All Forum Posts by: Sheree H.

What would you do with tenants like these?

My tenants in Athens, GA have paid late every month. They never pay the late fees, and we never chased them for it because it wasn't worth the $50 or so. The last month they paid $50 short of full rent, begged more time, and then paid the balance a week before the end of the month. This month they paid $30 short, and are now delinquent 11 days. I have the pay or quit letter on my desk.

Is it worth the trouble and possibility of losing tenants for such a little amount? They do pay, and they aren't students but have jobs, which should be a good thing. If we do lose them, there are no shortage of applicants in Athens, but we would probably lose the rent until next august.

James, thanks for all your thought-provoking threads! They've been quite educational to me.

Your comparison of Johns Creek to Irvine & Suwanee to Tustin is interesting. I live in Suwanee now, lived in Huntington Beach for the 12 years previous. Followed the RE market in both areas, and love both, but they are so different. I can't say I agree with you, but you've certainly got me thinking!

How are your high-end rentals doing in these wealth-centered areas in GA? Investing in Johns Creek/Duluth/Suwanee has crossed my mind more than once, but my assumption was that the because of higher wealth, most people will want to buy instead of rent so flipping would be the better option. I'm very interested to hear what your experience has been.

I'm in! Nothing like rising prices to get me off the fence. Looking forward to exploring my new privileges. :)

Thanks @Joshua Dorkin and @Brandon Turner for this incredible site. I'm proud to be a member, albeit a green one.

Elizabeth Colegrove Thanks, that was what I was planning to do.

We didn't get the house. It had multiple cash bids over listing price, and we were outbid. I'll be watching it to see what it sold for. This market is impossible! Thanks for all your responses

I made a bunch of phone calls. Let's just say, if the offer gets accepted, I hope I don't get disowned by my family in a couple months.

Edit:
Sorry, I shouldn't joke about it. I'm blown away by how much my family believes in and supports me. I hope to God I don't disappoint them.

Well it's listed 24 hours and it's already at highest and best with multiple offers. We made a cash offer.

That's disappointing. So basically I need to make a cash offer on this house to even consider it? I don't understand, many houses have been purchased with financing that are not in perfect condition. Have the requirements gotten stricter?

This house just needs drywall on the lower, paneling half in the hall, dining, den, and hall bath, and flooring in those rooms. I don't know if the leak is active. It's just a stain on the ceiling below the shower.

Thanks, I just sent J Scott a note (don't know how to tag on my phone).

I spoke with my lender and he said the loan will go thru if the house is in liveable condition according to the appraiser. He thinks it will be, from my telling him that the backed up toilet plumbing has been fixed and there is no mold. How likely is that?

More info on the house: built in 1995, vinyl siding, roof in good condition.

I really want this house, because it's rare for a house to be in this price range in this school district. And I've lived in worse houses. Am I crazy? Stupid? Or both?

Our situation recently changed and we need to move. So I've been looking for an OO home with an investor mindset, which has been conflicting. We plan on living there 2-3 years and then turning it into a rental. I'd like advice on this just-listed home.

It's in NE Atlanta, where every newly listed home has multiple offers within days, and goes pending in about a week. It has been listed for about 8 hours, and I've already seen the house. Comps are 236K and 222K. It's listed for 130K short sale. My personal max budget is 170K.

It has water damage, no mold (that I can see or smell), from what looks like a tree root messing with plumbing causing a backed up toilet. The yard is sunken next to the sewer clean out, which is next to that evil large tree. The bottom half of the drywall is cut off in half of the house's interior walls, and carpet has been removed.

There is also a leak in the ceiling from the upstairs main bathroom.

I have a fast agent, and I want to make my offer ASAP. I have no experience with rehabbing. Is it possible to get this house at 130K and fix it with 40K? Do I need to make a no contingencies offer (which makes me nervous because I don't have 130K cash in case my lender doesn't come through)? Can anyone in Atlanta advise me?

Can't wait!