All Forum Posts by: Joey Smadar

@Ruben Davila

Hey Ruben, a few questions here:

1. Any lease agreement? If not, it still should be considered month to month and she will need to give you at least 30 days notice.

2. Do you have an agreement written regarding buying the property? Any proof of your payments that were made for the following months?

3. You can just take the owner to court and explain your situation - again, it really depends what you have in black and white.

@Darius Ogloza, This is a great question, after dealing with a big amount of transactions with tenant's in place, i would recommend to sign a lease of 6 months with a higher rent and keep in mind that sometimes the Buyer can ask to give the tenant a 30 day notice after buying property so in reality, the tenants are going to be in a situation that they might need to leave earlier then expected. I live in that same area of the Lakes (Desert Inn and Fort Apache) and that is one of the best areas of Vegas so i don't see a reason why this should make a big issue for your sell.

I would inform the tenants that an early termination can happen by the new landlord.  

@Tyler Brown

When he is denied, you can move forward with eviction. Just check the status on your end as the owner of the property.

This is a very problematic situation we are seeing that tenants are taking advantage of.

You as an owner should get updates from the case worker at CHAP, you should get updates regarding that as well, if tenant isn’t approved, you should talk with a 3rd party eviction company that can deal with the tenant and get him kicked out ASAP with the usual procedure of eviction.

When you don’t get any money you should move forward with the process after checking the status.

Keep in mind that if you do get money from CHAP, you can’t evict the tenant for 60 days.

By Far waiting for the next turn would be ideal.

If you still insist to rehab while a tenant is in place you will need to do these steps:

1. Calculate how long would the rehab take.

2. Finding a housing solution for the tenant while rehab is taking place (you need to add cost to your total including the rehab)

3. In case it takes longer to have already an agreement with the tenant with terms in that situation. (No surprises)

4. Increase rent with tenant that is signed as an addendum to the initial lease agreement.

Good luck!

Best thing would be to open an LLC and take a Business loan, take in consideration that the interest rate will be higher than the usual mortgage loan.

Good Luck!

Good morning Bigger Pockets Fam, can someone recommend a small property management company in Reno, NV?

Great move, first, i would recommend to search what area in the united states have better Cap rates and then i would recommend  to dive in to realtors and get the correct info from them.

If this is going to be an investment property that you are far from, i would recommend  to look for a good property management in that same area as well, while you are looking for the investment property. 

Hi Reggie, you are looking at a minimum of 7% in Las Vegas going up to 11%, if you are looking for an investment property this won't make sense but this is just a thought. Good luck!

@Uri E.

As a Property Management that deals with Home warranty on a daily basis the answer is NO…

Reason - for the small items they are going to pay but when there is a big ticket item they will always find a way to have the Owner pay for that same fix.