All Forum Posts by: Ryan H

It's been awhile...

For anyone still keeping tabs, here is where we left off... even though this is all in the past now... at least for me.

("I see you are doing demo... I do that. You need some tree trimming I see... I am a professional tree trimmer. ETC." Thanks, but no thanks.") Says the son of the previous hold over tenants (his mom & her friend) who took over my property the day of closing without me knowing until two days later.

While negotiations with the GC are occurring on the SFR one door down, we are in Maui on vacation when I see that 800 number show up that I never like to see.  SimpliSafe.

"Yup. Call it in."

"Password: Kiyosaki"

Cops report no forced entry.

The sliding back door disagreed.

New appliances installed days earlier... still in place.

No bused windows.

So.... I fly down for a visit.

Before I can get the other alarm in the other SFR, I get a text VM buried in a spam filter from the next door neighbor saying the other pre-hab house is being broken into and they are rolling the old (but fine & was planning to keep them) appliances out the front door. It was the same dude that stole the plumbing & electrical out of the other place. Neighbor knows him. Scorns him something fierce. No problems since.

The gouges in the hard wood floors disagree. The results of that coming soon.

As for the hold over tenant's place... before & after's attached.

Front Exterior - Before

Front Exterior - After

Dining to Living Room View - Before

Dining to Living Room View - After 

Master Bathroom - Before

Master Bathroom - After 

Kitchen - Before

Kitchen - After

More After Shots....

Shared Bathroom - After

Master Bedroom - After

Thanks to the flood of BPers for the past and future_ support, opinions, thoughts and rants.

I hope I added a drop to that same bucket.

Very nice job Jack. I have done something similar here in Sonoma and have found if you buy right you can cash flow pretty good even in this NorCal market.

As someone who invests in Dallas, I would say either option could work but may not be the best use of capital.  Of the two options, betting on appreciation is more risky.

Personally, I would suggest looking at some lower end areas than White Rock & Bishop Arts and lower your purchase price to the $150k or less and either do the house hacking duplex of just a simple buy and hold BRRRR.

@Mitch Coluzzi Thank you for taking the time to provide your seasoned insight.  While is not my first project and the tenants were not actually tenants but as I later found out were family "care takers" living there until the owner sold the property which was contractually to be delivered vacant. So there wasn't a lease, deposit, etc. But yes, I do agree with you and will make your points a must going forward.

@Account Closed It is interesting that you say that given I am dealing with a similar situation with some architectural subcontractors right now.  They previously over promised and under delivered.  I gave them a second chance and guess what happened... yup. Same thing. The Universe is funny that way. Looks like I am overdue for a good third eye cleaning.

UPDATE: Hold Over Tenants Out, Rehab Started, Oddness Continues

So after much to do, the hold over tenants finally moved out. I did not have to file an eviction but I did have to wait WAY longer than I wanted. The day they promised 100% they would be out... they were not. Why you ask? Because it was raining. That was the reason they gave me.  I will spare you the details on how my logical retort of; use a tarp, rent a van, borrow an umbrella, etc. went unheard.

So as of today, the hold overs are out after a free 2 months of rent and the rehab is underway. The place is gutted. I was at the property today as I was in town for other matters and was in the back yard taking notes and photos on the progress when a man comes around the corner into the backyard and is just as surprised to see me as I him.  Turns out, he is the son of the hold over tenants and says he was coming to check on the fridge he left in the garage. Sparing the details, he basically offered up he services to do _______________ (fill in the blank). "I see you are doing demo... I do that.  You need some tree trimming I see... I am a professional tree trimmer.  ETC."  Thanks, but no thanks.

After a brief chat, I excused myself and he went on his way.... right into the other house I am in contract on recently only 2 doors away!  No joke.  I am in contract on another house on the same street which I thought (and still do think) was a great opportunity only a couple doors down from the place in this post.

Stranger than fiction.  Stay tuned.

@Stephen Stone I have a property in Oak Cliff that I am beginning a rehab for rental on and another one that is pretty rough and has been vacant for a while that I am about to start at the same time.  I will be in touch in the next few days to discuss the details on the foundation repairs and see what you guys can do.

@James DeRoest They do in fact have the rent and have tried to give it to the sellers agent. They have sent me photos of the money orders. But yes, I agree that it has gone much more sideways that I anticipated.

Notice has been sent.

I have confirmed with the water department that at least in Dallas, the water bill is tied to the person rather than the property. They do in fact have a $1,033 balance on the account. Dodged that bullet.

@Wes Brand, In case you haven't been reading the whole story.... this property is in Texas.  Very landlord friendly state.  I sold my place in SF for the very reason that CA is a tenant friendly state.