All Forum Posts by: Wilson Lee

 The good news is after six months of owning the property. The bank (most) will use the full appraisal value.   You can refinance .   Letting you recoup some of your down payment

We have some missing experiences. What is the annual vacancy cost?  What deferred maintenance is there? Do you have an exact maintenance scheduled? Roof, appliances, AC units, furnaces etc. 

based on the info you provided you at a 15% cap rate. It is profitable and fare.  But that is assuming you are not replacing AC units and Water heaters left and right for the next few years. What your markets going cap rate?

 As far as value add, can you get the water sub metered? 

If you fill the units and cut that water bill you could add a lot of value to the property. Crunch the numbers, You may be able to do a refi and get some of your 15% down payment back.

I sublet rooms in a home when at Auburn with my husband.  We had a few bad matches.  It can get messy.

If you are having to share communal space.  A month to month leases would let you quickly remove a bad match.

I would also recommend you do more than one interviews with a person when screening.  Make it social, you are getting roommates not tenants. 

Mike Williams is a local land lord and Lawyer.  Reach out to him.  He could help you with a lease.

I am not sure what you asking for? Do you need a policy?

Call insurance providers? Google can point you in the right drection.

Unless someone, who is a insurance agent, spots your post. You are not going to get a policy here.

LTV is based off the Appraisal. But, down payment is based of the sales price.

LTV requirements and Down payment requirements are 2 different things. If the bank is requiring 20% down payment. The buyer will still need to put down 20% of the $80000 sales price. Regardless of the LTV.

It can vary street to street to street.  Areas closer to Pinson or Trussville are nicer. Areas closer to Tarrant are more class D.

A lot of that depends on what it is you’re trying to accomplish. Centerpointe is a mix of class D and class C properties.   Most the people who buy their are buying for cash flow.   

There are plenty of value add opportunities in that area. There is many houses that need updates and have significant deferred maintenance.  

 However, if you lack the funds to perform a rehab you may want to look elsewhere as turnkey properties are not as common. 

 Personally, we blast offers on anything price below $80,000 for a Single Faimly.  I typically put offers in at 40% of market value. We use a five day walk through contingency.   Typically no one excepts. At best the seler’s Agent will give a verbal counter offer. We ask them to put their counter in writing. That locks them in for three days and provides time to look at the property.   

 If they do put a counter offer in writing it shows some level of motivation. After I run the numbers I sent him an offer that works for me. 

 For the  initial offer, you could use a letter of intent style offer letter, rather than a formal purchase agreement.   This has the downside of not being taken seriously. 

Or you could ask your agent for a standard purchase agreement and fill them out yourself  or you can ask your agent for standard purchase agreement and fill them out yourself.

It takes a bit more time but looks like a serious offer especially if you include $1000 earnest money check to be deposited in escrow if they except

The  threat  of  evection  spurred The first unit to magically come up with the past due rent. The second unit however is unable to come up with rent and they’re agreeing to vacate

Well I am filing tomorrow so I will see how it goes.  

I am having some tenant issues in one of my buildings.  It is located in a smaller town where the rental demand is not strong this time of year.  2 units, unit #4 and #2, are inherited and have been paying late. It started 2 months ago.  This month they are late and both units asked to wait until their next pay check.  Now I am out of rent for not acting sooner.

I have a slight fear for not acting.  I have 1 unit, #3 coming vacant at the end of the month. The tenant there is relocating.  It has taken 4 weeks to fill that vacancy.  I was worried about having 3 units sitting vacant this time of year. 

So, I have the forms to file for the eviction.  The court charges $50 to give notice.  $50 for a judgment if the tenant does not answer or is no contest.  The fee is $300 to go to court if they do answer.  The Court charges $30 for wage garnishing.

My question is about damages.  How much should I be asking for?  Court cost + this months rent + next months + repair cost? My Lease states they must pay court cost. They must give 45 days notice if the are going to vacate. and, they must pay for all damages. 

How does wage garnishment work?  how quickly am I repaid.  What is the success rate? I know where one tenant works.  The other tenant is on disability.