All Forum Posts by: Jennifer Y. Park

Hello, does anyone have an example move-out form I can see for tenants to sign confirming that they have taken all their property and the place is in good condition (minus wear and tear). I have a tenant that is going to be evicted and i don't want them coming back saying that I withheld any of their personal property, so trying to prepare and have something prepared for a final walk through. 

Thanks in advance!

Thank you all so much for the advice and encouragement! Sharing what feels like a failure is not easy, however, I must say, I have learned a lot through this process....and at least it's a cost I'm able to absorb. So I did at least stay within my risk tolerance - but of course hoped for better outcomes. I'm heeding everyone's advice and will go back to the drawing board. 

ARV was $195K then, but will reassess and see if it's best to sell, or hold for a little longer but have better systems in place for tenant screening.

@JD Martin your story is so inspiring, just listened to it. Thanks for showing me there's light at the end of the tunnel. 

Hi BP community, I'm looking for any support, encouragement, wisdom, because I'm feeling pretty defeated as a newer investor. School of hard knocks is costing me quite the penny, and now I'm questioning REI altogether.

I purchased a SFR in Independence MO, was $80K. I put too much into renovations because of the classic found a bad contractor story, so had to get another contractor out, and after 9 months holding cost and about $60K in repairs, $3K in appliances, I got the place rented. ( I also refinanced and was able to get about 133K out, which I paid off my HELOC and credit cards I used to pay for all the renovations and PP).

And if that wasn't bad enough then I paid a leasing agent to find a quality tenant, and of course this tenant paid only once, in Sept. 

November pre-eviction process was started, December got an attorney to evict. JAN hearing set, but was canceled because of weather, rescheduled for FEB. Tenant appears in court and requests for a trial. Prior to trial date, tenant make a deal to pay rent - so gives a check - and we dismiss the case, BUT THEN THE CHECK BOUNCES! 

So, now we are waiting on court hearing to set aside the dismissal - hearing set for APRIL, and likely (hopefully) I can proceed with trial for eviction in MAY!! 

So many rookie moves, and so many things I'm kicking myself over, but I share this story so others can learn as well, that even in landlord friendly states, things can take a long long time. (Yes, I should've only accepted a cashier's check, I'm also reading that even cashier's check can be forged?) Only reason why I accepted was because attorney said if he writes a bad check, then that would be a felony. 

Yes, I've reported to bad check unit, but not sure that there's going to be any success in getting money back from that. And now I'm concerned that this tenant is going to file for bankruptcy. 

Any other blinds spots I'm missing, or ways tenant can get away scamming out of paying rent?

I've thought of cash for keys, but out of principle, I want it want his record so this does not happen to any other landlord. 

I am considering selling the place, but not sure if I should given that I have a 142K loan in place with pre-payment penalty, or if I should just see this eviction through and just try my hand at getting another tenant in there vs possible lease optioning the home out. 

I'm hoping one day this will make a good story, but if there's any other words of advice, I'm open to it all. Thanks. 

@Chris Seveney Ah, thank you so much for this insight. I'm kinda getting the sense this is the better solution as well. Thank you so much. 

Ok thank you. 

Update is unfortunately looks like the home will be selling at a loss. And since a refinance would put us in a worser position for the rest of us, we may just sell at a loss and share in the misery. Haa. 

Hello BP community!

Has anyone had experience with wiggling out of a bad situation? I'm a part of partnership that attempted to do a flip in Fl, but due to market conditions, bad contractors and multiple change orders, etc....looks like we'll be selling at a loss. 

Only way out of it is to seller finance it and make some money at least on the lending side of things. Since we're a LLC selling, this will have to be a 30 year term, no balloon.

Anyone have experience on how to vet the credibility of the buyer? Does this happen before or after going into contract? 

And does anyone know if there's any tax we would pay, since we're selling at a loss? Or at least offset the tax we would have to pay on the interest we make from the loan? 

Hello BP!

Has anyone had experience with lease options? I'm a part of partnership that attempted to do a flip in Fl, but due to market conditions, decided on pivoting. So we're looking to Lease Option it out to a possible tenant buyer. 

Does anyone have a sample of what a lease option lease looks like? vs a standard lease agreement? Is the option fee different than a security deposit and should they both be collected? or can the option fee be in lieu of the security deposit? 

Any tips on this topic would be great. Thanks!

Hello BP community, 

I'm in a 5 member partnership to do to a flip, in which one partner is wanting out.  This has been an unexpected financial hardship for us since this partner is not contributing financially, while the rest of us are trying to cover the partner's portion to complete rehab, etc. Unfortunately our operating agreement does not have a buyout clause, so we're needing to draft one and we're not certain that we can even buy her portion out, unless we're able to find a replacement partner. 

Has any one had any experience with buyouts and what should be included, is this document called a buy-sell agreement? Or any recommendations for attorneys in Florida would be helpful. 

Thanks!