All Forum Posts by: Tariq B.

Thanks for all the awesome replies everyone always like to hear others ideas.

This was a tenant I inherited a few months back. Along with the lease. The lease stated forfeiting deposit if you do not withhold the terms of the lease. 

I told him good luck in this new chapter in your life and for the few months I was your landlord you made it easy. Because you did not finish out the lease you will have to forfeit your deposit. I would like to add if you need a reference please kindly consider me as I have nothing but kind words to say.

He responded that he already figured he would not be getting his deposit back and that he really appreciated it. 

I think this is a blessing honestly. I can now get in there and bring the unit up to my standard and begin another phase of the value add approach. 

thanks again everyone

@Erik W. awesome response, thank you! Definitely have given me a few things to consider. 

I was just going to keep the deposit I don’t believe that is illegal on my state but I will need to verify that. 

Greeting,

Tenant of mine who has 2 months left on his lease just sent me a text saying he will be out of the property June 1st as he has to move out of state for his job where employment is more stable. 

Curious how likes minds would handle this situation. 

Tariq

@Kevin Parekh I’m in your area let’s connect! I have a 7 unit I am looking to add a couple more units by building. 

Curious if you know of anyone who will insure a property in Florida (pan handle area) that has aluminium wiring or a company that will insure one that has aluminconns connections. Thank you

Hey all,

Curious if you know of anyone who will insure a property in Florida (pan handle area) that has aluminium wiring or a company that will insure one that has aluminconns connections. Thank you

Flippers, Contractors, Anyone Really...

What items have you found you should buy at the big box stores and what items you should not and shop at the smaller supply houses?  

Such like vanities, flooring, trims, windows ect etc. 

I have found trim to be better at the smaller places and sometimes lumber 

But drywall, paint and cabinets (depending on the type) cheaper at the big box stores. What’s your experience? 

Greetings all,

For the last couple of months I have been going back and forth with a seller on a +5 unit. During that time while I was sort of stalling to figure out the down payment situation, someone came in and offered full price. It went under contract and I ended up getting a new flip instead with the goal of using the flip proceeds for a down payment should another commercial property pop up. Fast forward a couple of weeks, for some reason (I don't know the details) the seller increased the price 40K and the contract fell through as the poential puyer low balled back. 

All that to say, the property is back on the market. I have never gone into contract on a commerical property. I'm using the sellers agent. Obviously he has the sellers interest at heart. What are some terms I should be putting in the contract. I am familiar with buying single family homes, not so much commerical properties. I know the game is differen't so hoping to get some advice from someone, that has "been there done that". 

I would need a good 2-3 months to get the flipped finished and sold just FYI. 

Thank you in advance!

Tariq

@Terrell Garren practically they are saying they are not on a month to month because they had a verbal agreement with the prior landlord. The written lease states 1 OCT 16 as lease start date for 24 months. When I went to raise the rent and offer a new lease they then all of a sudden had a 3 year verbal lease with the prior landlord. 

Hello all, I took over a property last year and inherited tenants. The lease I have on file for them expires Oct 18 so we went month to month. It was a two year lease. I issued them a lease renewal with a rent increase. They are now saying they had a verbal contract with the prior landlord, who apparently said they had could have a 3 year lease (not sure why when it clearly states 24 months on the lease)

I know verbal contracts can be legally binding but what proof do I have? They could be lying for all I know. 

Would love to see what everyone has to add! Thanks 

-Tariq