All Forum Posts by: Brian Corbett

Interesting.  I would begin the eviction process just to show the county that I began the process in hopes they would not fine me (owner) and understanding the situation.  This action would also be in process if the tenant doesn't move based on your verbally agreed upon time.  Otherwise, you would be giving him more time by not filing eviction papers on the 46th day.  

Seems to me this is a breach of the lease and potentially forfeiting the deposit but I would check with a local attorney for verification. 

I do some business in Goldsboro, NC

If you and/or the PM have proof that the fix was in progress, even just scheduling, then you should be covered.  If the tenant is threatening a "law suit" it will be done in small claims court in Mecklenburg county.  You will not need or be required to have representation available if the tenant files claim.  This will also cost the tenant $150-200 just in filing fees.  I strongly doubt they are truly willing to do this and just threatening it to get their money back.  I wouldn't necessarily consider a gas fireplace a necessary functioning system of the house that would be required to work.  Just my opinion.

Full disclosure:  I am not a lawyer

It's stories like this that I find to be the most motivating.  It is nice to hear some investors buying 20-100 properties per year, but that just sounds very difficult to the smaller "average" investor.  Great job and keep it going!!!!!!!!!

If there are similar style/size units nearby, I would call the property manager/landlord for those units and find out what they are renting them for and what their vacancy rate may be for those units.  Potential tenants will know if you are too high or too low given the other units they are considering. 

Give them an inch and they will take a mile.  Watch

Yes, you would be paying "Cash" for the property.  The seller doesn't care that it is actually cash in the bank, just that you are not having to jump through the hoops of traditional financing.  If you are using several different forms of this "cash" then your terms for each would apply according to those terms but no need to bother letting the seller know those specific terms. 

I re-key with every turn.  If nothing else than for documentation purposes. 

I have worked with people before depending on the scenario.  You know, sometimes life happens and we all need a hand every now and then.  Just make sure you can verify the story they give and make as educated a decision as you can comfortably make.  

I once charged a triple deposit with the guarantee to refund 1/3 after 6 months if things were going as planned and another 1/3 at the end of 12 months if still on course and they were renewing their lease for another 12 months.  

Congratulations!!  Keep your goal in mind and you will become a success!