All Forum Posts by: David Spurlock

@Alecia Loveless This would be considered an addition to the lease which would still need to be mutually agreed upon. 

@Dave Kush You could always market the property to indoor smokers Lol

 Hey Omri,

It's great that you have been doing wholesaling to get into real estate!  

If you take the route of fix-n-flip, you'll accumulate capital but not properties. The BRRRR strategy sounds like what you are going after. Building capital through forced appreciation while still holding the property.

My advise to you is to not using your full 80k to do a renovation but instead start off smaller (30k-40k). The primary benefit of a smaller renovation is you'll have a larger safety net if the renovation gets out of hand, the property won't sell, or if it takes longer than expected to rent. I would read into BRRRR strategy and see if that fits your goals.

Hey Dave,

Unfortunately, you cannot change the terms a lease mid-way through. You would need to sign a new mutually agreed upon contract/addendum with them. How long do they have left on their lease?  

Hey Adrian,

That sounds like an awful situation. Did you have the opportunity to review the leases before closing? Was your offer contingent on review of the leases? If you could provide more information about the contract it may open up more ideas.

I would agree with @Zane Cress that a tenant buy-out would be a good option, although if you are dealing with 5-6 properties (And how ever many units per property) you're looking at an extremely high cost. You may need to just focus on getting the other properties stabilized to cover the loss from these. If you are renovating the units, you could offer the long term tenants a nicer unit at a discount of what you intend to rent them for. It will offset your loss. 

Just a couple of ideas if the worst case ends up happening. 
 

I'm a bit late to the discussion, but I'm dying to hear how this ends. Any update on this @Amber Spence?

Hey @Ken Boone, Loved hearing this story, but you can't leave us hanging! What was in the trash bag, did you have to contact Airbnb, and did you have to fine them for bringing in a dog or smoking? Also, what were the small issues that they complained about? I'm so curious and would love to hear the full detailed story! 

Hey Ash,

Sorry to hear about this unfortunate predicament! Sounds like there was not good communication from the beginning. How many of your complaints against this tenant are violations of the lease and could be used to lawfully end the lease? I believe that would be the best direction to start looking into. Taking an aggressive stance or implying something bad will happen to them if they don't shape up will only lead to legal trouble. I think there is some great advice in this thread, but as a landlord, you must take the high road in every situation. Be firm in your stance, but do not take matters into your own hands. We have a legal system for that. 

Some helpful advice for the future: Before signing a lease with the tenant, I always give them a call a day or so beforehand and go over utilities, pet fees, expectations, contacting pm, and general things on the lease. I find that this helps keep the tenant on the same page. We cannot assume they read the lease, unfortunately. 

Good luck!