All Forum Posts by: Jerald A Wilks

Anyone have any experiance dealing with tenants that want to bring in a long term, several months, guest. The tenants are good tenants so how is the best way to handle the guest? There are legal and liabitity issues by doing nothing. 

Thank you for your thoughts

I now have three tenants that have broken their leases and vacated their apartments leaving me with approximately $5K in uncollected rents. I know I can proceed legally towards judgements, the cost of which gets me to just over break even and i still wouldn't have any cash for my efforts.

Does anyone have experience with other approaches such as collection companies or selling accounts receivables

Thank for any help that you can provide

Does anyone have experience dealing with these little creatures. I have a 21 unit apartment building in Florida and I have had four termite exterminators to it. All have found past evidence of Drywall termites (DWT). Two did not find any evidence of active DWTs but recommended tent fumigation. Two  observed evidence of active DWT and also recommend tent fumigation. All say that spot treatment works if you can identify the colonies. My understanding is it is very difficult to identify, and spot treat all colonies. 

I need to make a decision $20K for fumigation vs.$3K spot treatment

Does anyone have experience with DWTs and extermination companies that you can share?

Thanks to all who replied. They all were good and got me thinking in some different directions.

I have a nice problem - more applicants than available apartments. I am looking for thoughts on some ways to handle the applicants that are qualified but not as qualified as the ones getting the two apartments. I have three that fall into this category. 

Should i just let them go? Hate to do that. Should I create a wait list? This sounds good but is it really effective. Or??

Your thoughts and experiences would be appreciated. 

Congratulations. What a phenomenal deal. I wish you and your son all the best moving forward. 

I am curious as to how you found this deal and what motivated the Seller?. I spent the better part of 2017 Looking for a good deal. What i encountered in the entire mid Atlantic and southeast markets, via brokers and loopnet, was a sellers market. With offerings being closed out on the first day and over asking price . As a result, I spent 11 months looking at over 100 deals. I finally found and bought some apartments in Fl at a 23% cash on cash return, not a bad deal, but I had to put $350K into a $1.5 M property w 30 yr Amort and 4.6%. Looking at your deal $400K  w 30 at 3.75% on a $4.4M property is just awesome.

Again, my question is what  motivated your seller to sell on these terms when the markets are so hot?

Mindy,

I just joined biggerpockets and have posted two comments in the Forum. One giving some advice to another newbe regarding their market for which I have experience and the other soliciting input on a deal structure similar to one that I just did. 

I can't find any evidence of them posting. Where did they go?  I am reluctant to spend any more time writing without an understanding of how things work. Can you help?