All Forum Posts by: James W.

When I pull up to a rental in my Lotus and my GC asks me what exactly I "do," I say "I work for the mob."

What kind of question is that, anyway? "What do you do?" I make money. I invest my time into learning how to make more money. Then I take calculated risks that enable me to continue making more money.

Don't get me wrong... I don't care about "money". I care a lot more about TIME than money, and I don't want to be a schmuck that works 300 years for a BOSS, hoping for a pension and a gold watch, only to be fired a week before my gold watch ceremony and hoping Walmart has a spot for me a couple days a week to make up for the pension I didn't get.

Anyway... how transparent should you be? That depends on your situation. If you have the freedom to take calls, do it. If you have to do it on your lunchbreak in order to keep your current boss happy, then do that.

Just remember you currently have a JOB, which stands for "Just Over Broke".

Good luck. :)

Originally posted by @Steve Vaughan:

I would get the help of a title company if I in fact wanted to do this deal.  You're paying every month to take over this property.  Tenants and toilets are tough.  Paying for the privilege is not something I would ever do, especially at full market value.  

But if you do decide to move forward, I would seek legal advice from a competent RE attorney in your area or at least a title co who can run a title search for you and get you a proper deed to overnight to your seller.  Hope this helps @Patricia Mclean!

I voted this post and quoted it for one reason - FMV.

This isn't something you should be doing at FMV because the deal is flawed at the beginning. If the seller can't get to the closing, they automatically lose money. The question is... "how much".

Good luck, and if your first offer is accepted... you offered too much.

@Bill S. I think you went above and beyond for the elderly tenant. Unfortunately, the world doesn't change financial dynamics when elderly/disadvantaged/etc tenants/people/subjects/etc enter the equation. In other words... Sorry, but my bank doesn't take excuses as payment. They demand cash, and so do I.

*It is what it is*

If your sump empties into a holding tank or septic, that's probably fine. If it empties outside the building onto the lawn or into a creek... bad idea. Sump pumps usually carry groundwater (clean) back out of the house - not dirty soapy chemical water.

Hey BP!

I have a couple open units, and I'm trying to find a couple tools for my rental business.

I hate to make this complicated, but... well, here goes.

1. Wordpress theme for a property management company. I'd like to be able to manage listings via a simple CMS, and I haven't found one yet. Do you use wordpress?

2. ACH/Online payments. I'm testing out Cozy.co and Easyrent.com. Any feedback there?

3. Finally, this video walkthrough: http://jdpmllc.com/2307-walkthrough/ - let me know what you think.

Thanks!

P.S. If you have examples of a better walkthrough please let me know! This was my first attempt and I just winged it :D

Abandonment is 14 days here in WI.

@Matthew Kreitzer "get legal advice" is always the best option. :) My friend is licensed here and I am taking his advice. I'm in somewhat of a unique situation I guess... I have friends that are realtors, lawyers, etc and I get somewhat "free" advice and help. 

@Jeff B. I like that - thanks for the suggestion, it will be in the next letter I send for this type of situation.

Originally posted by @Account Closed:

Very good letter.  Thank you for sharing that with everyone!

Nancy Neville

 I'm just here to share with everyone. If anyone has suggestions on how to improve, I hope they will post here so we can all get better.

:)

To help other BP members - I just got off the phone with an attorney friend and as a result of our conversation, I'm sending a letter to this effect:

"Dear tenant, we have been advised that you are no longer occupying /unit address/. We are making every effort to re-rent the unit. Your deposit is being withheld for following reasons: non-payment of August rent, cleaning of unit, etc. Please be advised that you are still liable for September rent if we are not able to re-rent the unit. Also, we have not received the keys. Please return them immediately."

About the keys - of course I have re-keyed the place, but don't they have legal right to occupy the building since they haven't been evicted and they have a legal contract (lease)?

If they have "abandoned" the place, do I need to send a letter stating that?

I'm fine with moving on (obviously since I already replaced the carpet) - I'm just looking to protect myself. 

I closed in July and the security deposit was transferred to me. 

I recently purchased a duplex that was rented on both sides.

One of the tenants had a year lease expiring end of September. They "informed" the previous owners that they were moving out by end of July because they bought a house.

Previous owners confirm that they were informed of this, but they did not agree to break the lease.

Unit is now empty. I've redone the carpet and would like to re-rent the unit, BUT:

- They haven't returned the keys. I gave them an address in the letter they received upon transfer of ownership of the property. They did acknowledge receipt of the letter.

- No written agreement on early termination. They didn't pay August or September rent.

- The tenant's attitude during this process pissed me off, so I'm looking to protect myself and also make them pay as much as possible.