All Forum Posts by: Randy Beadles

Ok, here's a strange one I'm not sure how to deal with, I'm purchasing a duplex with an existing tenant in one of the units. The seller said they have only had a verbal lease for many years (family-friend situation) and provided me with a written explanation of their agreement, dollar amount, history and tenants maintenance responsibilities. I am schedule to close next Friday but learned today that the tenant will be moving out prior to closing. I agreed to purchase the property and assuming the tenant would stay. Does this not change the terms of the agreement?

Sounds good.

Hey Clint, I'm in River Falls and have properties here and across in MN. I'd be happy to talk with you sometime if you want.

I've found people like older houses but new kitchens and bathrooms. In my B or less houses, both flips and holds, I rip out old crappy cabinets and counters and replace with off the shelf products from Home Depot. They have the Hampton Bay line in several different finishes. I just did 2 kitchens, similar in size to what you show in the pics, and both cost under $2K for cabinets, counter tops and sinks.  Doing this and only using stainless appliances creates a wow factor that gets me top rents and resale values. 

For my California properties my independent agent is registered with PersonalUmbrella.com and I'm very happy with my $2M coverage.

You guys know that intuit just sold Quicken to H.I.G. Capital, a private equity company, and that its future is uncertain at this point. I'd be cautious buying the product until more is learned regarding its future. 

Greetings all,

I am selling a flip house in Minnesota and have been asked by the title company for a lien waiver from each sub that worked on the house over the year that I owned it. I've never been asked for this in any of my previous property sales. Is this common? 

Do you have any knowledge in renovation? If so, and are able to do the work, find a partner with some money and you put your $1000 and your hard work into it and he puts up cash. Then figure out a agreeable split of the profits at sale. Probably the fastest way to build up a larger amount of cash for investment. I've done this with a couple friends and it has worked well, allowing them to buy their own property. 

Hey Jordan, welcome to Bigger Pockets and to real estate investing. I'm an investor over here in WI and several properties in MN too. Look me up if you want to chat sometime, always like hearing others ideas in this area.

Not that unusual of a situation to me, I've had several properties rented to college students where roommates come and go over time. I used to do an individual lease with each tenant but learned that this causes me to be in the middle of a situation where one tenant is not performing an element of the lease. For example, if the leases say that each tenant must perform snow removal on the steps, I'd hear from the other tenants saying it was the first tenants turn, etc. I now put all tenants on one lease and make them equally responsible for all the elements of the lease. If any element is not adhered to then all tenants go. This way they figure it out themselves. And of course the usual background and reference checks are done on each tenant.