All Forum Posts by: Account Closed

HI.

I recently purchased a home and just finished renovating it for sale. My sale price is about 120% above what I paid for the property. From my understading I am unable to get the house under contract with an FHA loan buyer within 90 days from the date I bought it. I currently have 2 full list FHA offers on the table but can I do anything with them. My agent says no but we are hearing from the buyers agent that she has done these before and never had a problem with the 90 day time frame.

Can anyone offer any input?
Thanks

Bill Robinson

Bill,
On the day that rent is due and has not been received, what is your process? Do you call your tenant and ask where rent is, followed up with a written late notice. Or do you immediately send them a pay or quit notice? Just curious on your method that seems to work well for you.

Jack Bobeck Good advice. I have been thinking of sending out formal requests and will most likely beging doing this. I have actually considered creating an LLC under a different name to make it appear an outside management company is sending the letters. This will allow me to use that as a buffer and still appear as the good guy, but then again that still might be labeling me as a pushover.

Question though. How should I go about starting the notices? I have never sent them before. So do I just start all of a sudden?

Thanks for the response. Yes, I currently charge a 10% late fee, which is upheld most of the time for the repeat offenders. Going forward with my next leases I will try the incentive plan. That seems like it is a good idea.

But I am starting to realize that chasing rent is just part of the business.

David,

Thank you for bringing this up. I have witnessed this same exact thing in the Atlanta area. I began buying foreclosures only two years ago. In that timeframe I bought 12 houses with little to no competition. Banks were almost giving these properties away to me. About six months ago there has been, no joke, about a 30-50% increase in list price for these foreclosures I was bidding on. It seemed like the base price when I started was about 25k for a house and has now gone up close to 50k for the same exact house. Just last week I put in a bid on a house listed for 26k. I bid 36k and did not get the house.

These hedge fund groups are in full force down here as well. What they are doing is driving the price up on these so called investement homes and I believe they will eventually drive the prices up so much and overpay for these homes, the return will not be worth it. As a landlord of only 2 years I have seen what it takes to manage a property and how expensive it can get. Maybe these hedge funds know what they are getting into, but then again maybe not. I am seeing another bubble on the rise I believe.

Good evening.

I am a landlord with a few rental properties and I am seeking some advice from other landlords on how they collect rent from their tenants in a timely manner. My lease currently states that rent is due on the first of the month and is late after the fifth of the month. Of course about 8/10 of my tenants translate this to mean rent is due on the fifth. When the fifth rolls around I get a few more rent deposits, but around 5:00 PM there are still two or three outstanding rents.

This is when I send a text message or call and ask where the rent is at. This is when I get the excuse as to why its not paid and when it will be deposited. Most of the time they will uphold there end of the bargain and deposit it when they say they will.

So what is really bothering me is, the fact that on the fifth of the month(due date) I am having to chase my tenats down and ask where the rent is. I have asked my tenants to please give me a heads up if they will be late but rarely to I get any warning.

Can anyone please help me with a better way to go about collecting rent without seeming like to much of a pushy landlord. I believe I have been able to keep my tenants happy by showing them respect and being understanding when they tell me they will be late, but frankly I am tired of getting all worked up on due date wondering who will pay and who wont!!!

Good afternoon.

I have a question regarding my LLC. A little background. I have 12 rental properties listed under an LLC I set up. I set up the LLC in Georgia. My LLC name is "(mynamehere)properties.

Recently a friend of mine told me that setting up your LLC provides privacy benefits. It is much harder to find out who is the owner of the LLC and their private address/information. He mentioned that he had a friend that set up each rental property under a separate LLC (thru Deleware) and also had one LLC that acted as an umbrella to all the other LLC's.

I originally thought it would be nice to have my name in the title of my LLC, an ego thing I guess but I have recently had a change of heart. One reason, other than the ease of access by others to my personal information with a quick search on Georgia Chamber of Commerce is, I would like my tenants to feel that they are receiving late/eviction notices from an outside company. I like to manage the properties myself and when my tenants see that its me sending these notices they don't really take them seriously because I am "to nice of a landlord".

So any advice on how I should handle this LLC situation or just keep it how it is would be greatly appreciated.

Thank you.

I had a tenant where every time I would go over to the property it would smell of weed very bad. I also saw a machine gun with a silencer on the table one time. I was honestly to afraid to report anything in fear of retaliation. Fortunately they failed to pay rent so I had them evicted. Only time I was ever glad I didnt receive rent.

Many of my tenants will only communicate with me through text message. It has its advantages and disadvantages for sure. One thing I like is that I always have a written copy of my conversation should I need to use it. Sometimes though it can be extremely annoying especially when you get the 2 page text explaining there has been a death in the family and rent will be late.

I dont think he was expecting to get a hold of someone that actually has somewhat of a clue about real estate. It seems to me they actually are looking for the distressed homeowner looking for a fast sale that can be taken advantage of. I looked up properties on their website in the tax records and many of them were vacant county owned properties. Oh, and in regards to the proof of funds I was sent, I called the company listed in the letter and they had no involvement. They thanked me for telling them. Obviously I am dealing with some sort of fraud, but I just dont understand what the end goal is for these people. Thats why part of me still wants to see where it goes