All Forum Posts by: Lisa Martin

Hi Glen,  

Thanks for the input!  It’s crazy that a person who is getting good government assistance doesn’t pay.  It seems like a sweet deal for the tenant and the house is actually great in a B area.  An eviction notice has been sent.   I hope she is gone soon.  

Ive been getting more than my share of tenant lessons lately unfortunately! 

Section 8 tenant in Tennessee is behind on rent.  I purchased the property with her lease in place 6 months ago.  Section 8 is supposed to pay about half of her rent.  I'm trying to get used to the timing of when the different payments come in.  Now I'm not getting paid!   My property manager isn't providing information about if the housing authority will catch up her rent or what is going on.  I would have fired them but we are in the thick of this now.  I think there might be paperwork to get her more assistance but I have no idea and the total past due keeps climbing !  $4112.50 behind so far.   What do I do?  I need to recover these losses.  Evict now?   Or is there something I'm missing from the complicated section 8 process. 

Here is what propertyware software tells me: 

lease dates 3/1/23-2/29/24 ,  rent amount $1325 ,  last payment 12/21/23 ,   $4112.50 past due

Thanks Bill. I'm on it! The other two properties are behind on rents as well and are receiving government assistance so it is complicated, and I will discuss with the new management.  

Property manager for one of my properties failed to notify me that the tenant left with no notice.  It wasn't until rent was 2 months unpaid that I messaged to ask what was going on.  Long story short it took them a month to notify me of a vacancy and only told me after I asked.   It took 6 weeks to get a rent ready bid.  They said it will be another 2-3 weeks until the work is done.  It is a fairly standard turn with paint, cleaning, junk out, and soffit repairs.    AH! 

Management agreement states 30-day notice for me to end the management agreement.   I'm thinking of changing management companies ASAP as I have another manager in the same market.   The reason I would leave is current manager is doing a terrible job and making me bleed $.    Do I give the 30 days' notice and keep letting this ride or just tell them their management is unacceptable and move on immediately? I have 3 properties with them and hate to burn bridges, but this is my investment!    

It's crazy how much I have to manage the manager  :-(  

Thank you for the reply. I need to find investor friendly ADU builders for this and other properties! I'm looking into ADUs as a way to force value to properties here in CA. Just getting started with looking for ugly houses that have value add opportunities. I need to make a local team. Leads? I've been BRRRing in TN but not here (yet)

Moving out of state will kill them especially when he passes and she is all alone. After watching Netflix series Live to 100: Secrets of the Blue Zones  it really brought out cultural and societal factors and how important it is for older people to be involved and have a purpose.  Staying active and out of the nursing homes would be ideal.  They will need family around for sure and when you do the math it won't be all that much longer that they have to live :-(  

What kind of banker could they go to?  A mortgage broker? You?   That 3% rate is pretty darn good  :-) 

Thanks again for the input

My family members (late 70's and late 80's)  are house rich and cash poor living on social security and trying to make ends meet.  Their mortgage will not be paid off in their lifetime with about 25 years left on a 30 year mortgage interest rate around 3%.  Balance around $500k.  Payments are just under $3k/month.  

Are loan recasts available to extend the loan and lower their payments or how can they get some financial relief?  It is getting to the point where it seems more peaceful for them to live out their final years without upheaval after living there for 50 years.  It would be nice if they were in a better position but they aren't and it is super sad for them to be so limited.  Nearby properties are expensive so downsizing would help a bit but not the first choice right now.  

The area is very desirable and one idea is for them to get rental income from and ADU (maybe live in ADU and rent the main house). I'd love to help them out but I have no idea how to structure the deal. ADU builds are running around $250k. All they could think of is a reverse mortgage to get the funds. I read the fine print on that and showed them how it doesn't work out to take that type of loan ( 10% interest and a big lump sum draw) and deal with a build. i don't think they can take on the stress. One of them is in his last 5 years of life and going downhill :-( The other one likely has 10-20 years of life left so I'm trying help them with ideas that make the most of what they have in order to stretch out their comfort.

Their property will need to be sold upon their passing and will be split between mixed family siblings.

Any ideas here?  

Hi James,  

I'm not sure how to find out more details other than showing up. I'm still on the fence on this one.  

I'm getting ads for https://www.thebrrrrcon.com/

I'm an intermediate level BRRRR with several under my belt, doing the BP BRRRR bootcamp and still learning as I go. I always appreciate new ideas and contacts. Will it just be a sales push for Palek and Nitty's course?

I'd have to travel from CA but could combine a trip to see my parents on the east coast as well.   I don't want be in a sales pitch for another course and hope it would be valuable. 

Any thoughts on attending this? 

What paint color and finishes are you all using for interiors?  Is everyone tired of grey yet?    I need to tell my contractor what to use!  Is there a standardized list of finishes you all use? 

Thank you!  

Interesting! It is a cash out refi of investment property that does not have the ADU on it. ADU is attached to my personal residence.