All Forum Posts by: Mike Cumbie

That's a rough one. 

Stick a piece see of paper in front of him removing all restrictions with a check. 

Or A sign. "Future site of Randy's hog farm" or the most undesirable thing the restrictions don't stop. "Future site of sex offender rehabilitation community". Since things are spread out it was our only option.....

@Dustin Morris

It's about who you represent.

"Hi possible seller, I am a licensed Real Estate agent, I am representing a buyer for your house. They would like to offer $5.00 for it"

VS

"Hi possible seller, I want to buy your house.. How's 60K sound?... Hopefully I can find someone to actually buy it"

VS

"Hi possible seller, I am a licensed Real Estate agent, I would like to represent you and list your home, If you will take $5.00 I'll buy it right now. If not I will happily list it because I think it's worth about 100K"

2 of those are valid for agents. To me it is all about disclosing who you represent. 

@Dustin Morris

I honestly don't know why you would "Contract flip" a property as an agent (as a practice). I am unaware of a state that has a limit on the amount of commission you are charging. 

Option 1, Wholesaling: Property worth 100K, you offer 60K with a "fee" of 5K... Market it to a list of 100 people quietly. Hope for 65K. Get it under contract and if you fail, you are held to buying it.

Option 2, Agent: Property worth 100K, List it to the world for 60K, with a commission of 5K - 10K - 12K- 16K- 20K, Signs, MLS, Global representation, push for multiple offers, have people crawling over themselves for a shot at it. Hope for the 100K it's worth. If you fail, you never made an offer.

@Eric Bilderback

"BP prides its self on being anti-guru but then they bring out these successful real estate folks and they use the BP platform to give themselves credibility. I do really love BP but I don’t see why they refuse to get pissed that they are being used to take advantage of new investors (FYI the same people they say they want to help). It pisses me off just thinking about it."

Two Points: 

1: Bigger Pockets does not "pride itself" on being anti guru. Several posters may feel that way, but BiggerPockets is about Real Estate investing. There are numerous ways to invest and following a guru program is one of them. To my knowledge BP has never made a stance on programs newer investors have chosen to pursue.

2.  BiggerPockets does not get involved in member disputes. We do not vet members of the site before they are allowed to join. Members are absolutely allowed to share their factual experiences with others.

BP will not get into discussions or "Fact checking missions" about members validity or their personal deals. 400 members could post about how you "ripped them off" (and their 200 friends who signed up to share their experience...) and that does not constitute a reason for BP to ban/warn about you. The site rules apply to everyone. If you do not have personal knowledge to share about a poster and are simply following the "crowd". I will suggest you refrain from making assumptions. One side of an argument is simply one persons feeling about a situation. 

Thank You!

Personally I prefer them. If you are doing LLC's though you have to make it a separate business. Get it's own bank account. It's own debit/credit card. When buying a faucet have it come from the company funds. When signing contracts or checks sign "as member". Don't run to the store buy something with your own money to use on the property.

Good luck in whatever you decide.

@Andrew S.

"If I need to kick out their boyfriend, girlfriend, friend, etc -> then they are an unapproved guest that is trespassing. Way easier than an eviction. Same as if a stranger is in your house."

If that was the case squatters would not exist. If someone has established residence (Moved in with boyfriend/girlfriend) they are no easier to remove than the tenant. If the tenant says "Here is my 30 day notice". Next month they are gone. However you still have the other one because they broke up and the tenant decided they are leaving and the other says they are staying. Who are you evicting? Since you do not have a name you have to go generic. A pain but can be done. Once the eviction does go through are you going to collect damages for the property? If so who are you going after for a judgement? Do you have a soc to hook it to?

A stranger in my house is an easy answer. Someone you allowed residence in your rental is different. If you try a self help eviction imaging having to then pay them triple damages?

Hi @Sharron M.

Call a couple agents to come take a look. They will tell you what you think it can go for. You don't need to sign anything and it's free. If you decide to list at least you have an idea. At this point you had a single investor come out and they low balled you. If the agents are saying AS/IS 180K and this guy is saying 120 because he needs to put in 60 and make a profit, you have some information you can use.

Good luck!

Hi @Kaybreh Mathis

Send a letter to each tenant.

Hello Mary J Renter,

We would like to introduce ourselves (Fluffy happy stuff)

Of course we will be honoring all of the current leases in effect. We are excited to move all of our tenants to our standard lease upon completion of your current term. We have also decided to allow all existing tenants who are a long term lease to move to a month to month lease if they prefer. This of course does not lock you in to the term, but it does help us to get the whole building under the same framework. 

We would like to also apologize in advance for the noise, but on Tuesday the 8th we will have some maintenance people in the area repairing the (insert item here). They will not start until 9 and should be completed by 2:30.

Signed management

When people call to get on the month to month option have everyone over 18 apply. Personally I wouldn't get to crazy with my standards as they already live there. But it would get them on the joint lease. 

Good Luck!

Hi @Jake Petersen

Your state may vary, so someone from Florida may have better advice. 

Here the disclosure is about "Known issues". If he felt he fixed it you may have to prove he "Knew it still leaked". My suggestion would be to get an idea of what it's going to cost and go from there. Couple hundred bucks, I personally would just fix it. If you find out it is a considerable expense, I may go after them.

Just my 2 cents and good luck!