All Forum Posts by: Account Closed

Good morning Bigger Pockets family,
I wanted to ask a question on what should I do with this one specific tenant. This tenant is a mother of 4 that works 2.5 jobs, home schools, and takes care of her family by herself.  During the COVID I knew things were taking a toll on her because I noted odd things broken in the house when performing my quarterly inspections, such as, broken medicine cabinet mirrors, master bedroom door cracked on the side, and a cracked vanity sink. (How in the heck do you do that???) I figured it was her acting out due to stress from being overwhelmed with everything which she communicated on different occasions.  In most cases she paid someone to come out to make the repairs which is in violation of the agreement or I charged her for the repairs/replacements which she paid. She's even replaced their kitchen's double oven with a better double oven without consent which she is currently paying the replacement costs.  The last instance was that she recently told me that she had switched her renter's insurance which I thought was odd because I was not notified as the "party of interest."  When I called her former insurance company I realized that she didn't give them my correct email address and when I followed up with her new insurer the agent told me I was just added as the "party of interest" yesterday, 7.2.2021. I am having a hard time trying to determine my next steps with this tenant because on one hand if she breaks something she pays for proper repairs or replacement, pays on time, responsive to requests, and very easy to work with. I guess my problem is the lack of communication and transparency.  In typing this post I believe I have my answer but I still want to get the group's thoughts? 

then it seems to me that they should buy NNN and get their 4 to 5% return and cost seg.. trying to corral SFRs in mass is a big undertaking and far riskier.. but then again its their 1.5 billion not mine :)

Don I had a conversation with a Hedge fund acquisition manager this week.  I ran into them when I sold them one of my left overs. 

In this particular market and what they are targeting is clearly low C which really means D class rentals  its a market I started lending in 20 years ago.. I have never seen anyone other than locals who self manage be successful growing any kind of portfolio Myself included.. I asked him what are you guys doing  just because you can buy a 20k house put 15k into it and rent it for 800 ya looks great on paper but do you understand the tenant base the crime the assets themselves given the age and abuse over the years they take.. I mean I want to sell you the last of my homes so I don't want to talk you out of it.. But really what is the long term play here.  No one has been able to do it yet.

ANSWER:

WE rehab them better than most so tenants want to live in our houses and stay for years.. I said OK so does just about every other landlord Granite and stainless is standard these days in many of these rentals.. And they thought they could get market rent and not rely on HUD which in these areas NO LOCAL will do unless absolutely necessary. I am just wondering if I am missing something or its as you state too much money chasing too few deals and well that guy did not know what they were doing we are better so we can train this tenant base to pay on time every time without government payments.

We did not dig any deeper but the reality is in these zip codes unless the locals own the home ( and of course many do or their mom does). The average tenant will move 30 plus times in their lifetime in those same streets and blocks .. Not sure many understand this. And turnover kills rentals especially in areas were petty crime really hurts landlords.

OR I am missing something..  these guys re paying what i was lending on these assets 20 years ago.. numbers are basically all the same over all these years. 

My Take on Every Thread in the Wholesaling Forum

1. Newbie with no Capital want to “begin real estate investing” by wholesaling

2. Current “wholesalers” offer encouragement, general advice, etc.

3. Real Estate Brokers tell OP that wholesaling is unethical, illegal, etc.

4. Other investors tell OP that chance for success is minimal, and that wholesaling is not investing

5. Inexperienced wanna be investors chime in that naysayers are just trying to kill someone’s dream, don’t listen to naysayers “haters just want to hate” , etc.

6. Thinly disguised point man for wholesaling guru states that he had great success only after paying for mentoring with this particular guru.

7. Jay Hendrick points out that this particular guru was indicted in Oregon for fraud, and is being sued in Washington

8. Don Konipol votes on Jays post

9. OP asks another blatantly ridiculous question

10. #2 thru #8 above repeat again

Hello,

I'm a new investor trying to get the investment process started. I'm looking to finance via a HELOC on my home, which is in California.

However I am planning to invest out of state, and was wondering if there are any restrictions/advantages to having the lender be in my home or investment property's state.

Thank you!

What are the reasons why millionaire and successful real estate investors lost it all during the crash? Was it over leverage? What does it really mean? Was it because of the neighborhood they've invested? 

We have a nice home that has appreciated significantly. We bought it a few years ago with a 15 year note. We own 2 duplexes that cashflow well. I am the primary bread winner, my wife wants to quit her job and be a full time realtor. The monthly payment is hefty, but we can swing it. My question is, should we refinance the 15 year to a 30 year? the payment would then equal our cashflow from our investment properties. And we could then use the extra cash to buy additional properties.

Or do we keep the 15 year note and keep on the current pace? We would have to really tighten our belt if my wife quits her job and she starts making some sales as a realtor. Thoughts?

I am new to real estate and am currently in the process of getting a HELOC. I'm looking to find great deals and BRRRR. I am in Delaware state in The Wilmington area, I was told to get on some wholesalers email list so that's my next step! Any insight is much appreciated, thank you!

Well, we have had a busy spring/summer. Closed on our first flip and came out great! Found give good deals four of them off market. One of the off market ones we found through driving for dollars and a direct mail campaign. The homeowner and my company signed a purchase agreement back in May and we were set to close on June 20th. We went in and signed but the out of state owner has not gotten around to signing yet. She said she was going to meet with a notary yesterday the messaged she was going to have her "guy" look at it before she signed. We are even paying half of the prorated taxes which is only 800 to smooth things out in her mind. I think it will still close but was wondering if anyone had a similar experience as this and what one can do to nudge her in the right direction, which is fulfilling her responsibilities laid out in the purchase agreement. Also the day we closed on our end we got a roll off dumpster there and did a fair bit of clean up and even ripped out the carpet. The place was a mess with lots of stuff and filth left by the former tenants. May have jumped the gun a bit, but we will learn from that! Lets hear some feedback or some similar stories. Vent away