All Forum Posts by: Scott Johnson

Call the police and report him for theft. Seriously, he is stealing electricity from you and needs to be charged with a criminal offense.

I would also immediately report them to HUD. Failing to maintain utilities is a violation of his lease, which is grounds for losing the Section 8 voucher. Stealing power from you is also a violation.

Start the eviction immediately.

Hello All - I'm currently facing a challenging situation with one of my tenants and would appreciate some advice on how to handle it appropriately.

Background: The tenant in question has had their electricity disconnected by BGE due to unpaid bills. He is now stealing power by connecting to an outlet within the building. I have unplugged multiple times his connection (see picture), asking him multiple times to stop; of course he hasn't.

I want to address this issue promptly, ensuring that appropriate actions are taken.

Given that this tenant is a Section 8 voucher holder, I have reached out to the housing office compliance department to seek their guidance on the matter. However, I would still appreciate your insights and suggestions based on your experiences or knowledge.

My question for the forum is: What are the immediate steps I should take to address the tenant's unauthorized use of power?

Please note that I am seeking general advice and information from the community, rather than specific legal counsel.

Thank you

Hello all!! I bought my first house Last March and started the rehab officially in June. I have a full time job, and after work I work on projects until it’s time for bed! The house was neglected for 10 years, but with some work it’s looking good! I’m wrestling with how to do the deal when I’m done with the rehab! I bought it for $115,000 with a 4.125% interest rate. The realtor said to clean the property up put a new roof on it and sell it for $200,000 but I want to have it as a long term rental! My dad tells me that I’m insane if I refinance after a few months, because of the rates now. I just don’t see how I could leave that money in the deal, because that will get me another property and start to scale!  I set a goal for myself to have 10 Units at 40, and to give some insight I’m 28. I think I can get to that number before 40 but want to make it attainable. Just looking for some pointers from people that have gone through this before! Thank you for your time!!

Hi BP Community!

I am a newly license real estate salesperson and work a w2. I work remotely for my w2 and have a good autonomy. I am looking for any tips or advice on how to best structure my day, what technology would help stay organized. Overall looking for best practices to avoid false starts.

Thanks,
Jared

Will you share rental comps to help with a refi, pls? 

I am refinancing a 2BA/2BR 1320 sq ft SFH in Rancho Viejo, Santa Fe, NM (south of Rt 25). Unfortunately, the appraiser was forced to use rental comps from the MLS only, of which there are very few in the last 12 months. There were so few rental comps the appraiser had to expand the radius of his comp search but still came back with only $2100 for similar homes. My last renter paid $2550, Rentometer shows much higher rents, but only comps from the MLS are permissible if I'm going to request a reconsideration.

Would you please share a redacted rental contract with me to submit for reconsideration showing the amount your renter pays your property? This could mean a significant difference in the refi amount I can secure. 

Thanks so much for trying to help, and I hope to help you out in return one day!

Hey everyone! So for the past years I have been educating myself with RE strategies such as the BRRRR method, Fix/Flip, Commercial, and now Wholesale. Given the state, location (Chicago) and mental, that I am in, I was wondering what would you all suggest as my first steps on getting into wholesaling in Chicago or nearby cities/states.

As of now I don't have my RE license so I know I am limited to 1 sale for the 12 months in Illinois, so I wanted to see if maybe this first sale can help:

1) identify if wholesaling is for me

2) Build capital for my first home purchase (MFH) since I am still with my parents.

I have attended local meet ups and have noticed partnering or maybe potential Joint Ventures can be an option, so definitely opened to any suggestions/advice.

Thanks in advance!

- Alfredo 

Hi everyone! My name is Ricio, and I'm a new member here. Looking for some RE investing advice. For context, I am 34 years old, and I purchased my first RE rental property in SOCAL, in 2011 (it is my only property). The loan amount for that property is currently at $140k with a 4.5 interest rate, and based on online comps, looks like home value is around $600k.

I have about $280k saved for investing (combination of money market accounts, stocks). What I would like to do if the city permits it, is build a detached ADU, and a garage ADU on the same property. The detached ADU would be 2 bed/1 bath, and garage ADU a studio. I'm wondering if this is a good idea considering city permits/building costs etc (this is all new to me). The lot size is approximately 7000 sq ft and the home currently there is about 1000 sq ft, so having two homes of approx. 1000 sq ft and the garage ADU is how I envision things.

As far as financing, I am considering using a HELOC/LOC for the project, and keeping my money as reserves. If it all goes how I am thinking, I would be cash flowing nicely. My main goal as a RE investor is cash flow, and my goal is to be able to reach 10k in monthly cash flows (over time of course).

Could you please advise if this would be a good idea, or if there are better options such as investing out of California. 

Your advice and help are appreciated. Thank you!

Looking for an online portal for tax preparation. I don't want to mention names, but I'm not impressed with our current company.

I just copied this from some realty brokerage. They had the confidence to post it on their website without being verified by tax professionals. And it is totally wrong - because inherited property is always long-term.

And I'm pretty sure that soon AI is going to pick this up as "information" and propagate it further.

My wife and I purchased a rental property in 2018 for $153k. It currently rents for $1800/month and we enjoy the positive cash flow as well as the market appreciation (~$245k).

We want to purchase our second property and are interested in perspectives on financing, including HELOC on our primary residence vs. cash out refi on the investment property. Ultimately, we would like to try BRRRR, but are wondering if we can skip the hard money portion of the process by cashing out on our investment property since it has appreciated so much.

We welcome any advice!! Thanks!