All Forum Posts by: Brian Van Pelt

@Douglas Underwood

. Always issue a refund check in the names(s) of tenants per lease.
. Do NOT issue a new check without your original check returned or you canceling the check through the bank first.
. Personally i'd just block their number and move on like @Nathan Gesner said.

@Dana Tenebruso

. Offering free rent is the same as lowering price
. adjust price weekly based on showings.( Tenants call based on Monthly rent)
. Check to see if local apartments are offering a free months rent, only offer if they (your competition ) are .
. Put a link to a video tour of your unit with advertising>

I have professional photos and videos of my units made right after renovation as it is it the best they will ever look. Then reuse them for 3 to 5 years .

@Sean Sullivan

Steps:
. Consider target property.
. Determine the changes you will make (3 BR to 4 BR, Finish and unfinished basement,replace roof, etc)
. Engage a Realtor to run comps for you on renovated,rehabbed,restored properties based on the above)

A good realtor will cultivate your business if you use them to market and sell your property. You will get a good education on comps from them too. They are also a good source of rehab properties available through the local MLS.

@Lucy Can

With the amount you are putting in, I'd approach a HML, you will pay a higher interest rate, but anything with a cannabis related tenant is nearly impossible to get a loan for.

I know this is going against 90% of the landlords who are highly leveraged, but this downturn shows the fault of purchasing properties using BRRRR strategy.
. Little to no equity remaining in property.
. High mortgage
. Potential to unzip entire portfolio in a downturn
. Small to no reserves

We are going to see a lot of Investors loose their entire portfolios's because they cannot go a few months.

@Cemre Tas

"It depends" on how your contract is written. Most lenders will not lend if the property does not appraise. If it does not appraise, then most contracts fall thru because of financing. If your contract is written bu the builder, some builders do not refund an entire deposit especially on upgrades. Again it depends on who's contract you use.

@John Morris

Depending on how your lease is worded, the Tenant is responsible for the entire amount of the lease regardless of where the money comes from.

Section-8 vouchers are usually rescinded or retracted because the person no longer qualifies for the program or the information provided to the program initially was found to be incomplete or incorrect to begin with. 

I would file in small claims court for a judgement, then turn collections over to a newly minted lawyer out of law school to do collections for you.  You may be surprised in a few years when you get a check in the mail.

@Dejuan Calloway

No,No,No

Expect home prices to go down soon.
Expect interest rates to go up, especially with HM Lenders 

@Tyler L.

Expect all lenders including FHA,VA, etc to follow J Morgans direction.

@Joshua Vanderzanden

It really depends on the amount of damage that has to be repaired. A fire like you describe could have gutted the building or just a small area on one part of the property . You need to first find out if its for sale. Consult the tax record for name and address of the owner , then see if it's for sale.

203K loans will give you extensions on completion if needed.