All Forum Posts by: Jeff Peterson

I just acquired a rental with an existing tenant in one side of the duplex so after trying to offer her a new lease at current market rate and giving her gradual increases of $150/month instead of going straight to $1450 from $850 and she is balking and says she can’t afford it. Does anyone have a letter Giving written notice that she needs to sign the lease with the rent increase or give notice to move out? Her lease expired 6 years ago.

@Jeremy Blevins

Just saw this a day late. How was the meetup? Wish I could have gone.

Has anyone tried the following sites and have any recommendations on the following sites?

Rex, Redfin, Roofstock or Redfin

Also, when I gave her the notice to evict she said she would fight it and stay in the unit.

The lease expired and are in month to month.  They are section 8 and did not pay their portion of the rent for months so I gave notice and then they got section 8 to pay their full rent but I have not been paid the back rent.  Section 8 started paying the full amount back in February so I let it slide so I could collect some rent for a few months but I know this is a short term solution as they won’t continue to do so and I am considering selling this property and will be able to do better as a vacant unit.

I have a bad property I want to get rid of and need to get the tenant out and am thinking cash for keys would be a faster and more cost effective than going through the eviction process. If I get to this point after trying to evict, is a month rent a good starting point to negotiate the exit of the tenant?

@Garrett Amundson

I bought it for 35,500 and units this same size in this complex are listed between 90k to 105k. I put in about 10k or so (most of the money on flooring and a new HVAC system). Since I have replaced the tub and shower walls and some light repairs.

Investment Info:

Mobile home other investment in Sacramento.

Purchase price: $200,000
Cash invested: $35,000

Live and Flip, I used this home as my residence for the 2 years required to avoid capittal gains tax and have since kept this property as a rental.

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

I needed a place to live, then moved in with my girlfriend (now wife)

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

MLS deal, paid over asking price but bought it at the right time (2012)

How did you finance this deal?

Family loan

How did you add value to the deal?

The house was in amazing shape but original from 1960 and badly outdated. I gutted the kitchen, bathrooms and refinished the original hardwood flooring tomake the house like new on the inside (the outside was already in great shape).

What was the outcome?

I still own the property but might exchange to find another deal with better cash flow.

Lessons learned? Challenges?

I am not getting the market value rent for the property but the tenants are long term, pay on time every month and keep the place in amazing shape but looking for better cash flow.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No

Investment Info:

Single-family residence buy & hold investment.

940sf 2 bed 1 bath condo in Florin Rd area of Sacramento

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

Timing and price of property

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

pocket listing of agent friend

How did you finance this deal?

Cash purchase

How did you add value to the deal?

medium/Light rehab with lots of sweat equity

What was the outcome?

positive cash flow investment and almost tripled in appreciation in the handfull of years since I bought it

Lessons learned? Challenges?

Be more selective on property management choices, first property manager kept rent for herself and still owes me money

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Ruth Carter found this deal for me and understandsthe needs of investors