All Forum Posts by: Tyler Fontaine

I would simply try to follow the procedure to not renew the lease. If they are on a lease at the moment and it expires you should have verbiage that allows you the right to refuse renewal. They probably will still try to fight you, it might be somewhat painful but you can get it done. I would start there before I decided to move with an eviction at all.

If he has the systems in place with a team to do this then it could work. Getting multiple base hits is better than chasing homeruns exclusively. Get some wins, maybe take a loss but it all works out in the end.

In my experience you have to have some experience with REI, managing contractors, budgets, etc if you are going to go this route as many obstacles can occur through this process.

Ouch, im sorry to hear that. It seems challenging. It also sounds like your agent dropped the ball some. 

I'd reach out to your real estate attorney and ask them what your options are if you have any.

Welcome to the party Mike! Glad to have you here.

Sooo constructive and rant...

First, talk to your realtor or attorney and review your contract. Ensure you're performing how you should be as of now. You most likely can back out if your mortgage/loan gets denied for "any reason". If there is something major that popped up in inspections and you have your contingency intact - depending on what the other provisions are - you should be able to get out of it. Again, your realtor or attorney should be able to provide you with guidance on this and give you the options you have if they exist based on how the contract is written.

Second...the rant... You shouldn't be investing out of state (or at all) if you haven't done the proper diligence. You should've already known an accurate SOW before going under contract or you should've had it written into the contract that you would be able to do more diligence within a certain timeframe. Not knowing the rehab costs to get the rents you need is just you being neglectful. 

If I was your buyer agent... I'd do my best to get you your deposit. If I was the listiing agent on the other side... I'd make sure you didn't get a thing.

It sounds like you had a bad experience with a property manager. I am sorry to hear that. However, to ensure your asset is protected well - you will want to get a property manager. A good one that you vibe with and who gets the job done. It will cost you more in the long run if an emergency comes up and you have nothing in place. 

A good property manager should be able to make your headaches go away. No late night calls. No soul sucking tenants. Someone keeping eyes on the building regularly. For example at our company we visit all our multi-fam buildings on a monthly basis to assess and make sure things are still good. That's on top of the regular day to day things.

If you really need another option, then a good realtor who will drive by the place routinely, place tenants for you, etc would be helpful... That said, that is a stones throw away from a good PM and it will probably be short lived, especially if the realtor gets busy.

Generally this is because the property is beat up or because the tenants inside are creating issues. As a serious investor, I actually love seeing this. It automatically weeds out people who aren't prepared for these types of situations and makes it so there is less competition usually.

Andy Frisella or Ed Mylett

 I'll keep you in mind when I start to do real research and work towards it.

 Thanks for that. I will have to start reaching out so I can build my network there. Im looking to be within 30 min of Nashville because I love the city but am open to more that the state has to offer.