All Forum Posts by: Account Closed

@James Wise  I think that's the route I'm going to go. I contacted his case manager this morning to see if she wants to break his lease. If not, then i will file an eviction on both of them.

Thanks!

@Joel Owens I see your point. However, the previous owner didn't keep the best of records, so there was no way to tell which tenants were "bad" and which were "good." 

The information we received was "everyone pays their rent on time." The previous owner was a woman of failing mental health and memory. We got this property at a fair price of 107k when it was listed for 122, so we made out alright. 

I was just looking for some advice on how to deal with this particular situation, that's all.

Thanks!

@Joel Owens  not sure what you mean by "it seems you want them to be a squatter so you don't have to evict but it's not going to happen." Because, I certainly don't want a squatter. I believe it's easier to evict than deal with a squatter. 

I "inherited" this tenant from the previous building's owner. He would not have passed our screening requirements.

@Patrick L. I would love to evict them both. Current tenant, while i feel bad that he's incapable of logic, does not seem to understand rules.

I'll call the caretakers and see what they want to do about it.

@Sam McPeek  he does have an organization that advocates for him. I'm going to look at his file tonight and contact them. He's really distraught over it but it's frustrating because he's like talking to an 8 year old. We told him this exact thing would happen. 

Ha, and as for paying back the money... he already bought an iPad with it so it'll be hard to have him take it back.

Short story: My tenant has known this guy for a week, wanted to get him on the lease but hasn't had the time. Took money from the guy for payment towards rent, and now they had a falling out and the guy won't leave.

Background: My tenant has a mental disability and has caretakers that stop by occasionally. He is easily taken advantage of and we warned him against putting the guy on the lease and letting him move in. No clue who this fella is or how he met my tenant.

Is this a squatter situation? How do I get this guy out of there?

I know a lot of you like to use Craigslist finds, but we're targeting first time home buyers with this flip so I wanted to go with new appliances this time... Do you usually go with used appliances for all your flips or does it usually depend on the situation?

If any investors in the Cedar Rapids, Iowa area are looking for new appliances for flips, check out the Iowa Appliance Center. They're based in Marion. I just picked up this package today for the flip we're working on (will post before pics later today). 

After taxes it came to $1978.00, that includes manufacturer warranties, delivery and installation.

If you local investors have any good tips for flips, I'm all ears! 

Lastly, if anyone knows a great local plumber... please share :).

@Andrew D. I use Daniel Seufferlein (Ackley, Kopecky & Kingery). They're on Glass Road off of Edgewood. He formed my LLC and is familar with forming LLCs for individual properties. He's also familiar with Co-ops. I'm not sure on the lease options, or contract terms, but if you send him an email, he usually replies withing a decent time frame. He is a very well-rounded real estate attorney! Good luck, let us know who you end up choosing.

@Kenneth Hynes , we're going out of the country for the entire month of january... otherwise my next fourplex purchase would already be in the works! We plan to start looking right before we leave and close right when we get back. If we don't find anything good, then we'll start looking the first of February :).

@Roy C.  I have a long term tenant. Her and her husband are young, in their 20s. They have 2 kids and he has one from a previous relationship. They have a very nice car and massive amounts of credit card debt and student loans. They have pretty awful credit and don't understand how to improve it or care.

They pay their rent on time and have been great!

I don't understand it either, but that's how a lot of people are!

@Kenneth Hynes, yep same lender for both the fourplex and the flip. 

As far as the flip goes, we hope to have it done by February and we'll list it on FSBO the first of March. 12k is the goal, but there's room to grow in case things don't go as planned.