All Forum Posts by: James Barnhart

Adrian, I would talk to the neighbors of those houses.  They probably want those eyesores fixed up, and they might be able to provide you with some good information.  Just be friendly and tell them why you are interested.  I and some other investors do that, and we always learn something.

I didn't pay for a "coach" course as you refer to one.  But, I did pay for a local mentor to help me.  I had already done a couple of houses, but Joe Jurek, in Orlando, spent a couple of days with me and gave me his phone number if I need some help, and a lot of helpful links and info that he has compiled.  I jumped way ahead with my knowledge of RE investing.  He has a lot of short videos on YouTube that are "golden nuggets of wisdom" as he calls them. 

I think it really helps to get with someone that is really an expert and is successful in doing what you want to do.

I think you just paid a "tax" for not being a smart landlord.  Many of us have paid that at one time.

Did you have your tenant screened before you chose him?  It is imperative to use a tenant screening service.  I use one, and I have the prospective tenants pay that service to screen them.  I then get a recommendation from the service to rent to them or not to do so.  You don't want to turn over your valuable property to just anyone, right?

Also, I ALWAYS rent month to month to everybody.  If they don't do what they should, I just send them a 30 day to leave letter, and they always do that.  (I never need to evict anyone.)

I'm not familiar with your area, but here the landlords don't need an attorney.  They can just go to the Clerk of the Court office and just ask what the required legal procedures are to evict.  

Elliott is very sharp, and I love to deal with people like him.  He is a professional.

Yes, we all need to do our own due diligence, but it is so nice when a wholesaler that is so knowledgeable contacts me about a property.  I know that they probably really have something of interest.  I look into their lead immediately.  

I respect professionals and like to do business with them.  

I have met with Joe Jurek and watched MANY of his YouTube videos.  He is very knowledgeable.  So, he has helped me with some RE investing info.  He was somewhat of a mentor for me, and is a good guy that has shared some of his experience.

Be sure to use whichever BP calculator works for you on this property.  (brrrr, rental, fix and flip, etc.)  See what that tells you.  They work very well.

Contact the appropriate contractors and find out costs for removing the trash, rehabbing the place, etc.

Write up a contract using your state's approved RE contract and BE SURE to put in a good escape clause in it.  (such as subject to outcome of inspections and approval of your business partners and attorney) 

Your offer is based on about 70 to 75% of the after repaired value, minus repair costs.  Because there are some repair costs that cannot be determined at this point due to the hoarding, you probably have to assume the worst case.  

If she bites, go for it.  That's it, in a nutshell.

It sure looks like you have the law on your side.  So, it seems that you would win in court.  

Just ask yourself if your concerns and a court case will cause you a lot of stress and headache.  If so, is it worth it to fight the tenant, or just move on?  You already another tenant lined up, you said.

Only you can answer that for yourself.   (And maybe reconsider your criteria for choosing tenants.)  

Please let us know how this turns out.

I think using a Google+ phone number is a better idea .  Folks can call you immediately, not a couple of days later, when they get around to going to your website.  And, many of the websites I have seen, have a lot of general company info, but not much about any specific properties.  

I talked to the PM woman at Stonebridge RE in Winter Park a few months ago.  They have a "starter rate" at 5% to get you to go with them.  But, then it goes to 10% later on.