All Forum Posts by: Tracey B.

No offense Andy, but I am curious what your niche is as advising someone who's selling a rehab to pull out the tub is a recipe for disaster. I have rehabbed and sold numerous homes before getting into holding and I always reglazed the tubs. The tub looks new when its done, I give care and maintenance guide to new owner and its done. Replacing a tub costs way more than $400 and can open up a can of worms and lead to even more repairs depending on whether the floor underneath the tub is damaged, tiles around the tub, plumbing issues etc.

Aly, what I dont get is how section 8 can send that to you. Legally per their HAP contract, they have to keep paying the lease term unless the tenant moves out of the property in which case you could sue and get a judgment against them for the rest of the lease term. I have seen cases where section 8 will actually pay out the lease term too. But I like all the suggestions you already got which is tell her you will advertise the unit for rent and if someone is willing to move in before her lease expires, she can leave or else she has to finish her lease term. I would get the case worker on my side too and make her make the tenant understand that she has a legal obligation to stay but if she helps you find a tenant, you will let her go.

Randall, we always reglaze the tub with a local professional company. Don't use depot kits, they peel right away, the prices vary a lot but we pay around $350-$450 per tub depending on whether or not it was done previously.

thanks,
what is 'infill'?

Anyone have experience with this? Should I charge a large deposit and make them convert back when done? Lock them into long lease? What are the pros and cons?
Thanks
PS There is a long term tenant living above where the salon would be

Aly, can you explain why she wants to break the lease? Is she the major complainer type or has something major happened?

Max, do a google search and you will find lots of rental applications you can tweak. The most important things you need to know are their social, dob, current and previous addresses with rental amounts and dates, including landlord names and numbers, where they work, how much they get paid, general yes and no ques about rental issues and criminal issues (many will lie here so it is easy place to get denials for), emergency contact info, drivers license no, phones no and the authorization section that you will need to fax to apartment buildings to verify rental history. These types of applications are all over the net for free.

Jerome,
Many wholesalers send out emails. I prefer that method of communication because then I can do my own research without having someone trying to force a commitment over the phone. I recommend you do email blasts to your buyers with the specs on the deal: address, type of home, beds/baths, asking price, arv, best strategy like "good rental" with area rent or good fix and flip with some recently sold comps. This I think will be the best way to non verbally communicate with potential buyers.

Mike and others who rent to government people, how do you guys handle requests for exterminating? I have never been asked this before and since I have started renting to government voucher tenants, I have had 2 requests. Do you tell tenant its their responsibility or do you do it once and subsequent visits on them? The first tenant, that is what I did and I never heard back from them. Also, what do you do when you notice they are not cutting the grass and its in their lease? What I have decided was that I will charge them whenever I go by and see it overgrown and have to hire someone to do it. Any thoughts or suggestions or recommendations from other people who deal with these types of renters.

I just want to add as someone who owns several rentals in personal and llc name that getting a loan on a property in an llc name is not as easy as some people think, especially now. I have done cash out refis on properties I paid cash for in the name of my llc and after you do one, the lenders always say thats it and then I am at the drawing board calling tons of places trying to find someone else who will do it. Yes you can get financing for llc properties if you know who to go to and this changes constantly. You also have to have solid financials or a good cash flowing property at least that has been my experience. If you plan to do something like that I recommend you have lenders lined up and know their requirements before you get stuck. We have started buying in our personal name again because it has been so hard to get refi'd out when in llc name. Many people I know are doing what has been suggested and just transferring to an llc name after they get their financing. Independent of how my properties are titled, all my leases are between my llc and the tenant. My llc collects rent and acts as the property manager so tenant dont know who owns the unit.