All Forum Posts by: Steve W.

Hi Everyone,

Today during a windstorm the three entrace cables for my triplex were ripped off the house when a large branch fell off a neighbor's dead tree two houses over.  This house is abandoned and the owner lives locally, but does not maintain his homes and likely doesn't have insurance either. The electric company remounted the entrance cable, but told me I am responsible for repairing the damage to the feeds and meter bases.  Luckily they were able to get the power on, but I was quoted $2500-3000 to finish this job.  I'd prefer not to report it my insurance company as I'm sure my premiums will increase.  I'm also worried more branches will come off and the same thing will happen again.  I'm going to have the work done and pay the bill, but what are my options here?  

Thanks for any advice!

Hi Christopher,

I started a pressure washing business as a side hustle to save money for investment properties.  Last year I decided to sell my PW business and focus on my FT job and real estate investing.  Here is what I learned:

Pressure washing can be lucrative and a great way to make a very high hourly rate.  However, it is difficult to build consistent and dependable income, especially in the beginning. It takes a lot of time, advertising, and reviews to build a PW business.  I recommend also including gutter cleaning if you aren't afraid to be on a ladder; this can also help build a consistent customer base and upsell pressure washing.  Overall, I think PW is an amazing part-time business with high revenue potential.  It allowed me to reach my goals of getting into the RE game and I think it could help you do the same.

Feel free to PM me with any additional questions. 

Good luck with your decision!

I agree with William.  Most locations do not require you to pull a permit for the items you listed; however, this is very location specific.  There is one town near me that I will not invest in due to the amount of red tape.  They actually require you to pull a permit to replace one window, in the same opening, with a new one... crazy. 

I've heard the stories where code enforcement will make you "tear it out" but I've never met anyone that this has actually happened to.  Usually, they have you stop the work until you get the proper permits.  

I would talk to other investors or contractors in the area and see what they say.  Best of luck!

Thanks for the advice everyone.  I was able to finally talk to the tenant, get them to sign the paperwork, and they moved out without any issues!  

Patti - I really appreciate the detailed response! This is great advice; I definitely want to make sure I am doing this the right way.  I'm really hoping to speak with the tenant tonight, in person, so I'll be sure to have the the handbook and notice of new owner.  

Thank you all for the advice! I will report back with the progress.  

Hi Everyone,

I am closing on a property in Virginia today with a tenant that hasn't paid rent in 4 months.  I knew in advance that I was buying this with a problem tenant and I am getting a credit at closing (my location is still very competitive and it is the only way I could win the offer).  

The previous owner sent me a signed agreement with the tenant to void the lease and forgive the debt if the tenant moves out by the end of October.  The tenant and previous landlord signed the agreement. The tenant hasn't responded to any of my messages or emails.  I'm hoping they move out at the end of the month, but I think there is a good possibility that they will not.  

1) Should/can I start an eviction process now? 

2) Since the tenant signed an agreement that voided the contract, is there an easier way to get them out since essentially the contract is void at the end of the month?  

3) I'm assuming the agreement they signed with the previous owner is automatically transferred to me and will hold up in court.  Is this correct?

Thanks for any help or guidance!

This was a great write up! Does anyone have experience with short term rentals in Bayse, VA?

I'm looking in this area as well for a property. What towns have you found that are STR friendly?

I just wanted to follow up and let everyone know that the tenant did move out.  They moved out the same day the rent relief expired (60 days) without any issues.  Thanks for the advice.  

Welcome!  I started investing last year at 34.  I have family with two kids and we live on one income similar to yours.  I started doing side jobs through TaskRabbit a few years ago and saved everything I made (after taxes).  Last year I was finally able to buy a triplex and I've been working on adding value over the past year to hopefully refinance and buy something else.  I'm definitely not on the fast road, and my investment property is 30 minutes away, but the strategies people talk about here do work.  If you can cut expenses or figure out a way to save more, you can absolutely do this!  Best of luck!