All Forum Posts by: Shandrea T.

@Filipe Pereira The mobile deposit amount wasn't even the exact amount of the rent, he said that the deposit also included other checks when he did the deposit. I did reach out to the tenant and she asked if the seller told me what they we're currently being charged, which worried me a bit. I replied asking more details but she hasn't gotten back to me yet. On the excel file where the seller listed the rents he put the last two months at $1,100 instead of $1,700 which he said he was charging the rest of the year and that's also what was advertised in the MLS listing. He said the $1,000 was at a discount because of the inconvenience of showings. Now that I'm finding out one of the 3 lessees is no longer there and one of the tenants is between jobs due to covid I'm starting to figure out an exit plan if I need it since it means only lessee is employed now. I did also ask if she was getting unemployment or any type of government assistance and that I could try to help her look into it if needed, but no response.

I’m very confident about finding better tenants, but the caveat is that it would need a MAJOR refresh and I was hoping to not have to put all that money in right away. I did prepare for this so we could definitely do it if needed though.

I’m sort of leaning to bite the bullet and kick them out depending on how honest and communicative they are with me, since if we can figure something out with the tenants I’d prefer that option since I don’t like the idea of having to kick them out.

I also worry about if we don’t have them vacate now if we’ll have a hard time getting them out later due to the pandemic. I also know that I need to be business minded about this but I also feel guilty having them vacate with everything going on.

Hello!

I'm under contract for a home and in the contract we have language "seller to provide monthly rent receipts" since we are planning on inheriting the tenants.  The sellers have sent over a copy/paste from Zelle showing that the tenants paid, but for about 5 out of the past 12 months they stated the tenants paid in cash.  For those cash transactions, he sent over a copy/paste from his Wells Fargo statement - see below.  I've removed the reference number for privacy purposes just in case.  Now, maybe I'm crazy, but I'm pretty sure you can't deposit cash via mobile right?  Lastly, if I wanted to walk away from the deal, given that the above documentation mentioned was received, would that suffice in terms of the agreement technically being unfulfilled and I would be able to cancel the agreement?

From the seller:

Here is the best I can do. I can't get receipts but this is C&P from my WF statement. The totals reflect the rent, as well as other checks or cash that I was depositing.

Also just for reference - I'm not just being a jerk and changing my mind and looking for a way out.  I've just recently found out additional information regarding what the seller stated the current tenants were paying vs. what they're actually paying so I'm trying to find solutions but also want to explore all options in case I need a way out.  

We're planning on seeking out an attorney once the Holidays are over but of course I had to get this off my mind on here to see if anyone had insight.

Thanks!

Shan

Thank you everyone for your replies!  I really appreciate it. With the pandemic going on I know there are restrictions as far as evicting tenants, however since we'll be doing a month to month lease, do you foresee any issues asking them to vacate due to not renewing their lease?  I know this is an attorney type question but figured you all probably have a lot more knowledge I could leverage for the time being. 

Hello!

We have a home under contract and based on our numbers it cash flows quite well. The current tenants are pretty gross and don't take very good care of the place, but since its cash flowing well we were planning to keep them on for a few months then look to refresh in the spring and find new tenants. Some red flags for me from the seller is that they just sent us the Zelle information they received in an email, then for about 5 of those months they just put that the tenants paid in cash. We went back to them and asked for either the actual receipts or their Schedule E 2019 tax form. They sent over paper receipts not sure how much I really trust them though. The other issue is that the seller doesn't have a move in sheet, and when asked to provide a current walk through with the tenants to sign off on damage, as there was a lot, and all they sent us the pictures they had on the MLS listing prior to the tenants moving in and a letter signed only by the seller stating that these pictures were taken prior to move-in. This doesn't cover the light fixtures that need replacing or a section between the between bedrooms where the carpet is tore up because of the door not having enough clearance to open properly, walls that have been damaged etc.

Does anyone have any insight on how to handle where you don't trust what the seller is providing as far as payments or when they're being difficult in regards to documentation for the damage that was caused by the tenants?  Also curious if you think those cash payments could actually be non-payments?  I wasn't sure if that's common for sellers to fib on that part or now - still pretty brand new at all this.

Any help is greatly appreciated!

Thank you!

Shan

I'm not trying to low ball whatsoever so if that came across unclear in my original message, that's not my intent. My thoughts are that if he goes through the MLS, gets an offer and pays agent fees, isn't it possible that if he would've went directly through me with that same offer amount he could actually get more due to not paying the agent fees? Or is that assuming that if he lists on MLS that he would have the buyer cover the fees?

Hi All,

There's probably other posts out there on this but I'll be honest I'm short on time between working full time and family life so I appreciate any insights. My parent's neighbor passed away and the Son is handling the estate and selling the house. I feel sort of guilty even thinking about business considering the sad situation of someone passing, but I do also feel like I may be also be able to provide value to the Son so I'm not trying to swoop in like a vulture by any means. My parents would often look after the older couple since they lived behind them and would check in on them etc. They were pretty close neighbors for over 30 years. How can I delicately propose that if he were interested, to potentially sell directly to me and emphasize that we could avoid the realtor fees in doing so? Granted, I'm not even 100% sure if my offer would be a better deal than him going through the MLS depending on the numbers, so I'd like to find a way to work that into the conversation as well. I would, of course, be honest with him if I thought he would be better off putting it on the market. I'll be doing my research on comps etc and also looking to find some articles that help with dealing with these types of situations, but figured there's a lot of really knowledgeable people on here so thought I'd ask for experiences on how you reached out to someone directly.

Also, I've never had any interactions with the Son personally since he is a bit older than myself, but my parents and his knew each other and knew of me so I'm not a complete stranger.  I feel like that also makes me feel a little awkward, but I'd really love to put myself out there and hopefully something mutually beneficial can come from it!

Thanks!

Shan

Hi everyone!

I wanted to see if anyone would be interested in an online only mastermind group?  I purchased the planner and was part of a group where we met virtually via video once every two weeks but it didn't seem to work out too well.  I know in person or video would be ideal, however where I'm at with my personal life it makes it a bit hard for me.  Was thinking we could have a group and post our weekly goals and be able to provide feedback/questions etc to other group members when our schedule permits.  Was thinking of having a small FB group if anyone wanted to join - nothing too big so we don't end up with too many posts to weed through, but its a fairly easy to navigate and I think a lot of people already have access.  I'm open to other ideas too.

I'm currently looking to either flip or BRRRR and am currently in the learning how to analyze process since I've got the financing portion under control. Would love if anyone wanted to join to help keep each other accountable and be able to feed off each other's ideas/motivation.

PM me if interested.

Thanks!

Shan

Shan

@Dean S.  Here ya go! 

https://www.biggerpockets.com/store/90-days-of-intention-journal