All Forum Posts by: Brendon Pishny

@Cory Kerr

It might be state dependent, but if you accept any partial payments you need to have the tenant sign a reservation of rights letter. This says you are accepting the partial payment but still reserving your right to evict. You can then choose to file the eviction or see if they’ll pay the balance owed.

If they haven’t stated that they are behind on rent due to Covid I would move forward with the eviction. Or just see if they’re willing to vacate the property and move on. Hope this helps.

@Darryl Reed

I think the only way to fully learn is jump in. Start analyzing properties. Maybe make a few offers. Figure it out as you go. If you anazlyze 10 properties a day you will get better. Take it one step at a time. Learn from your mistakes and move on. Good luck!

@Brian Evans

Cut your losses. Sell it and move on. Learn from this. Consider it expensive education to get better. Good luck.

@Bryce Vaquera

You need to get out of that credit card debt fast. If there’s enough equity in the duplex I would refinance and pay off the cards. I think you’ll find the longer you make the minimum payments the longer you’ll be swimming upstream. Congrats on the duplex and good luck.

@Alex Galt

I think they're great if the HOA fees are not so high you can still cash flow a decent amount. The good thing is depending on the covenants a considerable amount of the outside maintenance is taken care of so there's no large expenses. I would work with the HOA and be upfront about your intentions. Make sure you can actually rent the property. I have a condo and a townhouse. Both attract great tenants. A little less cash flow but as I said less big expenses. And some single professionals or young families like not having to mow and stuff. Hope that helps.

@Isham Zabala

I buy them and stock them. I find tenants are more likely to replace them if they’re provided.

Yes you should be able to make offers based on assumptions of what the costs will be. Always have an inspection period in the contract. Then if you find something that significantly changes those rehab costs you can renegotiate. In this market taking a contractor and getting a formal bid to make offers is not feasible. 

@Bud Gaffney

Do you have a paid account? I find that for free you can only run a few searches.

@Corbett Brasington

I feel like this is a ton of work to go through just to make offers. I think it’s good you went once with a contractor. Now you have a good idea what it will take to rehab a property. You should be able to make offers. Then take your contractor to the site after you’re under contract. He may be willing to keep going with you if you’re paying him but do you want to spend that much money and not get any deals. Most contractors will get tired of doing that much effort if they’re never going to get any work out of it. As you get better you should be able to walk a property for 30 minutes and have a ballpark rehab number so you can make an offer.

In my opinion I would want materials included. This something you would definitely want to clarify with him. Also, it’s hard for me to say if the numbers are too high or not. It depends on what market you’re in. In my area this seems a bit high.

Hope some of that helps.

@Scott M.

I agree. I like NREIG too. You can do the whole thing online. Even add or delete properties monthly. Good rates with good coverage.