All Forum Posts by: Matt Slakey

I would be a little cautious about mold because there are toxic strains. Some people from the podcasts have no problem with it. There are remediation companies who specialize in mold, so in that sense it would just be another thing to fix like paint or a new roof. I would call around to mold-removal specialists and try to get a ballpark (or a free quote) of what kind of money they charge and then work that into the offer. 

As far as the tree, it depends on how close it is to the house and what kind of soil you have. If the roots carve up the backyard and you know the soil is dense, that could be an issue. Another thing to work into the offer. 

So when you come up with a number and it's, say, $22k under market for fixing the mold, sealing leaks, and removing the tree, I would decide if you are willing to eat that cost or have the buyer eat it. And if the buyer doesn't want to eat it, are you ok with walking away? No property is perfect but you have to make it worth your available time and money.

@Matthew Kreitzer@Dick Rosen

Thanks for the advice. I did get specific legal advice. They recommended I file an 20-day repeat violation eviction. Since filing that I've been told that the tenant is being dropped from housing assistance (she can appeal the decision) and I have a court date on the 15th. 

I think the main thing is not the numbers or real estate.

I did a similar thing with my wife and 9 month old girl. It is possible, for sure. I would say to make sure it suits your personality type: you and your wife can take as much time reading those signs at all the little roadside attractions and parks, you have nowhere to be. Maybe you like to plan all the details and you'll be driving 900 miles a day to get here or there. The country is pretty small traveling 75 mph. Or maybe you like to wander, taking the back roads to who-knows-where. I was always wondering if there was a legal place to camp up ahead. It's a completely different life. Also, almost everyone else works and can't hang out.

I would check out freecampsites.net and wwoof.org for keeping costs down and getting some unique experiences. WWOOFing gives you a place to stay (for free), food (partially, varies with each farm), local characters to hang out with, and something to do. Accommodations tend to be primitive, though. 

You also say that you would stop traveling in a few years. Would you live in one of the units you purchased? Would you be able to pay the bills if you were living in it and you couldn't get a job right away? 

@David S.

Thanks for the reply! I'm thinking we may have to do something similar, just wait it out for another 6-8 months. The case worker has been hard to get a hold of but is aware of the situation. 

Hello BP!

We have a tenant that is in violation of the lease with unauthorized people in the unit. We wrote a letter (not an official notice to quit) giving the tenant 14 days to reconcile the violation and informed them that if they hadn't reconciled the problem by then, they would be given a 72-hour notice to vacate. We are new to rental property ownership and management and are not sure of what we are allowed or not allowed to do regarding notices to quit. This tenant is a section 8 tenant. We have fumbled already trying to give her a no-cause notice, but quickly learned that wasn't allowed because she's under contract with Section 8 and hasn't been in the property for a year yet. So now, we're at the end of the 14 days and she hasn't communicated at all with us or had the unauthorized tenants fill out the applications we dropped off for them. 

The question is can we legally give a 72-hour notice at this point? Or, do we have to redo this whole thing and give a 30-day notice "for cause" with 14 days to get the unauthorized tenants out or legally added to the lease with our authorization and screening? 

Thanks for any assistance!

@Marc Oister

Congrats on your first deal! I would probably continue looking for deals. I haven't done a mail campaign, but I've heard that the return from the can be 1% or less. 

Thanks again everyone!

I would say do the whole thing yourself. Unless you had another deal in the works that would give you the same or better cashflow/equity. I would keep her info for a future deal though.

Confront the lie and correct to the situation. One lie turns into two turns into five. I think that this is one of those (small) things that helps you maintain control of your property and keep good tenants.

Thanks everyone for the congratulations and advice!

@Rob Green

As far as deferred maintenance, it needs new ridge cap shingles on one building and the downspouts to be put back in place. Those are pretty much the only urgent things. I would like to repaint the outside, it's a pretty hideous shade of teal, and replace the gutters.

@George P.@John D.@Jeremiah H.

$160 is cutting it close but we are raising rents about $100 per unit to bring it in line with market rates. We do plan to pay the second loan ASAP.