All Forum Posts by: Lan Huynh

@Brian Garlington I gave the tenant something to sign saying if he does not move out on such and such date, he has to pay $22/day for being there. He would not sign it.

@Brandt Smith

Update: From the beginning, the seller never disclosed to me that the tenant has not been paying rents for the past couple months and there is no security deposit. The seller's agent had been acting like the tenant had been paying month to month rent. At this point, I do not trust the seller's agent when she said the tenant would move out because he is in the process of closing on a house.

Is this considered concealing of fact and the contract is voidable? I signed the contract back in June and now it is August. If they had disclosed this information early I would have taken some action. My question is can I hold the seller's agent liable for this situation?

This property is a short sale and the the seller was in the process of filing for bankcruptcy. I dont know the reason for not getting rent. Now my solutions are:

1. Start eviction process if he does not move by the end of this month.

2. Back out of the contract and get my deposit $ back. I dont know whether them not disclosing about the issues regarding the tenant gives me any ground to back out.

Again, the contract is "buying the property as is".

Hello BP,

I am closing on a rental property in a week. According to the seller's agent, the tenant is supposed to be out of the property a day before closing. Tenant is on month to month lease, which I doubt there is any lease at all. The tenant is buying a house, that is why he is moving out. My concerns: what if he does not move all his belongings and furnitures? Do I have the right to bill him the cost to hire cleaning services to move his stuff? Or what if he trash the house or does significant damage to the property?

There is no contract between tenant and I. Therefore, I am afraid that I do not have any legal rights. Also, there is no specific language in my buying contract relating to the tenant moving.

The second concern I have is that he does not move on the date he said he would. Then what, do I send out eviction notice? I assume that is what I need to do, but not too sure.

Thank you for your inputs.

@Julian Bradley Are you wholesaling in Philadelphia and which part of the city?

Thank you @Kevin R., I just reached out to Lucas and see if he can help me in my scenario. 

@Gregory H.I am from NE Philly, so I am comfortable with that area. The typical houses here is $90k- 900/month rent. I plan to manage it myself for the first couple rentals to see how it goes.

@Donnell EvansI am in the process of gathering my financials and move $ to a saving account so that it looks clean. I will definitely reach out to you once I am ready.

I would like to thank everyone for the advices. BP is definitely a place to be for newbie like me to learn from experienced investors.

Hi Troy,

Thank you for your reply. I thought I was not looking hard enough or did not do my search right in the Philadelphia when it comes to the number. I am from the Northeast and the typical houses/rent I see is $900-$1,000 for a $100k property. I certainly do not want to buy in a rough neighborhood. I might just need to look into different area (outside of Philadelphia).

Hello BP,

I have been lurking BP for a long time, listening to the podcasts but yet to pull trigger. My husband became accidental landlord in Greensboro, NC couple years ago and we still have that property. I have a very hard time finding a rental property in Philly area that makes sense. The typical rent I see is 1% vs the 2% BP usually mentions about. 

I also find it extremely difficult to find a RE agent that knowledgeable about the area. I have a full time job so I can get conventional loan. Im looking for single/duplex and my budget is around $150k. 

If you have suggestion regarding the area, please chime in. 

Thank you

Hello BP,

I have been lurking BP for a long time, listening to the podcasts but yet to pull trigger. My husband became accidental landlord in Greensboro, NC couple years ago and we still have that property. I have a very hard time finding a rental property in Philly area that makes sense. The typical rent I see is 1% vs the 2% BP usually mentions about. 

I also find it extremely difficult to find a RE agent that knowledgeable about the area. I have a full time job so I can get conventional loan. Im looking for single/duplex and my budget is around $150k. 

If you have suggestion regarding the area, please chime in. 

Thank you

@Aaron Montague Thank you for your input. It is a great expense break down. In my area, I don't have to pay HOA and trash. The property is about 2 miles from my house. Therefore, we will be managing it instead of paying 10% fee. However, I think it is still a low ROI considering $40,000 down.

@Jonathan K. The listing states that both units are occupied. I am trying to find out how much the rent are from my agent. 2 units in my area runs anywhere from $650-900

@John Steele I thought about the 1% rule too. It is hard to find a good deal in Philadelphia, especially safe enough neighborhood. One of our single house rentals is in NC but it is too far away to manage. NC has much better deals. But because of the distance, my husband is strongly against the idea of buying another one down there