All Forum Posts by: Richard C.

Pest control is a landlord's responsibility, in addition to being a wise thing to do in order to safeguard your asset.  And that is true whether it is single family (which is all I have, incidentally) or multi-family.

Really, not having to worry about this sort of thing is the reason many people rent.

So now we have, on one side, an actual Ohio real estate lawyer. And on the other side, an argument that consists of, "Quack, quack!"

Which do you want to base you financial future on?

You said the money you are putting in is a combination of cash and rehab loans. Is the rehab loan secured by this property? If so, you are not putting in similar amounts (or taking similar risks) at all. You are basically offering your friend the opportunity to buy a house, which you will then use to secure rehab financing.

So if I am reading that right, he has a whole lot more skin in the game than you do.

You also don't mention what your experience level is. How many rehabs have you done? How many flips? How many complex projects have you run?

50/50 might be the best you can hope for. I personally wouldn't touch a project with inexperienced personal friends putting up little of their own money.

It would be cheaper for the OP to just start writing him large checks, rather than do what you suggest and wait until the guys lawyers got ahold of him.

Plus, I'm not sure he needs instruction on how to be an even bigger sleaze. But if he does, you've got it covered.

But here's the thing, Derek. You DON'T just need "a few extra tips." As many posters have told you, again and again, your questions reveal just how much you do not know.

Look, I'm not trying to bust your peanuts just for the sake of it. I'm happy to see people be successful, and I am especially happy to see young people with ambition. It is a good thing.

But you're over your head, and you are going to lose your shirt. Or worse, tie up a house in a contract you cannot perform on, and cause the seller real financial damage.

RE Licensing course: $375

Home inspector course: $900

Working on a Habitat house: Free

New Hampshire Housing Finance Authority courses: Free

Work as a construction laborer: They pay you

Get a secured credit card, join St. Mary's credit union and get their credit builder personal loan, check your credit reports: Maybe $300-$500.

Buy the J. Scott rehab book that has been recommended; $20(?)

It takes a little bit of money, and a fair bit of work, and then you will be much more likely to be successful.

OK, Jay, on the off-cahnce you are for real, let me give (repeat, actually) a piece of advice.

Evicting this woman will cost you a lot. And you may not be successful. You would be much, much better off to simply offer her a realistic amount in exchange for vacating. I wouldn't move for $10k, personally. Would you?

It will be difficult at this point, because of your insultingly low initial offer (less than one month? For a tenant who is current on the rent and has 10 months left on what is apparently a very attractive lease? Get real. Paying off people who aren't paying costs more than that.). But make a real offer, and maybe you get this wrapped up.

Interestingly, there is a lawyer practicing landlord-tenant law in Miami Beach whose name is . . . Jay Marks.

Maybe we are not being trolled. Maybe someone is on a fishing expedition.

First post at 8:23 PM. Follow ups in the early (4 AM) hours. Allegedly has received a PM referral, made contact with the referred lawyer, had the lease reviewed by the lawyer, and discussed strategies with that lawyer by 6:58 AM.

As my old pappy used to say, "Anything is possible, but some things are more likely than others."

I pretty seriously doubt this whole story.

1. For FHA, not happening regardless;

2. For other lenders, they usually disallow appreciation as a consideration. You need to actually pay it down. Or refinance.

LOL, I already suggested that Derek work on a habitat house. He responded by insulting me. I don't think that is the sort of magic ju-ju he is looking for.