All Forum Posts by: John Bartlett

@Will LHeureux you didn't state where the property is.

Short answer is yes, look in Zillow and see what rent is going for in your area today, as it was a lot more then yesterday(when the lease was signed) At least 10%.

I'm going to use an example in my neighbor. 2019 rent for a 3/2 SFH was in the range of 1200-1400/mth.

2021 Q3 house across the street rented for 1850/mth.

2022 January, rent one street over same 3/2 they are asking $2440/month.

That's a 74% increase in 3 years.

30% increase in 4-5 months.

If rent estimates went up enough, having then move out on their own might even be better as you can increase rent by 30%+. All depends on your market and conditions.

One thing I'll tell everyone here DO NIT USE FABRIC SOFTENER, it will destroy the fabric. I learned this from hotel operators. I've been told it's 25-50 less life of the items being washed.

@Julie Hemminger this is a hard one with out easy answers. Normally listed in state laws is the order things get passed when there is no will. I. Florida I believe it's spouse, kids, parents, siblings, aunt/uncle. If there is a will, it will have to go through probate which can take months before the title is cleared up. If the taxes are behind the house could go to tax auction before that depends on the state laws.

You'll want to start skip tracing family members and asking if they want to sell, but they might not be able to sell for some time but that doesn't mean you can't lock up the sale price and sale in contract until it's cleared. This would be my advice so after 6 months they can't back out of the deal so a cousin can live in the place etc.

@Bernadeau C. I'm interested.

I am surprised no one ask said to ask the builder for references. Ask for the last 5 sites he worked. Go visit those sites and talk to the people that live there. Ask them how the build is, what is the quality like, if they are owners ask them how the job went. Ask for credit references, so you can see if he can actually finish the job. Ask if he's ever done a deal like this before, go visit those jobs talk to the partners.

@Bruce Woodruff thermal imagers are getting stupid cheap these days. After a bit of playing with one, you would be able to spot all types of issues from water leaks, insulation issues, wiring faults etc. Thinking about it now, it would be good idea to have one in your tool kit for any walk through.

@Thomas Rutkowski

I'm new here, do you have some reading that I could read up on and learn more about these?

@Jome K. The answer is based on the age of the building. Asbestos was first banned in 1978 in California, so if the building is newer then 85, there is a very low chance, of it's older, there is a chance.

As a legal liability, I would not respond until legal council could advise you how to respond. Doing a test and getting a positive result could be admitted to guilt/liability and get very expensive, very very fast. I've been in contractor that deals with construction and we do not mess with buildings that have the A word in them because of the liability. Just food for thought.

@Brian Tran

I can tell you from experience setting up an LLC, EIN, bank, and insurance can take as long as a month of everything goes wrong (name to close to something else and you have to pick a different one. Things fall on a holiday and they turn off the IRS website, government shutdowns, see bat flu shuts the world down).

I personally would start the LLC now and get everything set including bank accounts and checks ordered. Put a few hundred dollars to get it setup. INCLUDING your operator agreement between ALL partners, very important.

This way, when the deal comes your way, you can move quickly, all you have to do is dump your funds into the account and run. Otherwise, it's possible the delay could cost you the deal.

 While this probably won't happen, in the hotel space, cameras over cars are frowned upon, because they can get sued for not having someone watch over them 24/7 if something gets broken into.