All Forum Posts by: Kimberly Vallance

@Jonathan Mueller,

Johnathan, it depends on what your definition of 'good deal' is! I'm in Michigan and would love to get in touch to discuss what you would be interested in in more detail.

@ everyone - The new owner plans to move in, so she doesn't want tenants.

I think I will offer cash for keys, now I just need to figure out how much - definitely worthy of consideration! I hadn't considered the moving van/pod, so thanks for that!

I have to figure out the wording, too. Since everything is required to be in writing, I need to figure out at least an idea of how I want to word this.

Is there anywhere else here on BP to advertise for them?

@Lien Vuong - it shouldn't be a surprise. I gave them 2 months lead time to secure a loan plus the past 3 months it's been on the market. So, no, it isn't a surprise that it sold.

Hello Bigger Pocketers!

I have accepted an offer to sell a rental, but...it means my tenants have to leave early. So, it's me breaking the lease agreement not them. They need to move out 1 month early.

My lease requires everything in writing. When I try to look up something like 'landlord breaking lease to sell property', the results are more about the landlord doing things to make it extremely uncomfortable to get the tenants to leave. These are the best tenants I've ever had! They pay on time, and they take great care of the property. Honestly, I'm really bummed I don't have somewhere else for them to move lined up! I'm looking - I've been working on lining up some 1031 exchange possibilities, but nothing has panned out yet.

They know I was putting the property up for sale (I had given them 2 months notice so they could try to buy it, but that didn't happen) - there have been several walkthroughs, too.

I'm meeting with them on Monday as I didn't want to tell them over the phone. I know this is supposed to be a business, but I've become attached the people. I'd normally be scheduling the annual inspection about now and discuss renewal terms. Unless things go really wonky, they'll get the full security deposit back. I don't have anything in the lease about me breaking it early unless they are in violation of the terms. I need to add something, obviously.

So...do I offer cash for keys? Just not collect rent for that 1 month? 

If anyone has a rental unit opening up at the end of August, please let me know! I'd recommend this couple without any reservations. 

@Eduardo Reyes

thanks for your reply, Eduardo. I found out in doing some more research on this property (and the other 3 in the same neighborhood) that the HOA requires 'owner-occupied' only. I don't know how much that would be enforced, but it's not a good enough deal - as you noted - to try to buck it, for me. it's not an area i'm interested in living in, so not even an option to me to move there and rent out my current house.

there are better deals out there, and i will find them.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

maybe someone could help me learn about analyzing other people's deals. What i'm seeing here is that the 1% rule is rents/income must reach $3,699 and 50% rule income should be at least $1,850. So, I'm thinking these are both red flags and time to look elsewhere. However, the time on market opens up an opportunity to toss a lowball offer in. How is the house hacking example getting $3150 in rent and ending up with positive cash flow?

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Saheed Oseni

thank you for your input. Much of what you said is how I'm feeling. 

I have looked into my options and decided to offer it to my tenants to buy. They're going to apply for a VA loan later this week. Her father has also offered to assist them if needed. I think this is a good opportunity for everyone involved.

This will get me out of the house with cash for better deals. I learned quite a bit from this house, both as occupant and landlord.

This sucks. I'm glad you were made whole.

We want to trust people. BP is about sharing knowledge and support other REIs. When someone takes advantage of another person on here, it brings everyone down. I'm sure OP will avoid future opportunities because of this experience.

“I'm not upset that you lied to me, I'm upset that from now on I can't believe you.”
― Friedrich Nietzsche

...and you've painted everyone asking for capital with the same brush.