All Forum Posts by: Tyler Warne

I am heading to Costa Mesa in a week and a half for 10 days. Any recommendations for surfing lessons and/or things to do? 

Thanks, I think I will allow the transition, preventing non-payment and possible difficulties. I will also talk to the tenants in the other apartment about showing it one time. 

I am in a situation where I have a tenant who has communicated really well about how he will not be able to continue to rent a house, he made last months rent but then told me that he likely wont be able to make the next one. I am considering letting him out of his lease to avoid dissension and destruction. The market is currently renter favorable and the apartment should be easy to rent.  I offered the property to another renter who has been great at making payments but then that renter's place is vacant. Anyone have any similar experience? Looking for advice and/or recommendations. Thanks everyone. 

What if you do all of the work to see what rehab is and then someone buys it out from under you? I think that it is OK if you are earnestly looking at the property to re-negotiate the contract if there are costs which are not up front. Eg. if the roof is visible and needs to be replaced price that into your first offer or accepted contract, if not you come back and say "well the roof is crappy" and it was known, that will likely not fly. Just use some common sense when you make the offer pointing out the deficiencies that you see and making room in the contract to run or re-neg if there are more hidden challenges. 

One house that I purchased, I had the sewer line scoped and it needed to be replaced, which is common where I live, I got an additional 10,000 at closing to cover the sewer cost. 

I will make sure it is in the lease. He is subsidized and will sign again at the beginning of next month. Thank you!

I just bought my first property, a fourplex and one of the tenants is smoking inside. I set forth the new rules, as I was sure that the last owner was not caring. This tenant responded well to the request but then has continued to smoke indoors. What are some successful measures that professionals have taken to have positive outcomes? Tell me your story for this or other difficult to enforce "rules". Additionally the tenants upstairs really do not like it. 

-Tyler "too nice novice" Warne

@Mark Beno

I also think that finding out a little more would likely save you time in the long run. It would be best to know what the seller wants to do, maybe they are just kicking tires and if you spend 2 hours on the deal customizing the options you could be frustrated. It would be nice to know if the seller would really be interested. Also this will likely make you sound more professional. 

Another thought is to keep it simple. If the seller is really sophisticated they might understand your terms but if they just inherited the house and just want to know what you are going to do for them, put the offers into terms they will understand. 

Like; Option A = Cash $60,000. 

Option B = $5,000 cash in pocket and $600 per month payment (hypothetically). 

Good luck!

I am in the process of learning about and investing in Real Estate. I have worked for property managers, owned one rental which I sold last summer, currently purchasing a 4 unit, and am a Real Estate Appraiser. I love learning all about investing and I'm excited to develop my portfolio. 

@Justin Spaulding It looks like you are doing some awesome things Justin. and thank you for the advice. 

@Jeff Rabinowitz, Both myself and father are on the note. We are simply trying to structure a holding company (LLC). I will be doing all management and really everything except providing the majority of the capital. I would like to make it fair, however I also think that I should get partial equity for finding, putting under contract and managing. I was just curious if you have had partnerships with investors in which you received equity. Anyhow thank you for your comment.