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All Forum Posts by: Trever Good

Trever Good has started 7 posts and replied 28 times.

Post: One of my keys to success with my low-income tenants

Trever GoodPosted
  • Rental Property Investor
  • Reinholds, PA
  • Posts 31
  • Votes 12

@Matt M. Would it be as simple as adding an addendum to the lease & have the tenant sign? It would change the rent amount and due dates, so that instead of $xxxx monthly, the rent changes to .5x $xxxx due on the 1st & 15th.

Post: New Investor Northumberland PA

Trever GoodPosted
  • Rental Property Investor
  • Reinholds, PA
  • Posts 31
  • Votes 12

@Keith Nixon Hi Keith, I’m looking at some property in Shamokin right now. How’d this work out for you??

Post: Foreclosure tenant situation

Trever GoodPosted
  • Rental Property Investor
  • Reinholds, PA
  • Posts 31
  • Votes 12

@Ron S.

Thanks for your response. Just heard back from the wholesaler and they, in short, have nothing regarding the leases they can provide, and it’s up to the new buyer to workout new arrangements with the tenants/potential squatters.

Sounds like too much of a hassle for a newbie like me to take on in an out of area property. There are too many unknowns that could pop up and spoil the deal, so I’ll let this one pass.

Thanks to all who responded with guidance, it is much appreciated.

Post: Out of whack city sewer cost

Trever GoodPosted
  • Rental Property Investor
  • Reinholds, PA
  • Posts 31
  • Votes 12

Thanks for all the responses, which seem to confirm my suspicions.

My experience has been that both water & sewer costs are usually comparable to one another so the 4x higher sewer cost is what jumped out.

I’ve got some due diligence to do on this one, and I’ll keep you all posted.

Thanks again!

Post: Out of whack city sewer cost

Trever GoodPosted
  • Rental Property Investor
  • Reinholds, PA
  • Posts 31
  • Votes 12

We are looking at a 4plex in a strong C area. Our realtor just got us the utility bill info and I’m taken aback at the expenses for the water/sewer. The city quarterly bill has broken down the expenses into separate water and sewer costs, and the sewer is hovering around 400% more than the water.

For example,

2018 water -

Flat rate of $709.60

Excess usage charge of $1,040.76

Total of $1,750.36

2018 Sewer -

Flat rate of $272

Excess usage charge of $4,367.20

Total of $4,639.20

Anyone have any experience with something similar, or the ability to point me in the right direction?

Post: Foreclosure tenant situation

Trever GoodPosted
  • Rental Property Investor
  • Reinholds, PA
  • Posts 31
  • Votes 12

@Theresa Harris Thanks!

Initially they indicated that they had none of the lease information due to the property coming through foreclosure, but I can double check with them on Monday.

Post: Foreclosure tenant situation

Trever GoodPosted
  • Rental Property Investor
  • Reinholds, PA
  • Posts 31
  • Votes 12

This is a re-post, this time in the correct forum. I’ve got an opportunity to buy a foreclosed 2 unit duplex from a wholesaler. This property comes with tenants already in place, but “since it came out of foreclosure” the wholesaler can’t tell me anything about them.

I’m concerned as to how to proceed. I’m not against keeping good tenants in place but the wholesaler has no information about leases, tenant history, etc. For all I know, the ‘tenants’ could very well be the former owner on one side and family on the other.

I’m concerned about the following:

If they are legit tenants, have they been paying rent during foreclosure and if so, to whom?

How can I determine status of security deposit? If previous owner collected SD, am I obligated to credit tenants? If so, how would I ever be able to tell if any damage was committed by them or was previous to their move in?

Can I make contact via snail mail to the residents prior to contract? Wholesaler requests no disruption to tenants and drive by showing only.

As always BP, any advice is appreciated.

Thanks!

Post: Wholesale foreclosure with tenants

Trever GoodPosted
  • Rental Property Investor
  • Reinholds, PA
  • Posts 31
  • Votes 12

I’ve got an opportunity to buy a foreclosed 2 unit duplex from a wholesaler. This property comes with tenants already in place, but “since it came out of foreclosure” the wholesaler can’t tell me anything about them.

I’m concerned as to how to proceed. I’m not against keeping good tenants in place but the wholesaler has no information about leases, tenant history, etc. For all I know, the ‘tenants’ could very well be the former owner on one side and family on the other.

I’m concerned about the following:

If they are legit tenants, have they been paying rent during foreclosure and if so, to whom?

How can I determine status of security deposit? If previous owner collected SD, am I obligated to credit tenants? If so, how would I ever be able to tell if any damage was committed by them or was previous to their move in?

Can I make contact via snail mail to the residents prior to contract? Wholesaler requests no disruption to tenants and drive by showing only.

As always BP, any advice is appreciated.

Thanks!

Post: Buying an assigned contract

Trever GoodPosted
  • Rental Property Investor
  • Reinholds, PA
  • Posts 31
  • Votes 12

@Lydia T.

Thank you all for the wealth of info & for throughly answering my question!

Post: Buying an assigned contract

Trever GoodPosted
  • Rental Property Investor
  • Reinholds, PA
  • Posts 31
  • Votes 12

Greetings, BP!

Quick question here.....

I’ve searched through the forums and haven’t found a specific answer so I thought I’d post.

There’s a ton on great info out there for assignable contracts, but I can’t seem to find info about the specifics involved with buying a property from a wholesaler.

What’s the process/due diligence for buying off of an AC compared to the traditional/usual approach? What additional questions or additional steps should we be taking?

We are very early on in the process, and I haven’t even presented it to our realtor yet. I’m curious what the BP opinions are.

Thanks!