All Forum Posts by: Mark Gaskins

@Crystal Smith question as I go back and review notes…..why do you suggest having escrow manage the money? What are the advantages to that?

@Adrian Wooten how long have you been in the Real Estate game hunting for property in that region?

We can discuss what your plans are and how we work, if you like. Shoot me an email and we can connect next week: mark@thefivemgs dot com

Situation:

Investment Property for sale with tenant. Current owner says tenant breached lease (ends in 2022) due to nonpayment. Tenant doesn’t pay for four months and then claims to still have an active lease.

What can the new owners do?

What rights do they have?

What rights does the tenant have?

What steps would you advise is best to satisfy both parties?

Note: Tenant was offered new 12-month lease with a slight increased rent along with waiving the eviction and not seeking prorated payment for July. However they still declined.

TIA

@Greg M. 😂 but you read it though!

Check the county you’re in also because from Florida to Cali, local levels are making moves and advocate groups are pushing for similar extensions.

@jennifer 

So, the tenant was approved for a 1/1 but the house is a 2/1. She actually has another person living there and, apparently, the previous owners were okay with accepting the lower rent. Now that we have it, we want the full rent that the house can get ($1,200) but the tenant was only approved for $1,020. 

Side note: Do you know how long it takes to get approved as a S8 landlord? 

Just read the article today that a judge in DeKalb county Georgia has extended the eviction moratorium for 60 more days.

I have two properties in Clayton County and curious what savvy landlords do to hedge the losses of rents during this time? One tenant hasn’t paid rent since April and is prepared to move…the other has Section 8 which is not covering her for the full amount needed. So she’s moving. However, with the stay on evictions, I would like to know of how to document the losses, what to fill out with the city/county, how to ensure that the losses in rents are not a complete loss after this is all said and done.

https://www.ajc.com/news/atlanta-news/dekalb-judge-issues-new-countywide-eviction-moratorium/4U56X6QWXJAHJB6IVAB6GPGIRI/?fbclid=IwAR0U5xK-jwvdHHR87YESacIohAOacZrHsRlSa-NgUhhF-3aXBx7D52bUbGg

@Phil Earley hey, how’s business going? We are looking for a rockstar PM

🚨🚨🚨UPDATE 🚨🚨🚨

In short - They terminated the contract!!!😅😅

Oh! I’m so happy about that. So, I told them that they flat out lied about the condition of the property and left out the fact that it had asbestos. Their contractor quoted $30K and we added a $20K cushion but the actual repairs are over $100K! So, I offered them $75K Cash instead or we walk away from the deal. If they don’t accept my offer, then I asked for a termination of the contract. I asked to hear from them by EOD Wednesday.

They responded today with the contract termination.

I appreciate my BP Community because I would have never known that I could actually challenge things this way without yawl. 🙏🏾

I have been religiously following this strategy and got to the section in the book by @DavidGreene (Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple) where he advises to send bids to prospective GCs so you have a pricing inventory. Admittedly, GCs are like the Olivia Newton John's of the market right now.

Me, well, I’m singing “You’re the one that I want...” but these guys are going in the opposite direction.

Is it me or is this BRRRR strategy only good in a "Buy" market? What are some ways to get good and reputable GCs to engage?

@Jensen Bouzi I’m in SF property in ATL