All Forum Posts by: Kris Chavious

 Good point Jason. I will give him a shout tomorrow. I didn't think about that.

Tomorrow I'm meeting with a family member with the intent to purchase a property from them. I plan to make a few updates and turn it into a rental property. They have agreed to sell it at a discount and the ARV will be between 150k-200k above purchase price. They have asked me to bring any forms that they would need to sign to make the purchase official. Does anyone have a purchase agreement that they would not mind sharing?

This will be my first investment property purchased outside of the mortgage process. I will be taking the purchase agreement in hopes to acquire a hard money loan. Any help would be greatly appreciated. Thanks

Thanks @Michael Ealy and @John Underwood 

I was able to get approved from PNC but I'm definitely going to call MB Financial as well. I do have a HELOC that I could use, but was looking to use it for an upcoming flip. Thanks again guys!

Hi BP Fam, 

I'm looking to purchase a rental property in the range of 35K - 70K. I'm having a hard time finding a loan for  amounts this low. I know about hard money lending but wasn't sure how that worked for non-rehab projects. I'm looking for some additional options for financing. 

@Matt Burns Thanks! I had a showing today that's promising so fingers crossed. I do plan to keep the security deposit that will cover December Rent and I'll work with the old tenant on a payment plan for the Jan rent. It sucks but that's what we have to go through. At the end of the day, the Pros always exceed the cons! Thanks again!

Here's the thing, I don't believe she purchased a home. I have no proof but her forwarding address to the new home is a house that was never on the market. It could be a lease to own situation. I just believe if you sign a lease, you stick to the contract unless something happens where you really need to break it.

She has asked to be put on a payment plan to pay all debts owed. I plan to talk to her this evening to discuss a resolution.  I'm sure I will have a lease signed by the end of the month.  I love all of the feedback and perspectives! 

Thank you everyone for your replies. 

@Kyle Mccaw  I use Cosy to manage the property. That's interesting. I'll see if they have that option. 

@Mary M.

That is the plan. With the holidays things have been slow but I don't see it being vacant much longer. I absolutely do not want to evict her or ruin her credit so my plan is to work with her to see how we can avoid it. I don't see it as mean spirit, moreso just business. If this happened at an apartment community these would be the actions they would take. I do believe in working with people first to come up with an resolution that benefits both parties when possible. 

@Robert Ombres Yes I am actively looking to have it rented. I think it's just slow with the holiday. Most of the people requesting viewings don't have good credit. With some recent negative activity. I'm hoping in a few weeks we can get it rented. It's a great rental in an awesome community. 

Thanks again everyone for your input. I really appreciate it and happy new year!

Hi BP Family,

I have this situation and I wanted to know your thoughts... In November, my tenant sent me an e-mail saying that they were moving out on Dec 2, 2018 because they are buying a house. They said they were planning to buy in July of 2019 when their lease expires but the floor plan they wanted became available earlier. They also stated that they know that they are responsible for paying the rent until I find a new tenant. Needless to say, they have moved out and have not paid the rent. The law states just that, the tenant even thought they have moved out is still responsible for rent until the landlord finds a suitable tenant. 

Has anyone experienced this before? I'm trying to figure out my options... 

Can I technically still file for eviction even though they have moved out? Just to get it on record and file a civil suit in small claims court? 

Hire a Collection Agency to go after the past due rent and they can file a collection claim on my behalf with all 3 credit bureaus. 

I still have the security deposit because they are still within the terms of their lease agreement until I find a new tenant. 

What are your thoughts? Just curious to see if anyone has experienced something similar. 

@Aaron B. Lewis I'll be in town on Thursday for 2 days. I'd love to link up and chat about your city. I'm coming to drive around a get a feel for some of the neighborhoods. 

@John Underwood @Ray Harrell Thank you so much for your responses. I was just curious what other's thoughts would be on this matter.  @Dennis M. To be honest, it was just on my mind and I wanted to get other's opinions on it. Like @Dick Stevens mentioned, before they moved in, I built a contraption with gutter guard mesh to prevent it from happening and it works well. The only other option would be to redirect the downspout to the backyard but that would be A LOT of water and I'm not sure the yard would be able to handle it.  

Thanks again everyone for your feedback.