All Forum Posts by: Kevin S.

@Sadie Bynum I understand your pain, but you've posted the same thing several times in this thread. At this point, since the seller doesn't want to drop the price, you need to evaluate if it's worth it with the current price / square footage or not. If it's still worth it, then keep the deal going, if not walk away. You're only other option is to wait to hear from your lawyer to see if you have an legal recourse, however (this is my opinion, not legal advice) I doubt the legal answer will be "force seller to lower price". Things happen in REI, you just have to deal with them and keep moving forward.

@Alan Davidson I'm assuming you mean you want to use Cozy to collect rent, in which case you just need to add verbage in the section of your lease covering "rent" to state something like "Rent will be paid using the Cozy.com site [enter specific site address here] and is due...etc." Just make sure when you're doing the lease signing that you clearly explain to the renters that this is where they will pay their rent, and how to set up an account (if they have not already done so). You might even provide printed instructions on creating an account on Cozy to them when they sign. Good luck!

@Byron Broughten I went through something similar last year, I was working with an agent to look at MLS listed properties, but ended up finding a deal through a mailer campaign instead. I had her do all the paperwork, etc. and then had the seller just tack her fee on top of the agreed-upon price (in other words I ended up covering her 3% commission). RE is all about networking and connections, so I'd hate to burn a bridge by trying to cut my agent out of the deal. However, when I'm looking for properties next time I will probably try and negotiate something different, like I (or the seller) will pay the 3% if I buy a property she brings me to, but will only pay a smaller flat fee for paperwork, etc. if I end up buying a property I discover myself. Hope that helps, good luck!

@Robert Lei you admitted that she has withheld August rent, and yet a few bullet points down you say "she has paid all her rent up to this point, so I know I will get the money." That is wishful/speculative thinking. Additionally, from what you've said it sounds like you'd put her on M2M but then want her out in a couple of months, at which point she will probably again withhold rent to save for the next place. Get her out now, as @John Warren said, a vacant unit is much less expensive than a bad tenant.

@Jo W. This does not constitute legal advice as I am not a lawyer:

no, they will still be your tenant, as they will be renting living space from you, so you should follow the same process you would use if you were putting someone in a single-family home you were renting out. That being said, if you have a friend that wants to rent from you, you are of course able to just rent it to them. But if you're just talking random people who are applying, then follow the federal/state/local laws and be consistent. Good luck!

@Jonathan Wildy you're gonna want to consult a local lawyer on this, they will know better than most of us on this site what you can and can't do in response to this situation. 

@Gail K. yeah that's why I always use a canned response that lists out everything already in the FB ad, 75% of the time they say something along the lines of "oh I can't afford that", "oh I don't want a two story", or "oh I have a dog" and that's the end of the conversation, so the canned response saves a lot of time.

@Omar Bunch 3% Vacancy is too low, you'll want that set at around 8% so that you're accruing about 1 month of rent saved per year (1/12 = 8.333%). I'm also not familiar with you're area, but would recommend you make sure of the rental income/month number, check rentometer and local listings (if you haven't already) to verify. Good luck!

This isn't news, it's an opinion piece by someone who has probably never been a home-owner, let alone a landlord. Vice basically just accepts articles from anyone, as long as they are attention grabbing headlines. @Scott Trench are you going to reach out to Vice about you (or someone else representing BP) writing a counter-argument piece?

@Waylen Herdman first off, just to make sure, have you verified that the 3% conventional loan doesn't require owner occupation in order to qualify? The only reason I ask is typically you see investment properties where the owner doesn't occupy at 20-25% down payment.

Outside of that, I would probably go with #2 due to the quality of neighborhood, typically with C-D areas you have to spend a lot more time managing the property/tenants, and the opportunity for forced appreciation.

Good luck!