All Forum Posts by: Dan W

I'm trying to think about this from the money partner perspective and I have some questions:

1. Are you putting any money into the deal (purchase or rehab)?

2. Is the property going to be in your name or the money partner's name?

3. Is the money partner a completely silent partner? For example, will they have any say on when, or for how much, the property is finally sold for?

Assuming the answer to #1 is no and the answer to #3 is yes, then I'm not sure this arrangement would be compelling enough for a money partner

The listing agent in this case did ask for a certified check with my initial offer. I did push back a bit saying the company check should suffice until we have a signed contract but the listing agent insisted that the bank wouldn't review my offer unless they had a certified check in hand.

Next time, I will push back harder or just move on to the next deal. Thanks for the feedback.

I can understand providing certified funds when closing the deal. However, I put an offer on a REO property and the bank is insisting that the deposit was a certified check. Its not like we even have a verbal agreement on price at this point. I don't quite understand why the deposit check needs to be certified but I guess there are a lot of things that banks do that I don't quite get...

What assurances do you have that you'll get the certified check back if the deal falls through? Seems unnecessary to me to provide a certified check until a least a verbal deal is reached...

The 8% of total rent and 1/2 first month rent sounds about right. I use a PM and I don't have any type of clause in there about a renewal fee. I would strike that.

You might want to add language about how long the tenant must stay in order for the PM to get the 1/2 month rent. You don't want a situation where the PM has an incentive to put a lousy tenant in there who doesn't stay more than 3 months and you have to pay the 1/2 month rent again for the next tenant.

How often will the PM inspect the inside of the property? Will they charge you for that?

I assume the PM is collecting the rent from the tenant. Is there any wording about when the PM will pay you?

I just had a tenant move out and she took the cabinet doors under the kitchen sink (who knows why!). Overall, the cabinets are in pretty good shape so I'd hate to replace them all. Anyone have ideas on where to get replacement cabinet doors?

Aren't I holding the bag at the end of the day anyway? if I put the water in the tenant's name and they don't pay, the water company puts a lien on my property. My understanding is that this lien is attached to the property (basically me) and not the tenant, so in the end, I'm paying for it...

Hi,

I have a tenant in a SFH in Philly who has not paid their water bill the last couple of months. The water is in my LLCs name (was advised that I should do that instead of having it in tenants name). What legal recourse do I have? I'd love to send a plumber over there and have the water shutoff from the street or have the water company do it themselves. However, I'd prefer to avoid a tenant lawsuit for violating their rights.

Thanks
Dan

Next weekend, one of these auctions is coming to a town near me and I'm thinking about going. Anyone have any success getting a good deal at one of these auctions? Are the auctioned properties mostly banked owned before the hit the MLS?

Any comments on these auctions, good or bad, is apprecated.

Assuming you purchase a rental property in the name of your LLC, do you put the utilities (Gas, Electric, Water) in the name of your LLC or personal name? Is there an advantage one way or the other?

Thanks
Dan