All Forum Posts by: Mitch Kronowit

That is completely wrong according to California law. Not sure about other states, but I'm certain most of them will call BS on that as well. The landlord owes the money to the departing tenant, minus legal deductions, not the replacement tenant.

Are you in the Orange County or LA area? I'm asking because I believe Shawn is in town this week speaking at various REI events.

Remember, most of Shawn's properties are in Ogden, UT, an area he lives in/near and knows the market like the back of his hand. His business is so powerful in that area that few can compete with him. Many of the properties he gets his hands on are through a combination of subject-to financing (simply taking over the payments from the previous owner and renting out the place to cover those payments, plus some), owner financing (old folks with lots of equity looking to retire/move out of the area) and master leases, where he doesn't even buy the property, but rents it from the owner then turns around and rents it for even more to somebody else. He also receives higher than average market rents by NOT taking a security deposit, thereby opening up his market to several renters who have the income, but not the savings.

Will his methods work in other areas? Sure, but a great deal will depend on how well you know that market and your ability to maximize rent, especially in areas where property prices are largely out of whack with rental rates (such as in Orange County). But it can be done. You just need to knock on doors, go through craigslist, network with the right people, and recognize an opportunity when it presents itself.

Yikes! I'm one of the few one here who would support a neutral to slightly negative cash-flow on a property that otherwise had GREAT appreciation potential, but an $800-1,000 monthly bleed? That's a hemorrhage!

This year, you'll need the property to appreciate nearly 6% just to break even with your negative cash-flow. After that, you'll need about 5% a year just to stay above water. That's a lot to ask, even in my market of SoCal, at least for the next few years.

Ask yourself again what your goals are with this property and why do you want to hold onto it? What is it going to do for you to make the cash you're throwing at it worthwhile?

Difficult for me to tell right now since I'm on a notoriously slow hotel wi-fi. However, the site appears to be loading at about the same speed here as it used to when I was at home with my real high-speed connection, so it must be faster. I'll see how it is once I return home.

What happened to the little question mark next to the Vote box to see who voted for a post? I don't see it anymore, just the number of votes. Is this happening to anybody else?

Mac OSx
Safari 4.1.3

Whoa, dude, this is the wrong time to be asking this question. You should have had a buyer lined up long before signing a contract and throwing your earnest money out there.

Is this property in Utah? If so, what city? I know just one person who might be interested, but it's a long shot.

Have you explored the possibility of getting some financing so you can buy this property yourself? How much did you put down as a deposit?

I wish I was wiser to help you, but you really backed yourself into a corner here.

Call one of my Realtors/property managers, Ryan Schneider.
http://riversidepropertymanager.com/

He's very knowledgeable about the Riverside market and is an investor himself. Ryan is always easy to get a hold of and runs a tight ship, i.e., you won't be wasting a lot of your time following up on him or trying to unscrew his mess.

Wow, Eric, great point on your first post!

I've only met two guys that NEVER ever tried to turn a nut the wrong direction. One never picked up a wrench his whole life and the other was a pathological liar. :wink:

Let us know if that works. BTW...

<---- Not responsible for cuts, bruises, lacerations, and severed digits. :wink:

I would try to get my Dremel tool in there with a cutoff disk and cut one side of the nut. Be careful not to cut into the sink. Then stick a cold chisel or screwdriver into the notch and split the nut open. You could maybe try to drill away at one side of the nut to open it up.

Good luck. Let us know what finally works.