All Forum Posts by: Levi T.

It’s not county based, it’s state level, and they are required by state law to apply, or you can apply for them if they don’t:  https://www.dhcd.virginia.gov/...

 LOL There is no restriction to evict if the lease has ended, or is month-to-month, or any other reason beyond money not paid.hire and attorney and evict.. On top of all that, a Texas judge struck down the CDC moratorium last month...

Unless you forgive it, it’s still due, thus it’s a loan. When the time arrives, evict, and as long as you have their SS, DOB, and a written lease, kick it up to someone like Hunter Warfield for collections. They’ll get your money eventually!

You won't be able to get PPP as that's based on payroll, and it's not much anyhow at 2.5x payroll, but you can do EIDL as a landlord, with a business entity or not. The formulas are Gross Profit ÷ 2 = maximum loan amount. You Gross Profit is Annual Revenues less Cost of Goods Sold. In a nutshell, take your NOI, and divide 2.. That will at least give you a ballpark, but there are other variables, such as financial trends that can lower that ceiling, as they do want you to pay it back. Luckily you're not stuck in a down trending market, as we are possibly in the hottest markets in our lifetimes, so selling it is the best avenue if you can't weather the storm.

I always try to remind people that real estate investing is just a slower version of the stock market, we are now in a liquidity squeeze. Sometimes you have to exit your position, and enter back in at a later date.

Hands down JT Title & Escrow. They’ve do all of Carl Silvers title work (Central Park, one and two), etc. I would never go anywhere else. 

I tackle all my deals based on 70% ARV, then subtract repair cost (pad it out a little) to come up with a target price. If that number divided by 100, is more than monthly market rent, it's no good, and I base pricing at 85% of market rent.

**inheriting a tenant** Don't even get me started 😂.. My all time favorite is buying a bunch of units from the HOUSING AUTHORITY. One of the units parentally had a small fire from the HVAC system year prior. I dropped by to inspect after closing, and the tenant's 5y is running in circles in the living room. While I'm talking to these new tenants I just inherited, they inform me there is a hole in the living room floor, and point to the spot in the carpet, which I then put my foot on, and promptly fall through to my knee, while their child keeps running in circles around me. I get up, and I'm like this place is condemnable, while they are like no-no, it's totally fine... A week later the SWAT raided the house for drug dealing. Old landlords become slumlords I have learned, and tenant onboard forms are so-so-so important, name, address, phone, email, ss, and dob... because 99% of them folks are getting evicted within 12 months or less, and the only option is to toss them to a collection company, and forget about it.

@Benjamin Enriquez I laughed reading this, but I just wanted to say don't be afraid to experiment. Decades ago I started charging hundreds in pet application fees, monthly pet rent, lock change fees, and so many other things related to long term rentals, that only a fraction of the industry has started to implement today. Just because others are not doing it, don't mean you can't try it. You could be ahead of the curve. What you'r proposing is called a bad idea today, and innovation tomorrow.

For me, I charge higher cleaning fees on my AirBNBs, and at the same time only allow people to rent for 2-3 days vs a week or month, thus more turnover, and more cleaning fees, and in doing so, I am inflating my nighty rate to almost double the competitors, while almost being booked solid all month. 

So take risk, try things, and adjust till it works better than just being average!

Do you have a written lease, tenant ledger, each tenant's DOB and SS number? If yes, get all the damages together, and send it to Hunter Warfield collections, whatever they collect they will take 40% as their fee and send you a check, while you get on renting to the next tenant.

RIGHT! LOL