All Forum Posts by: Kenneth Bray

I have a tenant who has been in my property for less than a year.  I gave them a 60 day notice (more than required) letting them know rent was going to be increased upon a re-signing of a new lease.  Thirty days to the end of their lease they finally responded (which was required per their lease) stating they were going to sign a new lease.  I was just notified by them (7 days after a 30 day notice) they were not going to sign a new lease and they were going to vacate the property.  

Because of the late notice, am I able to do anything further with their deposit.  I know that it can be used for fixing and cleaning the property.  But because of the late notice is there anything more I can do because they ultimately failed to comply to the lease terms?   If anyone has further questions to clarify let me know.  Thanks for all your help. 

Looking to know how we can go about getting unpaid rent.  Here is the situation:

Tent is going on 5 months of unpaid rent, this property out of state (in PA) and I have a property management team handling the situation.  If he goes without paying and is evicted, is a lien automatically placed via the courts ruling to pay back money owed or do I have to pursue them separately via small claims court?   

If you have a family (two adults two kids) going through the application process, do you make both adult tenants (husband and wife) pay and go through screening?

What are the steps to finding a mentor near you? Southern California is a tough market but when you push forward, you can get what you want.  What are your tips and tricks on connecting with people local to you?

@Rey Gonzalez if you are able to BRRRR then there is no such thing as a bad time invest, just bad deals. Running the numbers over and over to make sure they are true and work is what will make you successful. I works also recommended reading David Greene's book, Buy, Rent, Rehab, Repeat (BRRRR), there is some good info on there on how to mitigate risk.

There will be failure with your first couple of go arounds (at least maybe low yielding returns) but it’s what you learn from those failures that will make you better!

Investment Info:

Single-family residence buy & hold investment in Carlisle.

Purchase price: $129,995
Cash invested: $30,000

Row home that was purchased as a Turn Key Investment. It was a hands off deal and all that was needed was the capital.

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

First property and wanted to get my feet wet. Did not know too much so went with a turn key property. After going through many properties that were sent to me, this one gave me the best bang for my buck.

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

I used a company called Norada and my "dealer", Oliver Fu, was the one who found this awesome property.

How did you finance this deal?

Paid 20% my own cash and had the bank take the rest.

How did you add value to the deal?

I did not have to because it was a turn key property.

What was the outcome?

Have a positive cashflow, more then I projected, and only have good things coming from it so far.

Lessons learned? Challenges?

I want to find my next deal on my own maybe spend less money or spend my own money, only to get it back again.. BRRRR...

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

Yes, Liz Hamberger was awesome and nothing short of amazing.

https://www.pahousesale.com/?utm_source=WiseStamp&utm_medium=email&utm_term=&utm_content=&utm_campaign=signature

Hi all, looking at properties SW Pennsylvania. Looks like this market gives a good cash flow but looking at the cities themselves, it looks like there could be some tenet issues (upkeep care, receiving rent etc.).  If you have some advice or good reads for this area on things to consider, I would appreciate it!