that is even possible with hard money if I start the process asap?

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Thanks Matt, can you please explain further what you meant by: Another strategy may be taking over payments if there is not enough equity but there is or can be cash flow.

Originally posted by @Matt Huber:

Absolutely there is due diligence you can and should do. Pre-foreclose can be a good phase to purchase as 1) you can inspect for repairs before you buy, and 2) you can buy through a title company to make sure there are no unexpected bad surprises. The title company ends up doing much of your due diligence for you.

The are several local websites to start your due diligence: the county recorders office, the county appraisal district office, the flood plain map, the county tax assessor-collector's office. You can find the liens at the county recorders office. There may also be unrecorded bills still owed, such as to the home owners association. Typically you'll never find those out unless you're going through a title company to purchase as I believe that is private information between the owner and the HOA, at least until they sue, win the suit, then file a judgment lien. When speaking with the owner, ask about any unpaid bills such as taxes, HOA. The seller may lie to you, but you can typically find the taxes yourself unless they are in a lawsuit with the county. In some respects these financial obligations are irrelevant as you, as a buyer, are going to insist they be paid at closing. On the other hand they give you an idea of how much is required to get the house since the party being foreclosed typically doesn't have the funds to pay the back taxes and HOA so the deal needs to have enough equity where it is worthwhile to buy AND pay for those expenses. Knowing those numbers in advance may change your mind from buying at all OR changing the conversation to being a short sale, however you need a cooperative realtor to work with you on a short sale. Another strategy may be taking over payments if there is not enough equity but there is or can be cash flow.

Not only do you need the due diligence, you need to educate yourself on strategies to make the deal work. Cash does not solve every problem.

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@Bob b. Yes this is normal, the same people to replace a propane water heater are the same people getting everyone ready for the heating season.

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All Forum Posts by: Greg Snell

Greg Snell has started 8 posts and replied 15 times.

Post: Turn Key Nightmare in Evansville

Post: Property Management Evansville

Post: Property Management Evansville

Post: Turn Key Nightmare in Evansville

Post: Commercial Multi Family Purchase

Post: Commercial Multi Family Purchase

Post: How Many RE Investors are Engineers?

Post: Cash Only Sale with hard money

Post: Buying Pre-Foreclosure Properties

Post: Tenants Without Hot Water