All Forum Posts by: Stephen Zipp

I borrowed from my 403b to purchase my home. It was an investment made not for money, but for a good home in an awesome neighborhood & school district. Read John Ford's warning on this.

A few years later I took a HELOC to buy my 1st rental property.

I was listening to a BP podcast and they mentioned using some cloud product to share files between team members. I have DropBox already, so I think I will set up another one for the business and use @Jeff Beard 's folder structure.

@Ben Dunavent Great write up! Thank you!

Actually, we did give the tenant written notice. I forgot that my partner had done this. And when I spoke to her lawyer, her lawyer wasn't surprised. I am sending all o the documentation to the lawyer tomorrow.

Thanks all for the advice. This is one of those instances where we did what we were supposed to, but I worried that we had missed something because it was all a stressful blur. Writing up a flow-chart and check list now. So glad I kept notes.

Guess I shouldn't listen to my lawyer...

We kept it for 30 days, as per expectation here in NY, but both times she was to come and retrieve her stuff, she did not show. Since she no longer answered her phone or email, we had no way to contact her except through her lawyer, which we tried. I wrote this all down as it happened (I keep a journal for all of our dealings with the rental units). I am waiting on a response from our lawyer now.

I got an email from the tenant's lawyer yesterday stating that she wants her abandoned property. It has been 165 days since she was evicted. She never showed for the appointed times to retrieve her items and after 30 days we sold the items to recoup some money or the months of lost rent (the reason she was evicted). Anyone else have any idea of what I should do?

@Dave Saveri Thank you! It is more of a hypothetical since I am still trying to learn what a good deal is.

Dave Saveri

Dave Saveri

Found a foreclosure that I think I might be able to work into a great deal. How does this sound: Cost of duplex $30,000. Loan for $70,000, so $40,000 in rehab. I believe the house would be valued at $100,000 to $120,000 then. 

The issues: I am new to the game and worry. What I am worrying about, I do not know. What am I missing?

Next question: How long before I can tap the equity if I were to go through with this?

The set up: I'm a newb REI with my 1st property rented out. My partner, on the other hand owns several other properties and has 10 years experience.

We had an issue with heat in one of our units recently. After the issue was resolved, I texted the renters a day after and asked if everything was OK. My partner believes that this is opening ourselves for the tenant to just complain about something else. But for me, I don't consider the issue really closed until the tenant is satisfied with the result.  

So, my question for you all, am I being foolish or wise?