All Forum Posts by: Vlad B.

Quote from @Abdiel Torres:

Hello everyone, I am trying to rent my home to try and have extra cashflow. My wife and I both agree we need a bigger home as we outgrew our present home. I want to rent and my wife wants to sell. She tells me what is we rent the house to those terrible tenants and they trash place and now we will be stuck with the bill to fix the place. I live in Texas and I am not sure if there are laws against tenets trashing your place and leaving. 

I really want this first rental property to work because I would like to continue buying and renting properties. If anyone has any tips they will be greatly appreciated. 

Thank you 

If you rent your property it needs to move from an emotional attachment to the property to an asset. If it’s an asset then you treat it as a business. For business to succeed you need to have your legal, financial, and reserves in order. Not to mention the tenant screening, management etc. 

if you and the wife are not aligned, that’s a problem. Fix that first!

After many emails with various members, and my PM team, a new check has been issued. However, the damage done by the two tenents in the duplex was $500 less than the check. I consider this a win at this point and going to move on from this property.

The check image doesn't say which bank. I have emailed them and tried to push. 
There is foul play here, the question is where. 
PM sends me texts and emails of her communication with Reconciliation Services. It looks like they are legitimately trying to recover the funds.
I left VM for the Reconciliation services too. No response. 

Quote from @Nathan Gesner:

Quote from @Vlad B.:

Contact the bank that cashed it, report it as a fraudulent deposit, and they should help you figure this out. They will probably have you complete an Affadavit of Check Fraud. I suspect you are talking about a pretty large amount which means it is a pretty serious crime.

It is a large amount and a serious crime. However, without the help of my PM in the area and Reconciliation Services telling me which bang I am left helpless.

Hi community, I had a tenant who didn’t pay 8mo rent and applied for help from reconciliation services. Tenant was approved and check was sent to my PM’s address. It was the wrong address and someone signed the check and deposited via mobile device.

I have the check image, and when it was deposited. What can I do as I am OOS?

Quote from @Katie Williams:

I literally  just got a new tenant in mid March. Application was great, no evictions, good credit, good income. She was very nice, paid her deposit, paid her partial month (she moved in 8 days before a month so it was prorated). Communication was great. 

She had 3 NSF for her FIRST rent payment!

I sent emails, and today I called to confirm she’s getting emails of eviction notice - and her phone is permanently off. 

What should I do now? 
I was going to offer cash for keys but I can’t reach her. 
Should I show up to her door? If she’s even there. 

Certified letter is an option. Depends how comfortable you are going there.

Quote from @David DeLeon:

Quote from @Nathan Gesner:

I see two choices: 

1. You and the roommates move him out physically, whatever that looks like. This is not legal and could get you in trouble, but it may work depending on how it's done.

2. Hire an attorney.

If you want to play Landlord, you have to be prepared to deal with the bad.

Yeah I should talk to an attorney

Sounds like someone who has guts to lie to your face. Did you see the background of this tenant?

I had an eviction case and it turned out the guy was in chapter 13 bankruptcy. Check his records out. Know your audience, then attack.

Quote from @Nader Shariff:

Quote from @John Barrett:

@Heather Faires Unfortunately unique / interesting ways of evicting tenants not via the court system opens the landlord up to levels of liability that are not acceptable.

Cash for keys with possibly debt forgiveness is by far the cheaper option than going the eviction route in most cases.  It's better for the tenant and offers the landlord the opportunity to get the property back earning income faster.  While this can seem very unfair, ultimately the sooner the landlord has a paying tenant in place the better for all involved.

John

 I second the Cash for keys option

I tried Cash for Keys with a tenant. However, they were a "Professional Tenant" and that only prolonged the eviction process in their favor. Assess your tenant if this is a one-off situation or if this is something they do to everyone. 

Quote from @James Wise:

Originally posted by @Jessie Nunley:

Curious if anyone has any advice for finding tenants in a market that seems over saturated with houses that are up for rent. What I mean specifically is: I can go on Zillow and search the city I would like to purchase an investment property in and see that there are well over 150 houses available to rent. How does anyone compete or even get started in a market like that?

 Simple; outmaneuver your competition.

You can do this a few ways.

1. Undercut them. You can provide a comparable product for less money than everyone else.

2. Market smarter and harder than them. If they have 1 advertisement you should have 10. If they are doing photos, you should be doing videos.

3. Provide a better product than them. If all the other homes have Formica counter tops your should be Quartz or Granite.

This is great advice. Does it make sense to add washer/Dryer in unit value add to be more competitive?

Quote from @Derek Fike:

Hey Everyone,

I currently live in Colorado and am looking to purchase real estate to eventually turn into a rental. What are your thoughts on good markets to be targeting (towns, cities, states, etc.). If you were looking to put little cash down and still generate CoC return, where would you be looking?

Thanks everyone!

 Love the question, but it is quite open-ended and dangerous. Here's why:

1) There is no clear answer because your buy box is vague and unrealistic due to the current market, lack of inventory, and interest rates.

2) You're getting a lot of input on cities where you have never purchased or managed a property. You don't know what you're stepping into with no experience.

3) Every city has deals, but you need to know what you are looking for and how you will make money. CoC is just a wish until you actually know how to increase CoC and the type of tenants you have. It's not as easy as I'll increase each unit by $100 per month and will 2x my cash flow from day one. You need to have a strategy for increasing rent.

4) Why is this person selling a property if they refinanced it under 4%? What's under the hood here? Do you know how to do your due diligence? Do you have a trustworthy mentor and team to help you avoid pitfalls? It's like buying stock, what is it that the seller knows about the property that you don't?

There is no deal or best city/state. The best place is where you have the right team to help you get through the problems and come out profitable on the other side.