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16 June 2020 | 6 replies
If you don't currently have language in the lease that speaks to tenant's ability to make repairs, replacements or changes to the house, you should consider adding that into your lease when the next renewal period comes around.
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21 June 2020 | 6 replies
Though with him not having official license for property management, all the contract and documentation will be done through me as an owner, and he will be behind the scene doing the regular management.
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1 July 2020 | 16 replies
As of today (7/1), they have paid off the rest of what was owned, and we are officially done.So here I am.
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16 June 2020 | 1 reply
Many regions, while not officially banning evictions at this point, are not processing evictions or judges are outright refusing to evict, despite the law.If it continues to get more and more difficult to evict nonpaying tenants, that'll be a problem across the board.
17 June 2020 | 10 replies
It also sounds official and legal, which keeps things on a professional level.Hope that helps...
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17 June 2020 | 2 replies
I have a section at the end I use to "fill in the blanks" for things that can't be covered in boilerplate language.
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17 June 2020 | 10 replies
I often deal with newbies so they tend to make these mistakes:1- underestimate the time rehab will take, often due to weather delays or delays with local officials securing permits or delays with local building inspectors coming to inspect rough-ins thus delaying installing drywall and finishes2- Over improving the properties by building them out as if it were to be their personal dream home, which means they go over budget and eat into any profits from selling plus cause more delays with changes3- Over price the flip so it sits on the market too long and their carrying costs sky rocket which eats into any final profit4- under estimate monthly carrying costs like water service charges and garbage collection charges- these will still be there even though water may not yet be turned on and the cost of electricity the contractor needs and will use monthly5- get in trouble with the local building or planning dept. due to over building on a lot or tearing down so much of a house as to then have it viewed as a new build that doesn't meet todays lot line set back requirements and then have a stop work order issued for months while they argue that its not a new build which only increases carrying costs and decreases future flip profit or really causing the profit to become a lossThe ones I see most successful are the first timers who buy a 3 or 4 unit to rehab and reside there for 12 months and do it on an FHA 203k loan to be honest.
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18 June 2020 | 2 replies
Most town officials can name a short list of problem landowners.
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20 June 2020 | 3 replies
I'm in a position now where I've saved enough for a down payment (and then some), and have officially started looking at duplexes with a realtor.
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21 June 2020 | 13 replies
If yours doesn't you will need to have your docs notarized by an appropriate local official.