All Forum Posts by: Jeyo Punnakottil

@Josh Cocker

If i were in your shoes, i would never skip the inspection. I would ask for a copy of the previous report ,go through it and order another inspection to make sure the issues has been rectified. As some one already said" Trust but verify". The has been a lot of cases where the rehab was done to make it look beautiful to the buyer but everything behind the walls or where eyes cannot reach is done incorrectly.Even big new home builders do this kind of shady business where it comes to a point it is necessary to order inspection for new home builds in US .

@Carmen Assang

Donot ever pay the tenant the 1st months rent or $$$ to move out . What if they say ok i will take the $$$ to move out and they donot move out after you pay them .Cash for keys is a good strategy if executed correctly.Only hand over the $$$ after they moved out and they hand over you the keys and you have rekeyed your ppty.Just something to think about

@Emory Clayton

Sounds really fishy.Those applicants are a pass for me if it is happening on my rental.On my LTRs ,i strictly donot lease anything less than 12 months. "MY RENTAL ,MY TERMS" I am from Tx and i do provide washer ,dryer and refringerator in my rentals .Just a nice perk and a nice selling point.I do charge that in the rent on back end as if a similar ppty with out those rents for 2000$/month then mine will be for $2100-2150/month. Appliances has its own head aches ,wear and tear and complaints .Circling back to your case ,your appicants sounds too pushy which is a red flag.They want it for 6 months ,when clearly your ppty is clearly advertised for LTR .They want utilities included and washer and dryer installed.BIG RED FLAG.They are too demanding.You are the Landlord and not them.Donot flex your criteria and property for the applicants.Tomorrow they will come back and say the compressor unit is too loud and must be replaced,cabinets are not shaker style and closes hard while closing and needs to be replaced etc etc.

To me this above mentioned applicants are a pass .

@Adam Bartomeo

John was asking " shouldnt PCM handle the eviction " .The answer is ,"REFER BACK TO YOUR PMC AGREEMENT". Some PMC handle it themselves inhouse.Most donot, but hires an attorney and send the bill to Landlord.It all depends on what is written in your PMC agreement.That is why it is very crutial to vet your PPC same as you vet your tenants when you are self managing .

@Kevin Sobilo

To my knowledge that is not how it works .Was there a written contract between you and the seller .Did both you and seller sign the contract. Depending on the state that you are in ,EMD should get to the title company in "X"amount of days stated in the contract along with the signed contract to make the contract binding.If EMD has not reached the title in the " X "days the contact becomes nullified.That coube be the reason why the seller has relisted back the ppty in market as available.

# dont sue me bro#Not a legal advice

@JD Martin Thank you

@Chris Rich Thanks you

My current rental is a 3 bed 2 bath with an additional office room( donot have a closet) 1950 sq ft. Current rent for a 3/2 is 2200$ .Is it wise to convert the officeroom into a bedroom by adding a closet and then market it as a 4 bed 2 bath for 2450$.

What will you do if you were in my shoes.

@Tyler Condon

Always listen to your gut. personally i wouldnt do this deal at 43% DTI with a 2/1 buy down with hopes of things imrpoving in the new 2 yrs.Always hope for the best and plan for the worst.In this case you are not even planning for the worst . Do you have a sizeable amount of reserves.Things break ,ppty needs maintenance..taxes n insurences always goes up .If you are not cash flowing now how do you thing you will cash flow down the road? My mentor taught me this "A NO DEAL IS BETTER THAN A BAD DEAL"

@Michael Brattelli

Strted off at 4000$ but the standing shower is a night mare.. water seaped though and bcoz there was not plastic liners ,it damaged the studs.I have to redo the whole shower now.6600$ in all for repair .