All Forum Posts by: Levi T.

Zillow is the incoming threat to the sector because they are gate keepers of home buyers with their network, OpenDoor (Backed by Peter Thiel) is currently king. Just in the Atlanta GA region OpenDoor moves 5% of the market on their own. They move close to 1,000 properties pet year for each region they operate in. They do lowball offers, they do not rehab. The properties must be market ready, or very close, and they charge 6%-15% fee and only buy homes in the 200k-500k space. They make their money from the fee, any extra earned between the purchase price and the sell price is just premium for them. For fun, lets just assume they earned 6% per deal with an average price of 250k, and last year they did close to 900 deals in Atlanta GA..  That means they earned $13,500,000 in commissions just in Atlanta GA.

Generally speaking, they will invest with you if their money will be returned to them with a sizable profit. 

This is where someone normally inserts something about syndicating, SEC, laws, and all that fun stuff. You can’t just go around asking folks for money, unless you want a bunk with  Bernie Madoff. 

You have two choices, roll up your sleeves and pull in the details real close, or quit. Know these properties better then anyone else. Know the cost of everything.

Most PMs are bad. They think they know what they are doing, and they don’t. Your likely losing 20%-30% of your income to their management, leasing, and other fees such as renewal fees.

It’s likely they are renting just under market or below for easy money. Are they screening tenants, what’s the rules on that? Do they really look at credit score, income, jobs, etc.

I bet turnover is killing you. That’s a sign your tenants are bad, and likely your PM as well. Do they give the deposit back to the tenant, then inform you there are needed repairs? Yup!

If your willing to manage these yourself if needed, repair them yourselves, then pull it close and fix the problems in the business, otherwise sell!

It takes like two clicks of a mouse to insert a new row, the formula will normally update with the added row if you selected the correct row to duplicate. You could always spend a little more energy, and email the bank asking them to add more rows for you.

“ I know you just had a near death experience like yesterday,  but how soon do you think you could get me some of those Benjamin‘s?  You know.. because the 1st is coming!” 😆

 Will do. Mtb is my game!

Done plenty of these. Couple items worth mentioning.

You should be getting an assignment of lease agreements, this gives you the right to all owed rents because you now own the rental contract, seller has no right to it once it sold. Just because you buy a property does not give you rights to the lease agreements, tho most assume it..

Most the time we just take over, pull the court dates and show up or file a new case.. when the judge calls the case we roll up there if the old LL shows up or not. You will need the basics, contract of purchase, leases, legal notices, etc.

We split a case once while standing in front of a judge. With our approval the judge rules the old LL was owed money before closing, and we where owed after. Got the eviction and moved on, but that’s all we wanted.

We find it’s best to require 1 month rent credit and deposit credit at closing if the landlord is paid rent or not, along with tenants ledger, copies of notices, walk through reports, etc. Gives us the time to evict non performing tenants without losing to much time or money.

You can also file your own case, then wright the judge and ask them to combine the old LL case with yours. Done that plenty.

It’s alwaya best to have a word with an eviction attorney real quick if your not familiar.

I drive thought Gunnison all the time, your right about it being a small chill town, that’s likely a once in a lifetime event out there.

Most States cap application fees, Virginia is $50.

@Carson Plant

Read the laws, it’s all spelled out online.

IMO this falls under abandonment. Assuming the lease has written terms on the topic, or the laws defines abandonment timelines, I would have given abandonment notice, had the pet picked up by animal control, locked the door and waited per the law before tossing is belongings.

You can summon anyone to court that is in jail/prison, the police will just serve them in their cell, and deliver them to the court hearing.

You really need to take some time and read over the landlord laws for your state: https://www.tn.gov/health/cedep/environmental/healthy-homes/hh/renters.html