All Forum Posts by: Steve Candor

@Zach Davis 

 haha... that's hilarious. Very similar to a place on stayed at the beach. They had a brochure and in it had tennis courts and an awesome pool. The picture on the front was part of the property and the backyard of the other property. 

So no access just "views" of the pool and tennis court. 

This is hard game to play. 

The listing agent says there's an offer on the table. Then says it's pretty close to ask. No contingencies. 2 weeks to close. All cash.

I think for some reason her and the owner are lying to me. At first she said it's close to ask. And now she says it's at asking... 

Ever caught the listing agent lying? Any tips to figure it out? 

This will be my first deal. How are my numbers? Missing anything? 

110k. Will need some patch work on roof.  5000 I'm overestimating here.

Rents 3290.

Water sewer 125 a month

Electricity 425 

Insurance 160

Taxes 175

10 percent management 330

10 percent vacancy 330

10 percent capital expenditures 330

Trash 25 

but if I don't put that in could the owner refuse on sending me info like his bank statement, utility bills, leases, etc.

i want to put an offer in contingency of contractor inspecting. Do I also. Need to put contingincies on things like rents are actual rents stated in MLS. That he's actually collecting the rent, utilitiy cost is what he said they are?? Or are those given? Also the listing agent said all units are deleaded. What if they aren't? Can I back out? Or is everything like this have to be specifically stated?

I haven't put an offer down but want to. The numbers work. I don't want to over pay though. And am so what relieved there's another offer coming in (shows there's demand).

There's the seller's agent and I don't have a buyer's agent (yet).

Is there a way I can get an edge? I was thinking of using the listing agent as my buyer's agent. Is there a way I can figure out what the other offer is?

I just don't want to overpay and want a good deal. I can also use my good friend as the buyers agent (broker) and we split the commission. 

@Bill Gulley I know a landlord who specifically photocopies all his cash receipts. Not a small landlord either. They easily do over a 100 rentals a year. And each one they photocopy cash and sign it. 

@Kyle J. Oddly enough this was the outcome. So the banks refunded them the stopped payment and cashed my checks. However, they did not see the money clear in their account. They didn't believe the stopped payments went through and would not pay us back. They went to the bank and the banks told them they would have to wait 90 days. So the banks withdrew money from my account for the stop payment but never placed it in their account.  

No way I'm waiting 90 days. These tenants would change their mind or run out of money (they have almost nothing in their accounts). We worked it out with the bank. I ended up having to pay $50 per stopped payment check to get the money immediately. I ate the costs rather than make them because I just wanted the money now. Too risky to wait or get them to pay. 

@Christopher Giannino @Colleen F. 

I always do credit checks even on the tenants if they are students. 99% of the time the guarantor pays the rent. We always get parents or relatives involved if they don't make 40x the rent. 80x the rent for cosigners. 

However, if the students have really bad credit - we will deny them even if the cosigner is qualified. 

I just found this out and it could have been really bad situation.

So we collected a certified check for the rent and security deposit. After the tenants sign the lease (guarantor has not yet), paid the rent, they decide to back out because they decided they actually didn't want the apartment anymore. Their cosigner refuses to sign the lease because the tenants anymore. I'm fine with it since I only want the deal if the cosigner signs the lease.

So we have ALREADY deposited the certified checks and they clear. The tenants stopped payment on the checks the next day but they already cleared. After 24  hours (just to be safe) I wrote them checks for the rent and security deposit. The next day, 48 hours later, I see that the STOPPED PAYMENT went through! So the bank took money out of my account! So now, not only did they get their money back because i wrote them checks they also go money back from the stop payment. 

It could have ended really bad here. I called the banks and they basically said I should have waited 7 days. 

Then what is the point of certified checks and bank checks???