All Forum Posts by: Mason Moran

Hello all!

I am attempting to do something I've never done before and am looking for advice and let me know if I'm missing something?

I have a friend who has been out of town (I'm in Southern VA, my friend is in Alaska) and been without a tennant since October and constantly tells me they're done with this property. It hasnt sold yet listed for 179k (meets market value).

The property used to rent for 1400 and the mortgage is 900 (PITI). They did some renos over 15k worth and said they just want to make that money back. I've offered to pay the 15k and take over the mortgage (118k). My plan is to rent it for 1450 to 1550 a month (average rent in the area) and I should have about a 45k equity position at least.

Is this a good deal (trying to help both my friend and myself out.) This looks like a great deal because I can secure 15k loan for 0 down. Any advice is welcome thank you so much!

hello all! I have tennants who have not paid rent or late payment in Nov. I issued the pay or quite notice and started the eviction process for November. December 2nd roles around and the tennants pay me 1700 (granted rent plus the late fee is 1650, however between November and Dec. the combined total is 3300) not including the court costs I spent to start the eviction process. does his 1700 dollar payment cancel my eviction process? I'm curious because 1700 covers at least one no th rent. can I argue that this 1700 is for the court fees and month of December December's rent and still procede with the eviction process? Thanks in advance for any help and knowledge.

newbie who is eager to learn! I am a buy and hold.investor and I am looking at getting into flipping or wholesaling properties! I live in Newport News and work in Suffolk. Anyone who has advice or expertise I'd be happy to learn! I can offer free labor (I learn best by doing) and I learn fast. Any and all help would be immensely appreciated! Thanks in advance, Mason Moran

update: he has responded to my texts saying ; "I completely understand. I do not have the money yet from the VA. I also became unemployed two weeks ago. I have secured employment opportunities with three different companies and am awaiting final approval from each of them so I can basically choose the best fit. Towards the current situation with the rent. I have contacted my financial advisor and am attempting a withdrawal from an IRA I have but it is going to take a few days. In the meantime, I am doing everything I can to get this resolved." he said in a day or two he can put some money for rent. he's responded and attempting to solve the problem. Being relatively new to landlording, would you work with him, or do you think he's playing games? thanks again!

hello all, I have a tennent who's retired military. He's receiving a retirement check, disability, BAH (from his GI Bill) as well as him and his fiance both work full time. I received a text stating, "Good morning. I wanted to give you a heads up about the rent. My term for school was split in October, I.e. classes ended on the 14th and started again the 23rd. So they processed my BAH was processed as two separate drafts. I have the first one but I won’t receive the second one until Thursday or so. I’ll have the rent Friday and will deposit straight into your account Friday morning." That was sent 6NOV17. Still have not received any payments rent is due on the first and anything after is a 100 dollar late fee. For the past two days I haven't received ANY communication back from the tenants. What should I do? Anyone on here deal with the eviction process, specifically in Virginia? thanks for any help!