All Forum Posts by: John P.

 I bid $286k on a short sale property that was listed at $299k. The bank countered at $359k, $60K over the listed price. I just laughed when my agent told me. In not so many words, they were telling me to take a long walk off a short pier! So yes, the bank can certainly play games. Though there is a happy ending. A couple of months later my offer for $286k was accepted. 

I highly recommend getting an attorney that has experience with the eviction process in your area to handle this. In some states, if you don't follow protocol , i.e. miss a date, not use proper wording/names in notices, etc. the process can be delayed or cause you to start over. 

@Mauricio Botero

Keep in mind that in most areas you will be required to have a vent to the outside. YMMV

JP

Lee,

         Thanks for the clarification!

JP

 Are you currently doing this or planning to? If you are doing this, what class of properties do you rent? Are they apartments? Are they single family houses? This is common practice in my non-real estate busness where as a renter of equipment I am required to to list the supplier as an additional insured/loss payee. The amount is limited to the cost of the rented equipment. I'd love to know how much you are covered for especially if a tenant damages more than their own unit i.e. a bathtub on the second floor overflows to the first? I also suspect that this may not be legal in some places. It would be great if you and/or your partner would chime in or start a new thread on the topic. I think many would find it interesting. 

Curtis,

                I can think of two cases in my area regarding illegal apartments. The first one was an illegal basement apartment where an obese tenant had a heart attack and the paramedics couldn't get him out as the door was narrower than code specifies. The tenant died. The second case was in an illegal attic apartment where a kid was waving an aluminum pole with a flag out of the window while a parade was passing in the street below. He hit electrical wires and was electrocuted.  If you can't make money and stay legal and safe at the same time, look for another property.  Be patient and persistent. There is ALWAYS another deal.

JP

@David Cable 

I would consult an eviction attorney immediately. They will know the intracacies of the process, the tenants rights and your rights. First and foremost, you want legal possession of the unit. The reality is you may not be able to collect on any judgement above and beyond that. If possible, I would do my best to document the condition of the unit before eviction. Under any circumstances do not get into any altercations with the tenant. Let us know how you make out.

JP

Shaun,

              I hope all is well. Any updates on this?

JP

Bin,

      I don't know your level of knowledge. So please forgive me if this is off base. However, If you've never done it before, you should read up on it. In my opinion, sometimes a hiring a good GC is worth it especially if you can't be on the job site everyday to keep things on schedule. Knowing who does what and what order they need to do it in might seem straight forward but there are always issues. If there's a problem that requires an executive decision and you aren't there or can't be reached, it can lead to costly delays. What if you can't make it to meet an Inspector and the next time he's available is next week? You need to know your what your holding and operating costs will be if you don't meet your deadlines by 1-2-3 months. What will that dumpster cost if you keep it another week? Utilities, Lost Rent? Communication with the subs as to timelines and expectations is key. It's not impossible to do. It's just not as easy as people think without some experience. 

-JP

Shaun,

Long ago I did a 203k and had contractor problems. Firstly, the HUD inspector isn't supposed to release funds to the contractor until certain stages of the project are complete. If he's doing his job, you shouldn't be out any money. Talk to your loan administrator and/or HUD inspector for advice. FWIW, I had to find a new contractor to finish the job. Let us know any details or how you make out.

-JP