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All Forum Posts by: John Nisewonger

John Nisewonger has started 27 posts and replied 91 times.

So this investor supposedly went bankrupt and they are auctioning off a bunch of his properties here in Virginia.  I wish to put a bid on a property but it currently has tenants in place.

My question is if I win the auction and get the house, what is the best way to evict the tenants.  I HAVE to live in this property since I will be using a first time homebuyer incentive.  Not sure if using that incentive if I need to move in immediately or if tenant can finish off their lease, etc.  I have heard cash for keys and I would obviously try working something out before I have to fork over any cash.

I plan on asking the auctioneer if they currently have a lease agreement.  I have read numerous things and am looking for Virginia Law as they seem to be different everywhere.

Any input or stories would be helpful.  Maybe a step by step process on what I should do would be great too.  My plan was win the bid, close on property than try to meet with tenant.  I wish to get pictures of the inside just in case.  Ask them to leave, offer cash for keys if I have to and if nothing else works evict them.

Thanks guys....and girls of course!

Post: Eviction and recovery of unpaid rent

John NisewongerPosted
  • Investor
  • Chesterfield, VA
  • Posts 93
  • Votes 11

I always collect rent in cash and I pick it up in person on the 1st.  I had a bad tenant whos checks either bounced or they "got lost in the mail".  When I get a new tenant I collect first months rent and deposit in cash or I guess you could to money order and I had them a receipt every month.

I would definately try the "cash for keys" deal to get her out.  Yes it sucks but will save you money in the long run and she will have cash to go put a deposit somewhere else.

I took one tenant to court and it took 9 months of garnishing her wages (luckily she had a legit job and wasnt working under the table).  Did it all myself without a lawyer.  Its pretty simple to do.

Good luck to you.  We all learn the hard way at some point and time.  

Post: Creative financing

John NisewongerPosted
  • Investor
  • Chesterfield, VA
  • Posts 93
  • Votes 11

I wanted to rent out the house for around $850/mo and give her around $600/mo for payments.  I wanted to do a balloon style loan maybe a % down and the $600/mo payments for like 3 years or so.  The grandmother said she wanted all money up front but maybe if I wave $10k in front of her she will let me do payments.  Maybe they think we wont make payments who knows. Id have a contract either way to protect myself and her interests.

Post: Creative financing

John NisewongerPosted
  • Investor
  • Chesterfield, VA
  • Posts 93
  • Votes 11

I heard some local banks will do loans for less than $50k but haven't found one yet. 

House needs about $10,000 worth of work.  Is a cookie cutter rancher style house around 900-1000 sq ft.  Usually sell around $85-90 in the area after repair condition.

Post: Sales Associate Exam Prepping - Need an audio book

John NisewongerPosted
  • Investor
  • Chesterfield, VA
  • Posts 93
  • Votes 11

So its been a few years since I took the required classroom credits to sit for my licensing exam so I need to study.  My goal is to take the exam in the next couple months.  I picked up a few good books plus have my old classroom books but would like an audio book to listen to at work to help me study.

Any recommendations?

Post: Creative financing

John NisewongerPosted
  • Investor
  • Chesterfield, VA
  • Posts 93
  • Votes 11

So a family member just inherited a house (My wifes grandmother inherited the grandmothers sisters house when she passed away) and she wants to sell it.  My wife and I would like to buy it BUT she only wants around $50,000 for it.  I am having problems finding anyone to finance it because of its low purchase price. 

My mortgage broker says they only finance $50,000 loan min. with 20% down making a purchase price having to be around $67,000 since its an investment property.

I recently let some other properties go that I found on the MLS because of low purchase prices as well.

Am I better off trying local banks?  i tried to get her to finance me with a balloon loan but she didnt sound interested.  She wants her money all at once.  What type of loan should I be asking for?

Post: Prorated rent requirements

John NisewongerPosted
  • Investor
  • Chesterfield, VA
  • Posts 93
  • Votes 11

Thanks guys I will try that from now on.

Post: Prorated rent requirements

John NisewongerPosted
  • Investor
  • Chesterfield, VA
  • Posts 93
  • Votes 11

So renting out my single family again and I have a couple qualified applicants.  Just coming across some things that I havent had to deal with yet.  My previous tenants moved in the first of the month.

So I charge $925/mo and $925 security deposit but one applicant wants to move in the 21st.  Do I prorate those last few days plus charge the $1850 move in?  I dont want to just charge those few days prorated plus security deposit just to have to go over there 9 days later to get 1st months rent.  Or is that how you guys usually do it?

What if a tenant wants to move stuff in earlier?  I was going to get a signed lease and security deposit minimum for him to start moving in boxes.  That tenant wants to be living there by the 1st but wants to start moving in a week or 2 earlier. 

Post: Homepath Lender for $30-45k loan???

John NisewongerPosted
  • Investor
  • Chesterfield, VA
  • Posts 93
  • Votes 11

Im looking at a few cheaper properties and am having trouble financing them bc they are so cheap ($39k). It is a Homepath Renovation so typical 15% down plus closing. Not a whole lot of rehab needed.

My lender only does loans for $50k and up. Seeing if anyone knows someone who does $30-45k loans or if I have to turn to creative financing.

Thanks!

Post: Advertising my rental before old tenants moved out

John NisewongerPosted
  • Investor
  • Chesterfield, VA
  • Posts 93
  • Votes 11

So my tenants are moving out end of this month and they were great. Hate to see them go but they bought a place of their own so I cant blame them.

So I just listed the property available for rent as some of you guys said to. The problem is I wish to not show the property because the current tenants are dirty and make some very smelly foods. I think it would hurt me more than help me.

So when I get someone that is interested in the property, I just explain no showings until such date???? Do I have them fill out an application???? Maybe I can just give them a copy of my rental terms and requirements??? I don't want to waste their time nor mine. I have pictures of the inside and outside in the listing.

Im trying to set some standards with me renting. Ive done a pretty good job before but would advertise after the old tenants moved out and I had repainted and repaired any damage BUT I missed out on rent until then. I am just trying to cut out lost potential income.