All Forum Posts by: Luke W.

With an assignment, you generally won't have to bring any money to the table. Unless you have to put earnest money down, and haven't found a buyer before you need to put it with the title company. 

In a double closing that may depend on the title company you use. Some will let you double close without bringing any money, others may require you to have some sort of transactional funding.

Maybe they are like me and hate ironing clothes, so they throw them in the dryer for a few minutes haha.

Not sure if they price will change once they add in evictions, but through my buildium software, the tenant only has to pay $12 for Smartmove.

Find out your state's eviction process. The next step would most likely be to go post a notice to pay or quit on the door, then wait the lawful number of days before filing for eviction. However, if you are wanting to try to work it out with the tenant then you may just give them another call or knock on the door. However, I wouldn't let them give you a story. If you don't have it, take the necessary steps. Even if you do choose to work something out, post the notice for a "cya", that way you can file for eviction the minute you get fed up with it.

Last month I sent out invoices for the first time to see if it helped my rent collection.

Tenant calls me 6 times in 30 minutes, and leaves a voicemail to call back because it's urgent.

"Hey, I got your message. Is everything all right?"

Tenant: "Yeah, what's this invoice thingy?

Me: "Well it's just something to remind all of our tenants that the rent for the new month is coming up.

Tenant: "It's wrong."

Me: "How so?"

Tenant: "It says I owe $861. My rent is $700.

Me: "Correct, but your portion of the rent is $161, and housing assistance pays the rest."

Tenant: "Yeah."

Me: "Well, you haven't paid your $161 for September. So, on the first you will owe $861."

Tenant: "That don't make sense."

Me: "Well, to make it easier, think of it this way. After the 3rd, housing assistance will have paid its portion of the rent for you. So, you will owe $322."

Tenant: "But, I don't have to pay $700."

Me: "Well technically you do, it's just that HUD pays a portion for you. If for some reason HUD called tomorrow to tell you that you were removed from the program, you would still have to pay the full amount.

Tenant: "But, I don't pay that portion."

Me: "I know, you will owe me $322 by the third."

Tenant: "I'm confused."

Me: "I'm sorry, I don't know how I can explain it any better. Just trust me. After the 3rd you will only owe $322, which I will need by the following Friday."

Tenant: "Well, all right then."

My friend who had heard the whole conversation right next to me just turned and said, "I can't math." Cracked me up for a bit.

Wayne, you're right, but I could probably at least have a leg up on asking the other buyer to back off or get the title company to work with me.

Today I met a seller and negotiated a great deal. We signed the purchase agreement in the kitchen before I left. He had mentioned that he had scheduled a few appointments in the afternoon, but I assumed he would cancel them since we had a signed agreement. I hadn't had time to get to my scanner yet when he called and told me he signed a contract for $6,000 more with another buyer. I could probably raise a stink and hold up their deal, but I'd rather keep my reputation with that investor than make the money. I hadn't quite decided if I was going to keep the property as a rental or wholesale the deal off, but I guess I don't have to think about that any longer.

Lesson learned - always have a time next to the date for possible proof of having the first contract... and, get it to the title company as quickly as possible (although 4 hours isn't that long haha).

Looks great! Good job!

Since the rent in the units is "all inclusive" is it above market rate, or would it still be market rate if they had to pay their own utilities? Many times I see the rent higher than normal if utilities are included.

Is the wholesaler still in the negotiation or are you speaking directly with the seller? If you're still going through the wholesaler I would imagine that he has worked his assignment in the price you're at right now.