All Forum Posts by: Chris Harkins

@Account Closed

If you're not willing to go to court, how do you exactly plan on collecting?  If the tenant was a pain in the first place.. what makes you think you'll be able to get any money from them especially if they left early in the first place?

I'm not trying to be a Negative Nancy (no offense to any Nancies who might be reading this). But the truth is, even if you send them to collections, without going to court and getting a judgement, then garnishment, you'll probably never see the money.

 Probably going to just have to chalk it up to a loss, send the file to collections, and use it as a write-off at the end of the year.

@Zachary Miller , Btw if you are house hacking and buying a fixer upper, get the repairs done as quick as possible and before you or the tenants move in. It will save your sanity. I've done it both ways and from my experience, the repairs done first is the way to go rather than working on it casually.

@Zachary Miller , I've found if a property sits on the MLS for a long period of time there is one of two things wrong.. Seller owes to much or there are major issues that people don't want to fix/ or can't get financing on until they are.

If it has been unoccupied for a lengthy time, especially with temperatures that you get up in the Northeast.. there's is a great chance some pipes have burst if heat has been left on or pipes weren't insulated properly.

Look for structural issues -cracks in the foundation or exterior walls, cracks over door casing that zig zag upwards, dark / yellowing spots on drywall, check the attic to make sure there wasn't a fire at some point and has been covered up, etc. The list goes on, but I think between those quick checks you'll probably uncover the problem.

@Jason Dalmau , It's definitely a great place to look. I was just vising our HOA manager yesterday and she tells me when somebody needs or wants out. Properties that are severely behind on their HOA dues that may not be able to afford their payments, or that may even have been vacant for an extended period of time. I've even expressed interest in possibly selling and she gave me several other owners names who would probably be interested in acquiring another unit or two there.

@Brian Gibbons - Great story, thanks for sharing!

 I agree with @Bill Gulley

@Eric Hrlbock , Your math is correct on the interest rate. For clarification are the HOA and Taxes 338 & 253 a month or per year? That will wildly change the calculation for cashflow.

I'm guessing it's per month though if its including Gas/Water/ Trash?

Question for you though.. What makes these condo's so attractive? (Is it the best you can get price wise, do you live in a unit down the hall?)

If the HOA and Taxes are monthly = $591 p/m Rent or Vacant.. So even after it is paid off the most you will cashflow is $409-509.. Because realistically, the expenses will rise as the rental rates rise, but not necessarily fall.

So I've always called the previous landlords on our tenant's application.. However as of lately I'm seeing a dramatic increase in the number of landlords who are unwilling to just give me a couple quick yes/ no answers and are stonewalling any questions saying something along the lines of "I'm not able to/can't/ not allowed to answer that."

Are you aware of anyone or have you been sued over responding to a reference call or anything along those lines? 

Not asking terribly in-depth questions, but usually 

1. Did they Pay on time and give proper notice?

2. Did they take care of the property/ leave it in good condition?

3. Would you rent to them again?

I understand bigger management companies the person answering the phone may not know about that specific tenant and want you to fax/ email in a request.. But a lot of these lately have been from little Mom & Pop companies with a handful of units, or individual owners.

Definitely prime all the ceilings &walls.. As far as the floors go.. The amount of time and $$ you'd probably spend in salvaging them to "hopefully" fix the problem, would probably be close to a wash.. I would take the sure fix if your margin allows it.. That's my 2c.

@Ned Carey Great advice on the quit claim deed.. I don't recommend it but again going to any attorney that is worth having will explain that to you.. I was simply trying to explain that "while you could do that..." As in a I want to do this as quick and as cheap as possible..   Don't side skirt the process.

Trying to scoot around the process is probably going to cost you more money in the end.. Ned if you would, Please include the rest of the reference if quoting me as just that sentence alone pulls it out of context. My apologies if that's what you took away from what I was trying to explain.