All Forum Posts by: Todd Groom

@Mary Jay could be a lot of reasons. One it could need repairs. And in that case just buy it cash or hard money fix it up then do a cash out refi.

The next could be it’s too cheap. If a house is 30-40 grand even 50 grand then banks may not be interested in loaning because there’s no skin in the game.

Another reason could be the seller wants to dump is ASAP. They may have another deal they need cash for or just don’t wanna wait a month for it to go through. We just had a deal like this where the seller refused to sign a contract until we were ready to close and cash only deal.

So there are a lot of reasons. Could just always ask why they don’t want to do bank.

Good luck though.

@Brian Holt def would like to connect. We have an awesome Realitor but she’s not experienced in Foreclosures and buying them. We are now moving in to wanting to buy a few foreclosures if we can find good deals. It’s always just pulling the trigger on the first one.

@Ian Clementson welcome we are also in the west chase area.

Always looking for multi-family properties for buy and hold or brrr.

We currently have 4 properties, 8 total units with one under contract being sold in NPR (too far needed to get rid of it).

Looking for another multi family now. Something 2-10 units.

Do you currently have a portfolio In The area? And what type of investing are you in to?

I’ve thought about finding a few people in the area and getting a mastermind group together if anyone is interested. Meet once a month or so. Share deals, ideas, things you have learned and so on.

@David Ramirez I’m sort of in the same boat and was about to post the same thing. I have an accountant but am hoping to find someone who’s got an extensive background in asset protection, setting up a new business and real estate tax law knowledge.

So if you find someone good or anyone sees the post and located in Tampa def have another person looking.

@Patrick Bavaro yea it kinda feels like maybe just overthinking the situation based on what your originally said. On the flip side most weed smokers are pretty laid back chill people lol. And well.. if you’re stressed at least you know where you can get something to relax.

I actually was shocked to learn you can’t deny someone a lease based on past drug convictions. Just learned that a few months ago. You have to basically find another excuse to deny them.

@Patrick Bavaro

A few things here. before you end up being sued I’d pump the breaks on serving him with anything about doing drugs in the home. Equal housing laws state that you can not stop anyone from renting for past drug convictions or addictions. That being said I believe it also protects current tenants. They consider addiction a disability and it’s protected. I’d speak to an Attorny before giving him anything. You can get him on drug dealing if you catch him in the act. But smoking weed I just don’t see anything even if he doesn’t have a card. Most places including Miami are decriminalizing it anyways.

Just ask him to smoke outside away from the building. I know attorneys, doctors, ceos and more who all smoke marijuana. Its legal in all but a few states and just isn’t a thing anymore.

As far as changing a yearly lease to a month to month what are you trying to achieve? They both have the same 30 day notice for evictions or termination. Only week to week in Florida allow a shorter notice.

Yearly is 30 days. Monthly is 30 days. Weekly is 7 days.

Unless you’re just trying to find a way to get rid of him. And keep in mind anything you do can be used against you. He could easily show the change from yearly to monthly as intent to evict and circumvent the lease protections. Bad for you good for him.

Not sure what others said but if someone smoking weed has you this distressed you may want to get out of being a landlord. I’m not trying to be negative but a tenant has the right to their own life. They should be free to come and go as they please. I live with 4 friends. 3 of them go in and out to smoke every 20 minuets all day and night long. Writing this I’ve heard the door open and shut 3 times. They are just smoking which could easily just be what he’s doing. So as mentioned above in one post I read be careful with the camera and all that.

If I was in your shoes I’d just say hey, I’m not a smoker and it bothers me would you mind smoking somewhere else and don’t forget there’s no smoking allowed inside at all.

Eviction ban. Be careful here also. Besides the fact you haven’t said anything that he can or should be evicted for the ban is across the board. We have 3 people every month who don’t pay. Nothing we can do. Technically from what I read you’re not allowed to even send a notice. Nothing can be started at all until the ban is lifted.

Good luck.

I agree with how this scam works. I just purchased a rent to own home but paid cash. the seller was done doing the rent to own. Each person came in paid their down payment plus the rent and fixed up the house little by little. All of them defaulting and turning the house back over each time. I can only imagine how much money he made. This is a way to make money outside of renting it and a lot of people do well. Personally I have a conscious and wouldn't be able to take advantage f people like that.  

Just wondering how many out there pace themselves vs buy anything in sight that’s a great deal? I see a lot of podcast where someone talks about buying their 2nd or 3rd property in x years.

Curious how many out there went head first with no limits? Share your first year story?

My first purchase was March 2nd. Since then I’ve added a total of 3 multi-family units and a single family unit totaling 8 units. Kind of addicting looking for other great deals.

@Renata Johnson I may have some disagree but Zillow is the worst when it comes to anything numbers. There's two things you can do to check real rental value. Go to Rentometer's website run a rent search for that address. Second is goto HUD and search the zip code and see what their numbers are. That's your expected rent. Or what Zillow usually says.

And as far as loosing out I don’t see it. You said you could possible turn a $75 profit per unit. Keyword there is profit not loss. I’m sure others will add more to this but as long as someone else is making that house payment and nothing out of your pocket I see it as a win.

@Aria Drexler is it a home that had caught fire at anytime? If so def do your Due diligence. A friends was going to invest in one. They called building department and found out the home required an engineer and licensed builder to ensure integrity.

That may be the best area to start. Talk to your local code enforcement and building inspectors. They can give you info on any outstanding fines, stop orders and what may be required for it to be occupied again.