All Forum Posts by: John Beese

It's true. Their lumber isn't as good as other places. It's cheaper but you have to do alot of picking to find good material. Their hardware is also lower quality. That aside if there is a choice I typically go to menards first.

I also want to say we appreciate the advice given so far. Being new we are stumbling through the process so every little bit helps. I can handle being told I'm screwing up and appreciate when it is brought to my attention. Since the purchase i have discovered court offices i never knew existed and learned alot of things we have done wrong. For this particular case our lawyer advised us to handle our situation with kid gloves on, so that is what we were doing. The main thing I'm learning is that handling distressed people with little to lose is a delicate operation.

I agree we have been way too nice. When i do over again i will be much more cautious of purchasing occupied properties. We just want them out at this point. We have been careful with how we approach the situation because they are in an unsavory biker gang and we would rather lose a couple months rent then have 30 angry bikers trash the place and deal with more court and lawyer fees to boot. Everything has been civil so far and we want to keep it that way.

One thing i am learning is nothing happens fast and there is alot of feet dragging to deal with. Mid March we finally got the order of possession from the court and we are getting the deed from the title company. The defendant in the foreclosure filed for bankruptcy one week before the order was set to be put through putting a 30 day stay on it. Meanwhile the renters refused to communicate with us until we had our lawyer send them a notice. We talked to them and they agreed to vacate by the end of may. Obviously we can't trust they will do this so we are going to give them a pay or quit so we have grounds to evict them. Since they found out in January they quit paying rent to the former landlord and purchased a car and stated they cant pay us rent because they need to save up for the next rental so we are fairly confident they will ignore the pay or quit. We have not pushed the issue until now because only now have we been able to properly insure the home. I guess we will see what happens.

We just inquired with several local banks and credit unions about small amount and renovation loans. We found only 2 that would consider them under their own portfolio.

0 across the gfi means it either has no power or the same power on both sides. check each side to ground to be sure

with the fun unplugged on the circuit with trouble i would check from hot to neutral(120). hot to ground(120). and neutral to ground(0). that is if there is a proper ground pulled. do the same with the fan plugged in. if you see 120 between neutral and ground you have a load wired in series which can cause it to ring out like a hot and can make things downstream not work. thee is a few other things that will do it as well

As far as i understand it if i plan on owner occupying the property i have to give them 90 days. if it is an investment property they get to ride the lease out, if no lease it is 90 days unless i am wrong.

Our original intention is to owner occupy. The prospect of holding it has intrigued us as it was our goal in the long term. we are in a position where we can purchase another property to reside in. we just want to play our cards right. thanks for the advice so far.

Good point and that is my biggest worry with them. our plan was to see what they wanted to do first. If they want to stay i was going to ask for a copy of the lease if there is one and proof of payment for the last 2 years. If they make this process the least bit difficult we will just evict and occupy the property like originally planned. The previous owner purchased in 07 above market value and based on the documents we have he wasn't covering costs at the current rental rate. that isn't to say the renters were paying but he certainly was losing money even if they were paying.

We were originally intending to occupy for a short while then flip it. we did learn they are paying fair market value for rent and we purchased the house at about 40% of market value. the tenant began the text messaging with my wife. no messages have been hostile they are just a little scared because the previous owner never notified them about the foreclosure and we blind sided them. we don't even know if they have a lawyer at this point or if it was all talk. We also have the resources available to buy another home so we are open to discussions that would work out in our favor. this is just new to us and want to proceed properly. we appreciate the advice so far