All Forum Posts by: Will Gates

@David Lilley, like Robin, I learned about him through his podcast, here on BP, his websites, social medias, chatted with him.. everything seemed good and checked the boxes that seemed sound. I did a successful 3 month term with him in spring 2020 and received my principal and interest as expected, with the final payment being a few days late, but he paid daily interest on it, so I was ok with that... then did another agreement for Oct2020-April 2021 and stopped receiving interest payments after February and very difficult to get in contact with him via email, phone, or social media.... and here we are today... :/

@Ashley Corbett, this whole situation definitely makes me hesitant to trust anyone...

I, too, have a note that was due April 2021 and the last interest payment received was from February 2021. Communication from Matt has been horrific

I, too, have a note that was due April 2021 and the last interest payment received was from February 2021. Communication from Matt has been horrific

@Lynn McGeein Great suggestion, thanks!  I like that idea better. 

My tenant's fixed lease is up at the end of June.  They are not bad tenants per se, but, we inherited them, they've been in the house 4 years (we've had them for 8 months), they pay in cash now, they are below market rate, they keep adding pets, etc. - so we want them out. 

The problem is we have approximately 2 weeks of travel coming up for July, and we need time between their tenancy and the next to do some updates (paint, new flooring, new water heater), and I don't want the house to sit vacant while I'm out of town.  

Neither of us have broached the topic of renewing their lease term, so at this point I'm assuming they are planning to stay and would like some extra time, so I thought it might benefit us both to end the fixed lease on 6/30, and then start a new month-to-month lease with a 1 month term and 30 days notice, all on 7/1, with some language built in for their leniency on showing the place to prospective tenants.  

We live in a premier rental area and I'm not worried about a house vacancy in mid to late summer, as I should still be able to rent it quickly. 

I read elsewhere that others bump up the rent for the extended lease option, but as they can barely cover the rent as it is and I actually want them to stay another month, I'm thinking of leaving it as is. 

Thoughts, suggestions, and do you have any example language that you would put in an agreement like this?  Otherwise I'm thinking a standard 30-day notice "reminder" that their fixed lease is expiring, a new month-to-month lease for 1 month, and a 30-day notice for end of the month-to-month lease.  (This property is in TN where it's 30 days written notice required.)

@Dennis Callaghan.. maybe reach out to a local real estate lawyer who can advise more about your brother's situation?

I'd thoroughly research whether Real Estate is something you'd want to dabble in... maybe get yourself some experience by going for a partnership to get yourself into things to learn the ropes for a flip, a BRRRR, a rental. Then once you have confidence, jump in if you're wanting to be in the game.

If you're able to find 10% down without PMI... that's great! If you have to get PMI on 10% down or anything under 20% down.... make sure you factor that into your calculations

I second @Jack Inman about the thoroughness of Asher Murray's inspection reports. Murray Home Inspections saved me from making a home purchase that would have been a nightmare rehab.