All Forum Posts by: Josh Bakhshi

We will see the challenges over this month and May.  Main things right now would be collecting rents, selling properties (no showing restrictions) and lending/closings.

Ask the same question in 60 days.

Congrats on closing on your first property.  Usually and legally, no.  You don't have the right to list the property or allow anyone in there prior to taking possession.  What some of my friends have done in the past was take pictures and list the properties for rent before to gain interest and have showings on the day of closing so they got first month's rent and security deposit the same day they closed.  

But in your case, you are friends w/ the seller and you already have the keys.  Just ask him/her if it would be OK and go from there.

Congrats again. 

I always negotiate after an inspection regardless what it says.  I think the seller would be extra motivated to work with you.  I would be more concerned with the inspector who thinks that panel is off.  If the inspector was wrong, then you should ask for your money back.  If the inspector is right, you should ask for a minimum of $3500

Andrey,

I understand where you are coming from.  I agree with you that we should work with our tenants.  There are some that I worked out payment plans for and others I didn't.  Main reason for my decision has to be what the history with each tenant was prior to this.  

That being said, I do think it is premature to offer discounts before they ask you for it.  Just a little business advise.  

Another suggestion would be not to call names like "ruthless landlords".  This is not the place for that.

@Nick Troutman

You may want to tell us (bigger pockets) where the property is. We might have some contacts that are good and some that are bad.

One suggestion is to make sure you can get your own second opinion or bid for repairs of over $200. So if they are sending people for roof or HVAC work and quote you 5k and you find a couple others online to bid 3k or say there isn't anything wrong, then you know they are cheating you. Just make sure you have a plan B

@Brian Van Pelt

Well said

@Joyce Williams this is a great learning experience. Sometimes you get screwed by tenants, contractors, managers... Happens to beat of us. This too shall pass. It is hard to treat this like a business and be kind. That is the main reason I don't tell people I am the owner.

You will learn, grow and be fine.

When is closing?  You can lose your job, get high CC balances or say a lot of stupid things to the lender that will give them second thoughts to lend to you.

@Joyce Williams

Joyce, my comments were meant to deal with tenants that have been responsible from the start.  This does not apply to your case.  Your situation sucks and if I were to bet, he wont pay now or later.  When someone lies it shows they lack character and you should try to get rid of him ASAP.  Unfortunately it wont happen for a few more months.

Please spend this time to make a plan on how to deal w/ tenants and your real estate.  Once the person is late, you should take it seriously.  But when they say "it slipped my mind" you should have started looking for ways to get rid of him.

Remember, this is a business.  If you don't want to deal with bad tenants, do better homework before leasing to them or hire professionals.

Good luck