All Forum Posts by: Jay Poires

@Jay Hinrichs

This is also my thinking regarding the title company. It’s a title company I know and have worked with before. The wholesaler had the seller go to the title company office to sign paperwork. I’ve just been mulling over ways to further protect me should there be a challenge at any point.

My plan is to flip this property. The agreed-upon purchase price is low but not out of line with recent unrenovated properties in the area.

I like the suggestion to have her represented by an attorney who will draw up some sort of document. I’m willing to pay a little more for that kind of agreement.

@John Thedford

The wholesaler knows and told me. She’s handling her own transaction. As I understand it Dementia is a broad term that means many things but doesn’t mean a person isn’t capable of handling their own affairs.

The wholesaler has her go to the title company to sign paperwork.

I’m in the process of purchasing a property via a wholesaler and we’ve scheduled the closing at a title company I’m familiar with. I was just made aware that the woman selling the house has “dementia” (I don’t know how severe) and since her husband has died she wants to be rid of the house. It has been unoccupied for 8 months. We’re ready to close ASAP.

Do I need some document at closing which attests to her mental capacity to make this decision? Trying to reduce my chances of getting wrapped up in a lawsuit down the line.

Thanks!

@Charlie Moore

A lot of apartments will only charge move-in fees because they purchase a SURETY bond with that money to cover any damages. This is why the fee is non-refundable. Pretty common in larger properties.

@Chris Sukala

These are sort of Fill In The Blank questions at this point. There is no wiggle room. Ever. People want to make it complex but it isn’t. Emotions are but the four corners of the lease are easy to carry out...

Rent is due on the FIRST.

Late on the SECOND.

EVICTION begins on the 3rd. Every month if necessary and they can stop it by paying all applicable fees every month should they not pay in time.

I don’t “communicate” with the tenants about this stuff because it’s in the lease. They don’t pay they get the notice posted and eventually the Sheriff. L No phone calls or texts or reminders.

Count yourself lucky if you receive the arrears but start the eviction process ASAP.

@Dieggo Goncalves

A good way to start a list of items for your potential properties is by simply taking an inventory of your own house making note of the things/areas you can improve upon.

@Cameron Riley

Yes HUD has screened them based on their standards but you can have your own screening standards which they won't qualify for. If you're only requiring them to pass HUDS standards then your bar is low.

I don't know where you're doing business and I'm not an attorney so in addition to actually going to the HUD office you should seek legal counsel.

@Cameron Riley

You’re wrong for not understanding your recourse in this instance. It is your job and your job alone. You can determine your responsibilities and HUDs by going to their office and having a meeting so they can discuss it with you in detail. Not some “plus” member on a website who doesn’t have to pay for damages YOUR chosen tenants cause.

There are SOME places where section 8 will guarantee against damages up to a certain amount and pay $$$ incentives to get landlords but you would know if you owned property in a place that did this. (See Santa Monica)

Sue the tenant. Get their voucher terminated. Fix your rental and move on. SCREEN better.

No need for coffee. I understand the idea of just compelling them to move without giving you the hassle of evicting them but you can have that conversation without involving hot beverages.

Pull the credit but use is as another data point. Most important to me is do they pay rent every month on time? Have they ever been evicted? Call their landlord for reference and then get a reference on the landlord! Honestly I don’t care if someone refuses to pay their credit card bills...those people have to have somewhere to live too and a credit score can go up and down by a hundred points in a few months.

I think more beneficial are 3 months of bank statements. That’ll give you a far more intimate picture of what is going on with them and how financially healthy they are. I know plenty of people in Los Angeles right now paying nearly 50% of income on rent but it’s never late because otherwise they’d be homeless.

I’m not trying to manage someone’s entire financial life by deciding how much they should be paying towards other expenses beyond rent and their ability and willingness to pay it on time.