All Forum Posts by: Josh Pryor

Rent is $1100 a month. Tenant has been late paying the last 2 months and then only paid $800 before it went late this month. What can I do? I will not be renewing the lease for them but that’s in February...

@Benjamin Hurwitz thanks for that info. I appreciate it.

BP family, I need some guidance.

I want to begin BRRRR investing, but lack capital. Big plot twist right? Lol

So my question is should I save up the certain amount of cash to be able to buy the house and afford the remodel or would it be wise to potentially find a private lender to begin now?

My experience is low, but have completed a live in flip the profited 25k, and sold for more than asking. Using that as a down payment, I purchased a duplex that I am adding value to in a few areas. But!

I have remodel experience in my line of work too. As a manager of a hardware big box home improvement store for 10+ years now, I oversaw a $3 million store remodel, while managing to run the store team, General contractor, fixturing contractor, electrician and meeting deadlines throughout all 4 months.

Any idea if that’s enough for a lender to work with? I know that both are options, but have you done this? Feedback?

I do. What’s the question?

@Dalton Dellinger does too. 

I have an inherited tenant with a small issue. The garage does not come with their unit. There are 2 parking spots in front of garage door, and 2 on side of house. They constantly park in front of the garage. Both spots in front of the garage door are taken. I’m left without using the garage. This is my first time dealing with this stuff. Can I write a letter that gives us assigned spots? Should I have them sign it? I thought I could include a gift card for a local eatery and a note that states that moving forward, unit A parks here, unit B parks here, so they can use their garage. Make sense? I’m looking for a peaceful resolution.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Evansville.

Purchase price: $143,000
Cash invested: $21,000

Duplex house hack, rent pays my mortgage plus $250.

What made you interested in investing in this type of deal?

Cash flow. With a stay at home mom/wife and myself working 48 hours a week in a high paying retail position, I'm working towards building the cash flow to sustain myself outside of my 9-5, for more REI opportunities.

How did you find this deal and how did you negotiate it?

I found it on day 1 that it was posted on the MLS. An all cash buyer and myself dropped offers off to the seller on day 2. Seller initially went with the cash offer until buyer used the inspection report to nickel and dime him down $15k. He backed out and called me. Inspection report showed multiple small fixes that may take a couple of days for one person to fix. I renegotiated a couple thousand lower than my initial offer and we had a deal.

How did you finance this deal?

15% down conventional loan

How did you add value to the deal?

Small cosmetic work throughout. Repairing the garage. Turning the attic into a laundry/office.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Tiffany Bosecker w/ Keller Williams, Evansville.

@Pamela Morrison

Does that help you too?

Any specific questions we can help with?

@Satha Palani

That helps! I appreciate it. I know some will tell tenants that they are the manager and not the owner simply so it doesn’t seem like they are the “bad guy” and that some else says no psychology. I however, am a general manager at a store of 130 people. I’m used to saying no and taking all the blame when needed. I like to be honest. My approach will be straightforward and honest. Taking the old lease and comparing it with what I would require is a good tip. I think that’s what I was looking for.

Much appreciated!

BP!

After trying, failing, not having enough capital, not being quick enough, etc, I finally have a duplex to house hack.

So after much learning, I can’t seem to find this info...

What do I do with the tenant that’s in the other unit? I’m moving into one unit, but do I go knock on the door with warm cookies and give them a copy of my expectations/how to pay future rent/emergency contact info etc?

Do I mail it instead with a thoughtful letter?

If you have been in this position, PLEASE, what did you do?

@Jamal Muhammad @Dante Pirouz thanks! I have a reputable lawyer recommendation from a REI friend that I'm looking to meet with soon. Thanks again!