All Forum Posts by: Blake Jarrett

@Kevin Brenner the ones I use have two key holes on the exterior. The interior part of the door is normal. I use the Kwikset 816 Series Venetian Bronze Single Cylinder Key Control Deadbolt featuring SmartKey You should be able to google that and go to lowes or Home Depot's website and see it.

I have started using the kwikset deadbolts that have two cylinders in them. One is a landlord lock and you can have a master key that fits all of them. Then the bottom cylinder is for the tenants and you can easily re key it when a tenant moves out. For the bottom knob under the deadbolt I just use a normal hallway/closet knob that does not have a lock. I went this route over electronic for price and I figure it would be less maintenance issues than an electronic one. You can order them from Home Depot.

Really depends on the property and where at in Hazel Green it is, but I usually see a pretty good demand for my rentals out there. If I have someone move out my units tend to only be vacant for a week or two. That is in the 800-900 a month price range.

No one gets paid a commission before the deal closes. Sounds like you may need to try a different business.

@Michael B. First, let me say that looking at Zillow is typically not going to be a good source of truth. It will not usually be accurate for what all is going to auction and for the prices it is going for/sold for. 

For this property, 121 Cooper drive it happens to be pretty much correct. In searching through records I can see that this property was offered at the courthouse auction on 12/1/16. There were no bidders so the mortgage company took it back for $65,444. It then went on market as a REO. It was listed for 65K on 8/7/2017 and went under contract on 8/11/2017 and sold (actually closed on) on 8/18/17 for 79K.

They then fixed it up and offered it back for sale on 12/13/17 for $131,900. They dropped the price on 12/28/17 to $129,900. The house went under contract on 1/6/18 and is currently pending (not closed yet). That is why you no longer see it listed but still see a sign in the yard.

As for your other statement, the courthouse auction does not knock out all of the other liens against the person/property. If you are going to buy at auction you need to make sure you have done a title/lien search. 

I know I wouldn't.

Mine are all 20 year terms. 20 year is the longest I can get via my local lender and taking the loans out in my LLC's name. I always think it's best to get the longest term you can, but I am in it for cash flow. If you take out a 15 year loan you are stuck with the higher payment for the life of the loan. If you take the longer term (20 or 30 year) you can still pay the monthly payment like it is on a 15 year term, but if one month you are tight on cash because of repairs or vacancy you can pay the smaller monthly payment based on your 20 or 30 year mortgage.

Sell sell sell. With a value of nearly 400K and rents of only $1900 a month it makes zero sense as a rental.

My local lender doesn't require any wait time. If I buy at auction for cash I get the ball rolling on a loan as soon as the deed comes in, usually a week or two.

I think it is always better to speak with them directly. The few times I have had to do this I have went and spoken to them. I think you make better progress at getting them out if you are friendly and try to offer cash for keys rather than just sending a legal letter to them saying they are being kicked out. The legal process also takes time so if you can speak to them and work out a deal it's going to save you time and money. My two cents.