All Forum Posts by: Tom C

As an example, my last REO was listed for 17,5K dropped from 42K within 6 months. I was going to offer 16,5K, my agent recommended 16K. They took 16K. This place will cash flow after rehab even if I would have paid 30K for it. ARV is 55 to 60K. My max on this house would have been 25K due to the rehab investment of 3K. So offer want you are willing to pay. I wouldn't recommend trying to low ball if it isn't necessary to make your numbers work.

I am not sure why I would have to go through an eviction procedure if he would move someone in. They break into my house and then set up a home in there, that is B&E. I can't believe I would have to evict them from the home if it ever did come to that.

Yes Adam, as I said, the guy happens to be one of my other tenants brothers. I am going to hang a sign in the front window of the home warning anyone else that this dirt bag brings by.. Let him explain why the real home owner is calling him a scammer on a piece of paper as he shows them the home from the out side. These aren't exactly the type of people you want to get caught trying to scam.

Thanks for the info Mike..

I've got a story. I recently purchased another rehab for rental and when I arrived at the home yesterday to work, there was a note in the door from someone (Calvin) that wanted to either purchase the home or "rent it". I started working and along came a knock on the door and the guy asked me if I was the maint guy, I said no I was the home owner, he looked at me strangely, then mumbled something about having the paperwork finished and he just wanted to see the inside of the home. I told him that it wasn't ready to be shown yet.

So to make a long story short. This guy was approached by this Calvin through a mutual contact and was asked if he wanted to rent my house. The guy that left the note on my door actually took this guy and his wife over to my house and showed the around the outside and then had them fill out a rental app. telling them that the home would be ready to rent Dec. 1st.

My first instinct was to find this guy and kick the crap out of him, but then my second instinct tells me this fool is finding me renters. Although, I don't like the fact that he is coming on my property. Iv'e tried to contact him, but his v/m is full. I think he is trying to sublet my house and he found the ad through Craiglist, which means that he knows how much rent will be and there is no way that he could make any profit on this house by attempting sublet, which I wouldn't allow anyway.

Any idea's on what other type of scam this dirt bag could be running?

BTW: The guy that wants to rent my house out happens to be the brother of one of my tenants.

Thanks

I have one blue collar and one in the same type of situtation as Mike's. Section 8 neighborhood, but certainly not a war zone.

Why are you limiting yourself to reglazing and tile work if you know how to do it all? You can put a couple of ad's out as a husband for hire and start doing all kinds of handy man work. I understand about going back into the office environment, it sucks. You have to know property investors that are looking for help. Work cheap, compared to the pro's and you will get plenty of work, which will include roofing. If you don't know how to install Pex, learn, its next great thing, in high demand, since homes are being stripped of copper and pretty easy to install. Worry about your licenses later.

Hey at least your water heater is up to code.. :) I hate those staples too, it takes days to get those little suckers out..

Good luck.

Crazy,

You really need to spend a few weeks on this site, then come back with specific questions. You certainly have not done any research in the rental business or you wouldn't be asking such questions. Everything that you are asking here has been address on this site at least 20 times. If you are not willing to first look for your answers to the questions, then you are not ready for the commitment that becoming a landlord takes. Remember, when you are providing a home for someone else to live in, it takes a great deal of responsiblity to ensure that they have a safe, secure and warm place to live 24/7.

Lead paint is not an issue. If you are renting, just make sure it is sealed/repainted with new paint. Make sure you hand your renters a lead base paint booklet and make sure they sign off on the form. If you are going Section 8 and there kids 6 and under, you cannot have any flaking paint any where on the property. If you have paint flakes on the ground it either needs to be cleaned up or covered over with mulch.