All Forum Posts by: Benjamin Timmins

Ive got the lock box code for a duplex I'm in the process of closing on. The owner inherited the place from their parents and live out in washington state.  If I didn't have the code, we would never close cause the owner wants to sell it but for what ever reason has no motivation to do anything with any kinda of speed, and when there were things that came up on the inspection, if I wasn't able to get in, they'd never get done. (had to tighten a hand rail, replace the two pumps on the furnaces, put batteries in the fire detectors (I forced them to rewire the fan and lights in the bathroom).

Its a pain dealing with an unmotivated seller, and a real estate agent that relies on email to get anything done (especially with the city (when repairs were done, told me that main inspector was sick, and underling was doing inspections and that he was emailing back and forth about getting the rein spection, It took one trip to the city hall in person for me to get the place inspected the next day)).

None of this would of happened if I hadn't had the code to the lock box.

You can go for a FHA loan as long as the property has 4 or less units. FHA loans can be as low as 3.5 percent down. You do have to live in it for the first year though.

Vacancy is part of owning income property.  Having 12 days of vacancy isn't that bad. Myself, Id be happy enough letting them start the lease prorated for the month.

If you are getting really high demand for it, you might have the rent priced too low.

Not that i know of, but possibly.

Run the credit check, look at the credit report to see what exactly is causing the bad credit first.

I am not a lawyer, and you should definitely consult one.

In my non legal opinion

I would file for eviction do to tenant negligence. It will probably come down to a court fight. At the least you'll be able to get that tenant out and get it fixed before they damage it any more than it already is. As for collecting anything past what you have in the security deposit is unlikely, even if the judge orders it paid.

You could hang out outside the condo a few nights and see if you hear any noises or fighting from the outside. If you do, you can call the police yourself as a welfare check. Ive never had a problem calling cops when I hear suspected domestic violence. Even called twice in one hour after the police just came and left the first time. Guy got arrested on the second call.

I just researched online for whats required for my states leases and added those provisions onto the lease that Brandon provides.

I am NOT a lawyer

I would first figure out just exactly how much it would cost to get it to where you expected to be, then compare your profit you would expect to get should you sell it then. Maybe get it appraised as is now and see what you could get for it now, and go for which ever option turns out to be better for you.

This isn't experienced advice, I don't do flips, just what id do in that situation.