All Forum Posts by: Andy Chen

Thanks guys for the responses.  My real estate attorney states going to court will be super costly plus time consuming which will hinder the sale timeline so they recommend the CFK strategy first.

The S8 account manager stated I can take the tenant to court but will never get involved in legal matters.  The only way to break the lease is by signing the form.

Hi all,

Need some suggestions on proposing cash for keys on section 8 tenant.  Here is my current scenario:

We are planning to sell a multi-family unit and my real estate agent needs the tenant to be vacated due to the amount of damages the unit have suffered and other factors that could potentially drive potential buyers away.  The tenant is under auto annual renewal voucher program that just recently renewed a few months ago.  In order to get out of it, we both need to sign Mutual Termination Agreement which we already know this will not happen.  Now here comes the sticky point.  The tenant have refused to allow any showing even if given 24+ hours of notice.  This violated the lease agreement.  She also violated other lease agreements such as

- Emotional support animals.  Contract states she can have single animal that weigh less than 40 lbs and instead have a husky, doberman pincher and a cat.

- Peace and livelyhood of the first floor tenant whom is pregnant and the animals are out of control and scaring the tenents on the first floor.

My attorney suggest to do cash for keys as initial suggestion before thinking about eviction process as this can take a very long time and expensive.

Any suggestions are welcome.

Thanks.

My tenant lease ended last Dec with 60 day notice to give her extra time to relocate and still refused to move.  What should I do now that the courts have halted eviction filing till sometime mid Feb?

Question. What if the tenant lease ended Dec but refuse to move?  She also haven't filed for any government/COVID rental assistance either. How does the moratorium apply in NH?

I am kind of in the same situation as @Gabe Storm except I have two rental properties and one is about 60% paid off and the other I just purchased last year. To further expand my portfolio in the near term, I have to find a way to put more money in the bank other than my current full time job + rental money. To do this I was thinking of pulling HELOC to start on my first flip project and get a construction loan with 12-18 month term. The HELOC is to support the monthly payment + upfront renovation cost on the construction loan as the lender will only approve the reimbursement on completed tasks. Also, I will be greatly appreciate it if someone can comment if this is a BBAAADD idea. Not too late for me to rethink my strategy as I haven't started on any of it yet. :)

I am a voice over IP engineer and probably will still be one till either they let me go or retire. But...REI is a way to ensure my wife and I still have passive income after we are done with our careers.

I also find that the skill sets we acquired through our engineering career help us with our REI projects. The problem solving skills and the logical thinking have helped us through some road blocks.

Currently holding two rental units and one almost paid off.. :)

Hey Bonnie,

Have you tried a site called UpNest?  I found my broker there who's investor friendly and she does flips herself on the side.  If you want her contact, PM me.

I just interviewed a realtor that asks me to sign a form stating not to work with any other agents. I asked why and she said it's due to ethics. She mentioned that in the past she spent a lot of time finding a deal and almost closing and last minute they backed out.

I'm still a newbie, but I interviewed a broker that owns her RE business and she offered to do the following:

- Have lenders that she relies alot on that can help fund my projects.  She called up her contact at some bank and already settle on a rate that I couldn't get myself.  Still needs to do paperwork but it was WAY better than other lending firms I've called up recently + no closing cost + without credit check.

- She has several contractors in several markets and all are licensed.  She even insures them herself even though she's not a GC as she used them to build up her own office and her rehab projects.

- The rehab supplies she gets are wholesale.

- She's willing to help me incorporate.

- She's an investor herself and just recently closed no a flip that's ~$1Mil and she still does this on the side.  If I remember right she also have several commercial real estate that she owns.

- Also willing to split commission and commission rates are negotiable.

- She also have legal contacts that can help with legal issues in case one day if you want to rent out your property and get into legal trouble.

- Most importantly, she is only 1 block from my house and she always answers her phone so getting hold of her is easy.

Based on the above, is she considered a strong candidate?

Question.

Should an investor be weary about finding a real estate broker that promise they can help with everything from financing to managing a flip project? I interviewed with one and she already got me started off by getting my financing in place for my flips. She's even offering splitting the 6% commission cost. Trying to determine if the real estate broker falls into the "It's too good to be true" category.

Thanks!