All Forum Posts by: Justin Gomberg

@Christen G. Thank you! I ended up doing just that. I explained politely I am not a therapist or here to help figure out the existing personal problems. I had the tenant staying prove financial capability to ensure she could afford the unit individually. I had both sign a change in terms of the lease addendum. 

@Chris Levarek Thank you! I am thinking I will let the one tenant on the lease in order to make it easy. 

Hello All,

I would love to gather some ideas and recommendations from any landlords who have had a problem like the one below...

I just closed on a duplex on 04/23 and it came with existing tenants. The property was being managed by a PM who provided me with the tenant's contact information. I reached out to introduce myself so I would be able to have the tenants set up their tenant profile accounts on the management system I use.

The tenants I'm seeking advice for just signed a new year lease with the PM 03/01/2021 and it ends 02/28/22. There are two people on this lease. Once I introduced myself as the new property manager I was immediately informed by one of the tenants on the lease that it is not working out. 

I couldn't make this up.......... The tenants are both in a polyamorous relationship with one of the tenant's baby's father. From what I can tell, this boyfriend to both tenants is also living there (He isn't on the lease, but that's another problem for another day). The tenant that wants to move out told me she doesn't stay at the property on weekends because that is the agreed private time between the boyfriend and the other tenant. 

The tenant that wants to move now is claiming she wants to move because even after giving them private weekends the other tenant is asking she doesn't come home and gives them more private time.....? (I'm at a loss for words).

The tenant who wants to stay is saying she doesn't have a problem paying everything by herself and having the other leave. 

Because I purchased this property with these existing tenants and existing leases what am I allowed to do? Or anyone who has had this problem, what do you recommend? 

Thank you in advance for any answers!!!! 

Hello everyone, 

What is the proper way to log this transaction? I am using TenantCloud to log income and expenses for my properties. TenantCloud does not link directly to my bank account like QuickBooks.  

I had excavation/sewer pipe replacement done. Instead of paying $7,200 upfront, I chose to finance it interest-free for 18 months; I plan to pay it off before the end of 2021 (8 months). 

Do I log each monthly payment as an expense individually or log it as one expense for $7,200? 

Thank you all in advance! 

@Mason Hickman

Gone within 1hr...... thank you! 

@Mason Hickman

Thank you for taking the time to respond. I went ahead and posted it on craigslist, lets see if we get any bites! 

Hi Everyone, 

Thank you in advance for the pro tips and advice. 

I live in CA and just purchased my first two investment properties in Columbus, OH. On one of the properties, someone left a trailer with a broken hitch so it cannot be hooked up to a tow hitch in order to be towed. The trailer is filled with trash and someone already found a brick in it and threw it through my garage window. Long story short I'd love to have this removed from my property. I called the city parking enforcement and was told because the trailer is not on public property they cannot tow it even if it's abandoned. Anyone know of any services or have any advice to help me get this taken care of?

Thank you for your response. After reading "Long Distance Real Estate Investing" and "BRRRR" by David Greene I was stuck on the idea you have to buy below value and value add for investing to work out. I didn't realize you could purchase a great cash flowing property and regardless of the market value fluctuating be cash flow positive. Since I am from Southern CA I just assumed that when the properties here have a major dip properties everywhere experience the same problem (maybe not as dramatic as CA/AZ and some other states).

Thank you so much for the great response. I guess I never really put two and two together that even if the property value dips and the subject property is still cash flowing you really do not have to worry about it too much. I plan on holding onto the properties long term anyways. 

Do you recommend only looking for deals below the current value? If the cash flow is strong and the intent is to hold onto the property long term then I guess the value doesn't matter as much if you don't need to sell it during a dip. Am I understanding that correctly? I have no plans of buying a turn-key property. I do not mind doing light value add, I just do not want to do a full-blown rehab on my first one. 

Thanks, @Kathy Henley for sharing your story and strategy!

Did you interview PM’s prior to putting offers on homes? Is it a deal breaker for you if you are unable to pick it up below market value if you know it’s a stable market that will cash flow after accounting for vacancies, cap ex, repairs and PM fees ? 
Thank you so much for your advice! I’m so eager to get started I just want to ensure I’m not leaving any stone unturned.