All Forum Posts by: Julie Tonioni

I agree with @Joe Splitrock.  Take pictures, document expenses, and rent your unit as quickly as possible. I'm not sure how the eviction process would work without a tenant in the unit. 

I too have had this situation over the week.  My tenant text me an urgent message to call.  They have been amazing tenants and she explained she needed to leave immediately due to no income. I did try to work out a payment plan and reduced rent over the next several months but they did not feel this was possible.  It's a long story but her husband is stuck in Pakistan and his businesses there have been closed due to Covid. He has no income and he cannot return here due to immigration changes. They have no income, she is scared and living in a foreign country alone.  She initially stated she would move out after 30 days but suddenly decided to leave tomorrow.  

I will charge them for May's rent, cleaning fees and any additional work that needs to be completed prior to renting to another tenant from their security deposit. The tenants agreed this was acceptable. My listing went up immediately and hopefully I will have the unit rented in a couple of weeks to another tenant. The financial impact to me hopefully will be minimal. Moving forward quickly will hopefully mitigate any financial difficulties.

We are in unprecedented times and being flexible, understanding and compassionate is key.  I suspect there will me more stories on BP over the coming months of tenants leaving swiftly as the economy struggles and jobs are slow to return.  

Best of Luck @Aaron Harren

Jerryll,

Count me in! I am looking for SFH in Hartford/Tolland counties.

Scott,

Thank you for a great meet up.  It was a good learning experience and I met some great people. 

See you soon,

Julie

@Bill Rich Thank you for your response.  This is very helpful information moving forward.  

@Travis Wylie Thank you Travis.  I will research S&T bank.  

@Joe White Joe Thank you for recommending Bill.  

This was my first post asking for help.  Everyone that responded was helpful.  Thank you all very much.

Julie  

@Dennis M.,

Thank you for your response. 

Lesson learned by a new investor. 

Julie 

@jasonmedhurst

Hi Jason,

Thanks for the info.  I am not sure why I didn't research the refi period but now I know.  It's not terrible or the end of the world...just a lesson learned. 

I have been reaching out to local lenders over the last week.  I'm hoping to create the relationship you described.  I think it goes a long way and will help to move my investing forward at a faster pace. 

I have flipped homes in East Hartford, and Vernon.  I have offers out locally as well.  I'm hoping to receive an accepted offer before the 1st.  My only rental is this property in Ellington in this post.  The flips are a means to gain cash to eventually purchase an apartment building or two.  

It's a small world.  

Thanks again for your thoughts.

Julie 

Hi Everyone,

This is my fourth real estate purchase. Unfortunately I think I made some bad choices with initial refinancing. I have used a hard money loan at 12 % and 3 points. My initial thought was we would re-finance after the rehab in one month and I would decrease my interest rate, monthly payment and use the BRRR strategy to get the cash back out for another purchase. However after speaking with Better Mortgage today I learned I can't refinance for 6 months. This significantly changed my monthly cash flow and ROI. I had read the 6 month rule from another member but didn't know it was a rule for all REI transactions (according to Better).

Any advice at this point? 

Thank you,

Julie 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Chris and Arianne, 

What an inspirational story.  You are doing exactly what I am looking to do.  I am closing on my first flip next week with the intention of investing the profits into passive income.  

Great reminder to keep the bar set high.

Julie Tonioni

Evolving Properties,LLC

Jared, is the property still on the market ?

The house looks amazing.  Hoping it sells quickly for you!

Thank you for the spreadsheet this will be helpful for my first flip.