All Forum Posts by: Oleg Serdyuk

The property is located in Chicago, IL, and the property management company was responsible for its management. After the tenant left, the contract with the property management company was terminated. 

Now, it is my responsibility to work with a collection agency and provide them with the necessary information. I asked the property management company if they could directly provide this information to the collection agency, but they declined.

A property management company is managing my investment property. The tenant left, owing a significant amount of money. As a result, I am not planning to continue working with that property management company. Now, I am working with a collection agency to recover the unpaid rent. However, the collection agency is requesting the rental application with the tenant's Social Security Number (SSN), but the property management company is refusing to provide it, citing the sensitive nature of the information. 

How can I proceed? 

Do they have the right to withhold this information even though the tenant owes me money?

I had  horrible experience with Missy McCall.  Never gonna deal with them again. 

PM if you would like to know details.

Gordon, 

I just refinanced my property in CA. 

I have very good experience with mortgage lender and since now on, he is my first contact if I have any questions related to mortgages. 

PM me and I can share his contacts. 

I am about to purchase a single family house. 

Sewage inspection indicated that there are some cracks, pipe separation where two pipes connect, etc, but nothing very serious. 

The bigger problem was mentioned in a report is a little "belly" in a hub or "void" , and eventually it will collapse pipe.  But that is on a city side. 

So do I need to worry about it?

Let's say it collapsed, I called a city, how quickly they going to fix it? 

Will I have to pay anything for that or everything is gonna be paid of by the city?

Thank you 

Thank you Anna. City is Cincinnati, OH.

Tenant is not section 8 and mortgage is not federally-backed.

Eviction filed, but the earliest date tenant can be evicted I believe is end of August. Which is another 3 months. 

Well, learning my lessons hard way :) 

Thank you guys. That is very helpful!

Tenant in Ohio does not pay already for 3 months. 

Before pandemic this tenant also was late with payments, so on my opinion most likely she is taking advantage of the situation. 

Debt amount already is almost $5K. 

Tenant could not provide any proof of pandemic related financial issues. 

I tried to give tenant like 10% discounts and things like that. But nothing worked. 

Should I forgive her 1 month of rent and see if this will help? Or this is too much?

Any advice appreciated. 

Thank you 

I have a couple of turnkey properties. I am collecting cash reserve. 

But how much would be enough money saved for an emergency fund per each property?

Is there like a good formula for that?

Is the number of properties would effect this number?

Thank you 

We bought a condo almost 2 years ago. The unit right below us has been empty since then. 

From looking at the window I can tell that it needs some renovations. 

I know that the unit was bought in 1999 for basically nothing, and now it worth around $300 K. It can be rented for around $1,500.

I also know that the owner is 70 years old guy, who tried to rent it out a long time ago, but it didn't go well because he found wrong tenants. 

I guess since then he is afraid to rent it out again, so the place just stays empty. 

To make it cash-flow investment I'd have to buy it for less than $200K. And I don't think the seller would go that low, knowing the real market value. 

What other win-win deals could I possibly offer to the seller? And how can I approach him?

Maybe I could sub rent it from him? Sign long term rent  for... let's say $1,200 and rent it out for $1,500 ? But what about renovation costs?

Are there any other tricks I am not aware of?

Has anyone came across a deal like that?

Thank you