All Forum Posts by: Vincent Gizzi

@Ethan Whear nice to meet you. I’m in Owensboro as well. If your on FB you can join Western Kentucky Real Estate Investor Meet Up. Lots people in that group who are focused around real estate.

We did a live-in flip and went under contract with a buyer on March 21st. Under contract for 119.9k. We haven’t closed on the house. It sounds like the bank has not approved the buyer’s loan for financing. They added a second buyer because they can’t get approved by the bank (speculation). Our realtor tells us the bank has been requesting more documentation from the buyers.

We are still paying the mortgage (which we should get back in equity), mortgage interest and utilities for the property for the last 2 months and we don’t have a closing date yet. Our realtor has been advising us to keep the utilities on.

My questions are. Is it best to only work with buyers who are pre-approved? Are there any laws against this? Are you allowed to request pre-approval documentation from buyers before going under contract? What can I do if this continues to carry-on for another month? What questions should I be asking my realtor?

@Pete Storseth Thank you! I'll have to pick up his book.

@Craig Curelop  I'll look into it. Thanks. Also, your interview on BP money was fantastic.

@Abel Curiel thanks again for the advice. What are your advertising strategies other than FB to get leads? I have also posted in Craigslist and Zillow.

@Abel Curiel thank you very much. It is interesting that I got so many so fast. The minimum requirements were posted in the description, but once I PMed them the requirements most haven’t responded back. Also, I raised the price since I have so many interested so fast.

As Luke asked, do you mind sharing their contact info so I can add it an adverse action letter?

I am in the process of screening potential tenants. I just listed my property on FB Marketplace and was bombarded with multiple inquiries about showing the property. This was unexpected and I did not have processes in place to prepare myself. 

What is your advice on screening potential tenants?

I have been reading The Book on Managing Rental Properties. They have a potential tenant phone questionnaire which looks like a good starting point. What would be your advice about calling a potential tenant versus sending them screening questionnaire through FB Messanger before showing them the property?

What are your favorite screening questions?

What's the difference of getting an LLC through an attorney versus applying for an LLC on your states website or through sites like legalzoom.com?

@Ola Dantis thanks for the tips! Especially the bonus tip about Zillow and FB!

I am going to be a first time landlord. We currently reside in the home that is our to be rental. We plan on purchasing a new washer and dryer for our new residence.

The current washer and dryer are old and probably aren’t going to last very long. Is it better to rent with a washer and dryer? Would it be a good plan to tell the renter (and place in the rental agreement) that we intend to keep the washer and dryer until they break, but if they do break the renter is responsible for supplying their own washer and dryer? Or should we just scrap the washer and dryer and rent without them?

I don’t want to do wrong by the tenants and I’d hate to get rid of working appliances, but I also don’t know if I can afford buying 2 sets of appliances in a short appointment of time.