All Forum Posts by: Bill Schrimpf

@Iris Dichupa - Welcome to BP!

@Gloria C. - I just sent you a private message.  

@Gloria C. - Wow, sorry you have to do an eviction, not a fun thing!  I'm not a property manager expert, but it sounds like your PM may have dropped the ball on this.  2 months, no rent!  From what I hear around the office talking to our PM, this should be a very short process when handled properly.  

I'm not sure about having to store someone's stuff after unlawful detainer but will ask our PM next time I see her.

Below is the website for the local court, it talks about the process and required forms, timeframes, etc.  At a minimum, it should give you enough to ask more specific questions of your property manager.

Reno Justice Court Evictions

@Kaiston Terry - The title of this thread is approaching a Fair Housing (FHA) violation, because you may be using family status as a determining factor. From a fair housing perspective, it may be equally bad to title this thread "Renting to blacks", or "Renting to homosexuals". You likely didn't know that...

There is lots of good and practical advice here.  The advice about using combined income, and if one tenant moves out, it's a violation of the lease seems like a practical approach.

You dont need to be a wiz on fair housing laws, but reading these may keep you out of hot water.

HUD Guide

NOLO Article

Ground up! Very nice, congratulations! If you don't mind me asking, what STR rates are you getting? Are you self-managing or did you hire a "superhost" to handle the day-to-day on running the rental?

@Bo Huang - Almost right away, when I'm working with new clients and people investing in Reno, NV I'll figure out their money situation.  Then time.  

Time and money, more than anything else, tend to drive behavior because they tend to be the most influential levers in a transaction.  Reflect on your time and money, pick a strategy that fits and go!  

@Alex Ficco - Great post.  Yes, all the ideas, podcasts, books, forums that BP has available is kinda like drinking from a fire hose; overwhelming.  Its hard to focus.

I do miss the "good ol days" when Josh Dorkin and Brandon Turner ran things and really were the little guys.  The new team is good too.  All across BP there is a strong sense of selling a product that just was not there a few years ago.  Not to knock the new team down, I'm all for making honest money, but the emphasis on driving revenue on the site and related products exacerbates the problem you clearly articulate!  Look at all the Premium memberships.  They are NOT cheap...

All that being said, I still really like BP, it's an amazing resource and regularly tell people it's a good place to get good advice; usually, it just depends :)

I don't buy the bad apple argument from HomeVestors.  If you know, or should know, there are bad apples, but don't do anything about it, you are a bad apple too.

Wholesaling in general has a dubious reputation.  Some are good, but it's so easy for bad actors to participate.

When someone sells a property for 2/3 of it's value, that's a cautionary flag, even in the best of situations.  Sometimes the seller is aware and has higher motivations to leave that kind of cash on the table, and that is OK.  

Unfortunately, sometimes the seller is unaware and is being taken advantage of.  It happens in every business, not just real estate.  In real estate and in the case of the ProPublica HomeVestors investigation, people were screwed out of their homes and largest asset.  That is not OK.

One of the tactics used was putting a cloud on title, even though the property had not been transferred yet.  This made it nearly impossible or very complicated for adult children or other care takers to unwind an unscrupulous transaction that took advantage of seniors with cognitive declines.  That is dirty, and happened often enough that corporate told franchisees to stop that practice.  

There are plenty of ways to make good, honest money in real estate.  

This ProPublica article makes them look pretty bad... 

This article makes them look like they take advantage of people.  

Any thoughts?  I only know them from their billboards...