All Forum Posts by: Al Pat

I use Zillow and Facebook Market place. FB market place has yielded th ebest results. Zillow not so much and applications received through Zillow lacks what I look for. 

All of the syndications I invested in are performing very poorly. All have stopped distributions and are less than 0.75 DSCR, so refinance will be hard as well. I am not sure what the outcome will be but I have STOPPED investing into syndications and focusing on my own rentals that I can control and manage. My two cents, stay away from syndications for now for a long time, I may never enter into them ever again but that is me.

Quote from @Joe S.:

Quote from @Al Pat:

I added a clause in my lease that either party can termninate the lease with 60 days notice during the lease term. One month penalty is applied if notice is less than 60 days.

That’s genius… possibly. Lol.
Where exactly do you slip that clause in at? My way of thinking if it was slipped somewhere in the body of the agreement and not exactly on the term of the lease where lender would look at that should appease most lenders that wants a long-term lease in place. 
Are your tenants well aware of that clause or is that clause mainly for your benefit and you do not try to point it out to the tenant upon signing the lease?

 I have this in the section called "Early Termination", it is a clause by itself that governs that both parties can terminate lease. Another clause I have in my lease is right to terminate the lease upon sale of the dwelling (by new owner) upon 60 days notice. When I purchased multifamily few years ago, that lease came with this provision and I adopted it for all my rentals then after. Here is how it reads.

I added a clause in my lease that either party can termninate the lease with 60 days notice during the lease term. One month penalty is applied if notice is less than 60 days.

Quote from @Roberta Markevitch:

I'm looking to possibly try this in Atlanta and then possibly some European cities. Wondering if anyone has had luck doing this. How did you find a landlord willing to accept this arrangement? 

There is a STR group in Atlanta called AMSTRA stands for Atlanta Metro Short Term Rental Alliance led by @Rich Munroe, he is very active and worked very closely with the city while designing STR to present owners side of the concerns. Join a Facebook group for AMSTRA to get a feel for and connect with others as well as attend monthly free meetup for Atlanta Real Estate Investing Meet up (formerly BiggerPockets meetup group). Join them on a Facebook and meetup is free led by @Vince Crane. You will meet many like minded people, landlords, investors, lenders and attorneys there and all tradesmen. They meet monthly and has like 100+ people in attendance each month. Various speakers do information and Q&A session in the beginning and then open networking last hour. They had a speaker on MTR last month. Hope this helps!

Since you already have paid up properties, why not take a loan against these and use the money to buy the duplex(s) you want. This way yo ukeep what you already own and keep on adding to it. Your plan is to scale and it doesnyt mean you have to sale.

Best book on REI that I have ever read.

In Georgia, you just set it out to the curb. Are you sure you have right to store it? What if they claim theft by taking even when you were trying to do the right thing? I would personally proceed with the eviction and set out as planned. 

If cashflow is around $100, it wouldn’t take long to be cash flow negative. Also keep in mind, once you close your property at that price, your property tax will reset to your purchase price meaning higher than what it is today. Backout, no deal is better than bad deal.

Very educatoinal post and appreciate you taking time to share!!