All Forum Posts by: Jairus King

Yea...Unfortunately they are out of the eviction game as well, but he did offer an alternative attorney so I am awaiting a call back.  

Morning all,

Ill be short and to the point. I am in an incredibly busy season and simply don't want to be bothered chasing an eviction on one of my properties. I would like to turn the file over and  let an eviction attorney see it through while I work on other projects. Obliviously this adds to my expenses, but I am looking for a budget friendly body that can basically attend the court dates for me and finish the trial. Any recommendations on attorneys in the Richmond area?   

I have read and purchased Mitch Stephen's strategies. As in all business models and ideas some pieces work well for me and others I put to the side for now. I appreciate how accessible and up front his team is in answering questions for a person with his type of schedule and success. Yes- You do need to be aware of the Frank Dodd act and your particular state laws when crafting your deals. The only concern I have in his strategy is that I am afraid of building a machine and 10-30 years down the road I have this great income beginning to decline because properties are coming off the books. Rich dad poor dad said it best "once you sell your asset....Now you gotta go get another asset." So I diversify... I have some properties that I may just hold forever and collect rent and others that I totally owner finance.  

So- To add updates: In my area VA- Multiple attorneys that I have used are more comfortable to doing CFD. One of the larger benefits to this is that it is easier to correct if the homeowner defaults. I did sell one of mine, but still have a few others. So I do believe different companies/investors will have interest in either one if they are performing.

I have an issue that I am sure has probably been faced before.  I have a potential tenant wanting to use section 8 on one of my properties. The voucher has come back 100.00 dollars lower than the asking rent. She states that she will pay the difference, however we have to make the lease match the voucher. I have been considering how to make it work, other than to take her word that she will pay. One suggestion is to perhaps do another contract for the difference in which she agrees to pay "processing and maintenance" fees to the property. Failure to pay would result in rental contract termination? Any other creative ideas on how to make it work? 

Good afternoon BP!

    I have an opportunity, but this isn't my typical area of expertise. I was looking for ways to educate myself, but couldn't seem to find much on the topic. I have a property that is a dump sitting in a recently built subdivision. The home owner pretty much wants to give up the property. I can't figure out how to structure a deal in which perhaps a builder would tear down, build a home similar to the new ones in the area and split the proceeds. I realize perhaps I could buy the property and pay for the build myself, but then I would broke the cardinal rule of tying up my money in 1 deal..... SO … I guess if anyone has done this before and is willing to share their experience I would love to hear it.

I am setting up my first owner financed property to a buyer. I was reviewing the options between putting the deed in the buyer's name or use a purchase agreement and keep it in the companies name. Ultimately I want to sell the performing note. If I were to use a purchase agreement would I approach note buyers with that? The only difference is the deed remains with the company until the balance is met. Sorry to sound so simple, I had been digging around and couldn't really find a straight answer. 

Good morning BP!

     I have been out fund raising and while I was prepared to handle a primary private lender. I actually have two wanting to go into a deal with me. Here's my question. In both cases these guys are basically 9-5 employers that have some money left in a previous 401K and wish to get stronger returns, which is what I am offering. I need both of their contributions to handle this purchase. I am thinking the easiest way would be promissory note, but I was curious if there was any way that I could secure their respective liens on the property. Essentially I would want them to be secure in knowing that they have a 50% piece in an asset. Just wondering about options.. Not sure if I could split the deed until the debt is paid?

Thanks everyone! I have been getting a few nibbles from Marketing the outside. I was unable to get old interior shots. I think Kristina makes an awesome point about potential tenants needing to visualize themselves in the space. If there is a serious interest that works then we will have to conduct a walkthrough.

Good afternoon all! I am thankful for the wealth of knowledge that you all provide and this network. I have found myself having difficulty making REOs simply because of commitments with the kids and time crunching. Anyhow- I have a property coming off of a lease at the end of April. Considering that tax time is right around the corner it may not be a bad idea to capitalize on prospective tenants using tax refunds to assist in down-payments towards a new place in the spring. Feb-March-April is 3 months away- I would at least like to start gathering a potential list of interested applicants. During this process the tenant has asked that interior pictures are not used because it would show their "stuff". Like a couch and table?? Anyhow looking at the tenant laws in Virginia you wouldn't want to violate privacy or due anything that may cause un reasonable stress. Then again looking at the agreement "which I inherited" It does appear that  there is a statement that goes as follows:

(Should the Lessor or Lessee, at any time during the term of this lease, give notice in writing to the other of intention to terminate, immediately upon such notice the said lessor shall have right to enter the premise, whether or not the Lessee, or any of the household be present, without liability of any prosecution, claim or cause of action for damages, for the purpose of exhibiting the premise to prospective Lessees and in order to put up a "for rent" or "for sale" notice. ) 

Now this doesn't say anything about pictures. I am considering showing the tenant this portion of the contract and asking would they rather have potential folks walking through the house, or settle for the pictures? Or would it be best to simply wait it out and begin Marketing the house in May?