All Forum Posts by: Brian Van Pelt

@Alex Etlin

Check their BBB rating 60 complaints ad rising.

Lets see, you have 2 unit and one unit has bedbugs and the other doesn't.  

Reminds me of Star Wars  "Yoda: Mmm. Lost a planet, Master Obi-Wan has. How embarrassing. How embarrassing."

You KNOW 100% where they came from, however it is a pest issue in most States which falls on Landlord

Unfortunately in most states unless your lease specifically states otherwise Tenants are legally required to notify their landlord as soon as bed bugs are found.Tenants are required to cooperate with the landlord's extermination efforts. If the landlord does not take steps to exterminate the bugs, Tenant can contact the local health department.

The real issues is that Bedbugs can require multiple treatments before they are eradicated

@Account Closed

There is no such thing as a "lawyer proof contract". Lawyers are in the business of picking contracts apart.

It's always a good idea to run your contracts by your attny to make sure you comply with federal and state laws.

@Jessica Wygal

It's always in the fine print

Most of these companies require you to purchase their service software or some other add on support product at a cost of 3000 to 6000 Plus. Look up their BBB rating to see the lists of complaints.

@David C.

. Bring the property into compliance with local,state,federal regs concerning LBP.

Typically this means have it tested, If it passes, then maintain it according to same regs.
If it doesn't pass, then inform your tenant and bring it into compliance.

You should inform your tenant why you are having it tested.

If you are concerned about what your agent told you, you may want to speak to her directly and ask for her source of information.

@Addison Ricci

This is why it's important to disclose EVERYTHING to a lender as soon as possible before making an offer.

I would talk to the seller about owner financing if possible.

@Joe Norman, Yes I agree that the clause is in most lending  documents, But in 20 years I have never heard of a residential lender doing so or even attempting to do so. Lenders margins are thin enough on loans without the added expense of tracking the condition of properties in their portfolio. I will substitute "can't" for "won't" . I'm sure if you google the topic there may be a few out there somewhere, but it's extremely rare.

Buy, Renovate, Rent, Refinance, Repeat (BRRRR) for Investors has always been the Refinance portion. I've never understood the need to pull all the equity out of a property until their monthly cash flow is approaching zero.
One of my properties is a Condo with a positive cash flow of 1200 per month. It makes no sense to have 4 properties bringing in the same income as one, especially if its bought at the height of the real estate market.

The last housing document, i lost count of the number of investors who went bankrupt or just plain lost all of their properties when their portfolio unzipped because of 1 or 2 properties that they could not rent and were upside down on their portfolio.

Anyone who considers BRRRR really needs to read AND understand @Brandon Sturgill post on BRRRR

@Justin Woodworth

Don't sneeze to hard, walk softly  and don't slam an doors.

Make sure you have a thorough home inspector and wood destroying insects inspection. Older homes have unique issues with electric,wiring,plumbing depending on when the updates last occured.

@Jasmine Tolson The contact info for Code Enforcement is at the Bottom. There is also a possibility that the database is not up to date. I would check with the Landlord first in case it is registered. He could send you a copy if it is registered.
Is there an issue with the property ?