All Forum Posts by: Rob Scarborough

Sorry to drag up such an old post, but I was just mailed a letter from a previous landlord (we purchased our home 3+ years ago).  The letter states we owe the property owner $4848.12.  The majority of the expenses are $265 for carpet/pad removal ($265), carpet replacement ($4842.79), and painting $712.61.

For the record, we lived there from 2008 to 2015.

There is a clause in the lease that states if we live there for 1 year, we are responsible for 100% of the cost to repaint; 2yrs = 75%; 3 or more years = 50%.  I signed the lease, so even though I would never include that in my leases to my tenants, I will pay the stupid tax.

However, I have a real issue with the carpet.  We were there 7yrs and neighbor told us the carpet was at least 2 years old when we moved in.  They want us to pay for 100% of the cost to replace.  And, they have threatened to turn over me over to collections if I don't pay it.

Am I really going to have to hire an attorney for this?  I would feel comfortable if he was taking me to court, but collection agencies don't care and will trash my credit in the meantime.

Thanks!

I know this thread is a little old - time moves pretty fast with these things.  However, my 8-unit just burned down a couple days ago and it is not livable (and won't be for some time).  I wanted to share what I found and also ask a question.  

Our apartment is owned by a LLC and our insurance policy is a commercial owners policy. Our policy covers the structure, not the tenants belongings. To that end, it is the renters insurance policy that would cover a place to stay - not the owners policy. Since this just happened a few days ago, I'm still learning this process - a process I wish I didn't have to learn.

And now my question - If the fire happened on 8/16.  Tenants paid rent for all of August.  Do I owe them a refund for portion of August they can't stay?

Thanks in advance!

I believe I need some help with my math.  Here is the situation:

I have a property that I have purchased and rehabbed.  I'm all-in at about $90k (I ran into contractor issues that ran the rehab higher than anticipated).  The property appraised for $100k a few months ago and I owe $80k on a bank loan.  

Here is where I need help.  I have a partner in other properties that expressed interest in this property.  The math that I came up with is the property appraised for $100k.  If he wants to be a 50/50 partner in the property, he would pay me $50k.  I would quit-claim the property from my company's name to "our" company's name.  At the same time, I would pay down the existing mortgage to $68k for better cash flow and refinance the property into our company's name as well (all of which has been approved with our bank, title company and CPA).  The by-laws of our company state we are 50/50 partners on everything, including debts.

He has different math: His concern is a $50k investment for $16k equity is a gap of $34k on his side. That would imply a $68k total gap over appraisal at $100k at 50/50 ownership.

To be honest, I'm not sure who's math is correct.  Help me BP! :-)

Thanks in advance!

I am very excited for this week's meeting. First, please note the location: the new Platte Valley Bank on N McGee St (about 3 minutes North of Continental Title).
We will have 2 guest speakers: Jeremy, VP and branch mgr for Platte Valley, will be discussing financing rentals and fix/flips. Steve, a Senior VP and Loan Officer, will be discussing vacant land, commercial and secondary market type loans.

I hope to see everyone on Saturday!

Good evening all! I apologize, but our speaker is unable to attend tomorrow. I was unable to secure another speaker with short notice.

So, tomorrow will be more of a round table setting discussing our businesses, strengths and weaknesses, and possibly an idea or two of what you would like to get out of future meetings.

Thank you for your understanding!

Good morning investors! I am very excited to announce our guest speaker for this Saturday. Mr. Kenneth Stokes is a licensed and bonded public adjuster. He provides expert insurance policy analysis and has been a property claims expert for over 8 years.
I first heard Kenneth speak at a Winvestors meeting a few months ago. Trust me, you do not want to miss this one!  Don't forget to invite your investor friends.

Update: Our venue, Continental Title is unavailable this weekend.  So we have decided to host the meeting at a house I am 99% finished rehabbing.  The address is 107 W Brasfield in Smithville, MO.

Feel free to call me if you have any questions - 913-800-7677.

Thanks!

Rob

It looks like we have another stellar guest speaker for the meeting this weekend. Scott Ficinus, with Investors Choice Funding, will talk with us about some financing options you may, or may not have thought of for your investing needs.

I look forward to seeing everyone Saturday!

If you are new or seasoned to Real Estate Investing, and are interested in investing in the Northland, this is THE group to join! It will be a casual, once a month meeting, on a Saturday, at Continental Title. There will be guest speakers from time to time, including agents, appraisers, inspectors, insurance agents, etc. to help us make better decisions when investing. Please feel free to bring any deals, wholesale or otherwise.

The August meeting will be a chance to introduce yourself, your experience, your day job (if you chose) and what you would like to receive from this group.

Hi Sam, and welcome to BP!  You are on the right track by jumping on BP.  I strongly suggest listening to the podcasts...they are packed full of incredible info every week!

If you are ever in the Northland on the Mo side, feel free to look me up.  As @Gordon Cuffe mentioned, the Northland Real Estate Investment Group meets on the 2nd Saturday of the month from 9-11am.  I bring in industry professionals to share their experiences/tips that will help make us better investors.

Feel free to message me if I can help you in any way.