All Forum Posts by: Luke W.

I made a rookie mistake last week. I got too excited to acquire a new rental. The seller had a man living in the house that was doing work on it (it was actually quite good), but he had been staying there for a year or so for free while doing so. I bought the property with the intention of finishing off the work and renting it out. Unfortunately, I just took the seller's word for it that the tenant had vacated at the time of closing. I know I should have confirmed and waited to close until he was actually gone. Now the tenant and seller will not return my attempts to contact them. Of course. However, it is what it is at this point. My question is this. I want him gone, and he isn't on a lease, how do I go about getting him out? Do I serve a 5 day notice and try for an eviction, or am I required to give a 30 day notice?

PS- I will be calling an attorney tomorrow, just thought I might grab some ideas tonight if possible.

Oklahoma City, Oklahoma

@Jacob Elbe

I went last March. I thought it was extremely informative and well done. I have not done any syndication deals as of yet. However, I did take a lot of information from it, and it immediately inspired me to take action in other areas of my business as well.

I will definitely be going again. I would like to stress that my "inaction" in the syndication portion of real estate is NOT due to the fact that I didn't learn anything at this event, because I learned a ton of new information.

That's a great story! Very funny, and interesting the way it turned around. Although she may not remember the initial conversations, that's why it always pays to keep your mouth shut and be polite. Good work!

If you're going to offer to pay the closing costs, and I usually do as well, you'll just have to get a better price. Or, just hope that the end buyer is not too worried about it. It may not kill a deal, but it could potentially cut into your assignment if they're making an "offer". Make sure you tell your investors up front. I usually say something like this to the buyer, "The price is $35,000 plus closing." Hope that helps.

I would say that it may be easier to get an organized list fit to your needs by purchasing one online, but it's probably just my personal preference. I think either way could work well for you.

Wow, that looks great! Good job!

Wow, you've got a real winner on your hands. I'm sorry that you're in this situation. It sounds like you are taking all of the necessary precautions and steps to insure you're tenant's health/safety, while upholding your duties as a landlord. Nothing to do but take it as a big learning lesson and move on. 

I think, and this is just my opinion, that if you have the ability to close on the property if need be, then you don't necessarily have to disclose that you are going to wholesale the deal. I always tell the seller that we buy and lease, fix and flip, or resell. That way, worst case scenario I can close on the property myself. If you don't have the ability to close on the property at this time then I would let them know of your intentions.

If you're going to tell the seller that you are planning to wholesale the contract, you might consider doing it before signing the purchase agreement. Always put earnest money with the title company; they will take care of what needs to be done with it.  I'm sure it happens, but most buyers will only pay the fee at closing and wouldn't expect to give it to you just for the assignment. There's too much risk involved in writing an assignment fee check for a deal that hasn't actually completed yet. They don't want to lose out on that whole fee. Although, you can ask for a non refundable fee/deposit, I guess. Someone else might be able to weigh in on that. It looks like you have the process down pretty well, with a few minor kinks. Get out there and grab a deal!

I would say that the Deer Creek school district might have a bit of a better reputation. However, I don't really think you could go wrong with either one. Edmond is a highly sought after area.