All Forum Posts by: Jonathan L Berhow-Rivera

Hi Bruce!

I have to say "Maybe" to that Sir. The tenants reached to the out today seeing if the fees can be adjusted (lowered) and I said "No" . I feel I am being very reasonable with my terms givin the circumstances. We will see if the opt to get rid of the dog or break their lease or acept my offer. 

To Be Continued....

I really appreciate all of the feedback!! I feel like I am on the right track now.

This morning I directed the Property Manager to give the tenant a notice of violation of the lease agreement. letting the tenants know that I will allow this one pet for a $250 non-refundable pet fee and a $150 monthly pet rent for the duration of the lease (12 more months).

Moving forward: I will have semi-annual inspections done on the two properties I have, to check up on them. Also, ALL new leases moving forward will state exactly what happens when an unauthorized pet is discovered.

Thanks again everyone!

Hello BP Friends,

I have a situation at one of our rental properties (A No Pet Marketed Home).

So, after the irrigation company canceled on me, I decided to go and setup the system myself. No big deal right... I let Renters Warehouse (property managing company) know that a person would be over at time and date convenient to the tenants. They chose last Saturday morning. They did not know the owner was coming over to do the work.

Saturday, I got my tools together and headed over. I knocked on the door and I hear barking and the door is opened by the tenant’s little girl smiling and a husky puppy in a very small kennel barking away. The entryway floor and all the floor I could see was full of hair. I said to the tenant "should I take off my shoes?" He said "don’t worry about it, you can see the dog makes a mess anyways". I was quiet, smiled and said "I think the water valve is in the basement, can you show me the way?" I proceeded to the basement and then out to the garage and to the yard to take care of the irrigation.

While I was there, I noticed that the water softener bags that I had bought the tenant as well as the new air filters for the 18-month lease were still on the floor next to the respective units. I filled the water softener salt and changed the air filter before I finished. There was an O ring for the RPZ Back flow that was damaged and leaking so I let the tenant know that I would order and be back to install this week. I reached out to renters warehouse and they said the lease modification person was out until tomorrow.

I really try to not get involved with the tenants but at this point I’m not sure how to react.  I didn’t want pets in this home. I was wondering if anybody has dealt with this and what was your response?

Thanks,

Jonathan Berhow-Rivera

Jack,

Sorry for the delay.

Thank you!

It was the first time that I did not do all the improvements my self. I hired a local contractor to do half of the work. I learned alot about the process and will definatly continue to hire a contractor to do the work. Just not the company that did this one. 

I bought at a great price and low interest rate, I finished the basement to add sgft and 1+ bed and 1+ bath and living area, added a huge paver patiio in the back and new landscape. 

Compared to the 1st one they were both brrrr's. This last one was harder for my wife, in the end to move out. She got really attached to it. I almost didnt put it up for lease but I keeped the big picture in mind and pushed forward. Now its time to find another one.

Thanks,

Jonathan

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $389,000
Cash invested: $80,000

Available December 1, 2020. Welcome to this beautiful home. The main floor offers hardwood floors, mud room, laundry room, kitchen with stainless steel appliances, living room, fireplace, powder room and plenty of natural light. The main floor walks out to 875 sqft paver patio with privacy landscaping. Upper floor has primary suite, primary ensuite bathroom with double sinks, 3 ample bedrooms, full bath and natural light galore. Lower level has family room, additional bedroom and full bath.

What made you interested in investing in this type of deal?

Great location. Model home. Great schools k-12 in walking distance. Great open floor plan.

How did you find this deal and how did you negotiate it?

Internet search, saw it was listed for sale for 18 months as a new build so i put in a -$25k offer and they counterd with -$15k and we settled at -$20k under list at current time.

How did you finance this deal?

I did a Fha originally and the refinanced with a conventional 80/20 after i finished the basement.

How did you add value to the deal?

Finished the basement, added a large paver patio, landscape, finished and heated the garage.

I live and work in minnesota. I have a 2002 SFH that I have brough back from the dead, from the original owners. I bought it as a preforclosure as a off market deal. I did the BRRRR method in it with my family (took me multiple years). I currently live in my second brrrr.

Alex, for me.... I saved tons of money by getting a great deal and doing the majority of the work by myself or with some friends. In my opinion you will need to develop a local team to navagate the market and get a fair $ amount on any work. I know people in many of aspects of renovating for questions or councl... otherwise, I can just do it myself. On the other hand if you can get a team together you could potentially have a bigger funnel for deals..

Good Luck!

I used Renters Warehouse because I liked the idea of a rent guarantee for as long as the lease was agreed upon (2yrs). 

My renter decided to purchase a home (4months in) while they had a 2 year lease with me. I thought ok No Big Deal, I have the renter guarantee. Renters warehouse can put a new tenant in. 

Nope, I just found out since they were not "managing" the property then the extra fee for the lease guarantee is not  valid... Needless to say the tenant trashed my property..

Any Thoughts..

Thanks,

Jon

Taking the extra time to work on my Real Estate business! Reading and analizing deals. I feel that this will take the negative situation of the COVID-19 virus and turn it in to a positive.

That is my game plan! 

I live in Minnesota.. I have 1 SFH rental property in minnesota and am looking to find my second!

Thnks for the reply. I will be looking for the locl meetup in Minnesota!

@Ashish Acharya

Thank you! I appreciate your feedback!