All Forum Posts by: Chris Davidson

@Lisa Winklepleck with international renters you have to go more oldschool and dig through social, call references and screen the best you can. But as @Nathan Gesner said increased deposits can help offset possible issues if this is an option for you. Getting parent co-signers sounds good and can show them you are serious but realize the cost of getting money from a no resident not in the country will be more than its worth. Another option can be prepaid rent. Say your going rate is 1000/month if they pay 6k up front rent is now only 500 a month and you have less to worry about collection on.

Personal reference on these can be huge and it might be possible you get a coach, assistant, or us resident helping them to co-sign.

Best of luck, I've had the same issue with students from abroad but can be a great market if you operate it well, as reference are strong in the international community.

@Jeff D. sounds like professional tenants, time to get professional help on your side. Reach out to a lawyer as sounds like you are going to need one sooner or later. 

@Brent H. dig deeper. Closet shelving crashing to ground twice means the repair was adequate. Also 3 years ago was in Covid times and some things were just sloppy and appliances seemed to be hit the hardest. Sounds like the builder is going to be out of funds soon so might be a dead end there. 

Given it's been 3 years you have little chance as you have also had others living it in. Did they cause the issues, was it sloppy building, weather, or the manufactures?

Not a fun situation hope it gets better!

@Dominick Petrellese one quick one is see if they can drop the sewer charge to your normal rate. As likely you didn't make that much water dirty. This will cut the bill significantly. Past that just keep working at it and trying to solve the issue. How remote is this place that they only check meters ever quarter?

@Elizabeth Park to reducing gardening cost, requires upfront cost. Invest in hardscapes that require less maintenance. If you just quit spending on it the park will look more distressed. Make sure what you are doing makes sense, and you aren't currently being wasteful. 

Best of luck!

@Jamie Stone interesting concept. Feel like you can get more. Why only a warranty if you use their PM. What is the contract with the PM? Increasing rents 5% each year is a promise they can't make. Nobody knows what the market is going to do, and rent is set by the market not by the landlord. You can't collect what people aren't willing to pay. What are the terms on the loan? 0% down with 5 points to close would be similar to 5% zero points to close. Is it fixed or floating rate? What are comps for the properties, are you buying above, at, or below market? 

Would want to know a lot more before investing in it. Could be a killer opportunity or a nightmare. Bad PM's can turn a good deal sour where as good PM's can turn an ok deal good.

Best of luck!

@Tyler Lingle I wouldn't think too much about it being 2-4 units as you are building new. Yeah the numbers are more, and you have to meet other requirements, but it still residential building. Do you have a builder in your area who has plans and can do spec build? May be less profit, but quicker and easier process to get started. 

@Maximo Dejesus to do this one you are not only going to have to solve the funding issue, but also the probate issue along with tenant/ squatter. Sounds like Daughter just moved in, and no one is making payments. What makes you think she is going to leave after you take over the property? 

These are things that will keep others from taking on the deal, but if you can work through these it might be a good deal if the numbers are there. I'd see who is handling probate, and if it will be possible, or are there more liens.

Best of luck! 

@Chad Acerboni Pretty wide market are you looking to step up unit count, quality, or property quantity? Portfolio management is one of the biggest things to being successful, and having the assets that best fit your goals. 

@Sean Sullivan would start reaching out to more. Definitely shows not all title companies are the same. If you can't find a local one that will see if a regional one will. If it a smaller town and smaller title company may be the reason. If the title company has a long term escrow department better chance they would be willing to work with you as they could facilitate payments after closing as well if the parties wanted that.

If taking time to find that one asky why the ones you have used don't want to touch the deal is there something wrong with the deal you aren't seeing, or they just don't want to do it.

Best of luck! Value is created in doing what others aren't willing to do.