All Forum Posts by: Chris London

The 1st sentence of Andrew B's post above seems to answers the question. Not sure why he was so snarky after that. I suggest you start by contacting a real estate attorney and start the eviction process so that your claim is in line with the thousands of others when the courts open back up.

You should also look into the mortgage forbearance options that you have that seem to allow you to push up to 90 days of mortgage payments to possibly the end of the fixed term of the note.

Good luck! -C

John,

If you are certain you want to sell right now and the lease goes another year then I suggest you go back to what you already tried once and that is paying the tenant to leave. This time open up your checkbook a lot wider.

The trade-off here as others have mentioned above is that your pool of qualified buyers is smaller with the tenant-occupied property, plus who wants to sell to an investor, were all a bunch of cheap-skates. I'd offer the tenant free rent from the time they agree till the property is sold, I'd offer to pay their moving expense and then a lump of cash on top. Make sure to get it all in writing. 

With the current economy, your house may be worth a whole lot less in 12 months. I'd either sell ASAP, just hang onto it if you have a paying tenant or refi/HELOC for the cash.

CJ, While I don't know the specific laws in OH, I can generally state that it's typically tricky when the person has or had a lease on that property. That is where a police officer will avoid getting into contract law while standing in the doorway. You will need to file for eviction to have a judge order the sheriff to remove the person.

Rehan, While each state is different you will generally need to have your active, full-time real estate license for a specific period of time before the real estate commission will allow you to apply to be a BIC (Broker in charge) and apply for a firm license. 

I recommend starting in this order:

1) Get your R.E. license. Start by going to the TREC (Texas Real Estate Commission) 

https://www.trec.texas.gov/

2) Start working in property management. Some start as PM assistants or leasing agents and some go straight into being a full-time PM depending on the firm. 

3) Join as many associated organizations as you can and if you want your own firm, learn the technology side of the business (PM software, marketing, CRM, etc)

4) Get your BIC and firm license.

Good luck. -CL

Rasheed, I'll answer this differently to add value. Every landlord/PM early on needs to decide what type of landlord they are going to be. While there are no wrong answers, I made the decision after wrestling with the 1st few decisions to always follow the contact, no deviations. I sleep much better at night. This also includes proper charging of damages after move-outs and a 3%+ annual rent increase. I've removed from my vocabulary, 'but I don't want to lose good tenants'. People won't always like you but you'll second guess yourself a lot less and feel good knowing you were fair based on the initial agreement (the contract/lease).

I see a good previous post talking about rates however what are people seeing as the actual cost to refi right now?

Also, has anyone found a lender who will combine some of the underwriting fees when refinancing 4 properties all at once?

7 months into owning a rental I have an unplanned Cap X expense.

It's a $7,900 roof, lucky me!

From an accounting point of view, what benefits would there be if I loaned myself the money from my personal checking account or if I loaned myself the money from the checking account of one of my other investment properties?

Thank you,

Chris

This question is for those that are able to earn commission (R.E. agents) and buy their own properties.

In NC the commission is funded at closing it appears (unlike some states) and I am trying to use it to pay my closing and prepaids.

My lender seems to be fine with it and I just e-mailed the attorney to confirm.

Who does this and is there anything I should be aware of?

What do I need to be aware of in regard to income tax liability.

Any reason not to do it?

Easement of Necessity: Your property exists with no access to a public roadway due to surrounding properties owned by others. However the situation may have been created in the first place, most states recognize that a property owner has a right to be able to enter and exit his property – called the right of ingress and egress. In this case, a court may issue an order creating an easement by necessity allowing the owner of the property with no access to cross the neighboring properties unrestricted. I don't believe this applies to the sewage access.

@Ben, Welcome to the area. Of course the TREIA's & BP meetups are the way to go.

It is obvious from your well written introduction and extended offer to network one on one you already have the people skills that are vital in this industry. 

You have already mastered step 1: "Showing up is 80% of life" (Woody Allen)

You clearly will master step 2: "People do business with people they like" (Bob Burg).

Best of luck,

-CL