All Forum Posts by: Jeff Bridges

smart move works great for me coupled with at least 2 landlord phone references that I confirm from the smartmove screening check list of prior addresses, a copy of recent pay stub. I don't charge the app fee because applicant has to pay the $35 fee, which is enough to cover my screening costs and give them something to think about so they don't blindly submit applications to as many landlords as possible hoping one of them will not check their eviction record or other prior issues.

bed bug treatment from professional is about 500-1000 per unit. This is your ONLY option. Unfortunately there is no DIY option for bed bugs and your DIY treatment likely caused them to disperse to other units instead of containing them and killing them like a professional would do. Call a few professionals and get some quotes over the phone to confirm for your area but 750 per unit doesn't seem outrageous but if you can find one to do it on the lower end of that range, that might reduce costs.

How about you try paying for professional treatment of 2 affected units and having them inspect the other 2 units same time for infestation for a nominal fee like $50 each typically to see if those need to be treated. at $600 for each unit, you would be out $1200 for 2 units plus $100 in inspecting the 2 other units. Its less expensive than doing all 4. there might be volume discount for 4 units. ask them.

Treatment requires big cooperation of tenant. They have to wash all clothes with hot water and high heat and keep them in garbage bags following washing until unit is fully treated 3 times over a couple of weeks. At the very least, drying them on high heat for 20 minutes then bagging them also kills eggs/ bugs.

I would supply those affected units with 30-40 large garbage bags and rolls of quarters to go to laundromat to dry all their clothes for 20-30 minutes on high heat to facilitate their cleaning, then schedule the treatment once they have completed the cleaning and bagging of clothes in a couple of days. everything will get sprayed after clothes are removed.  encapsulating the mattress is also good but that won't get rid of a place already infested.

If it was clear who started it, then you could bill them with the rent, but you might have facilitated the spread by defering treatment and DIY treatment so you might no longer have any standing to bill that tenant for other units except maybe the treatment cost for that unit where it started originally. not sure...

Good luck!

You can use a variety of options. If you have the same bank as your tenant, there are some person to person options available through the bank interface. I recommend some more formal business oriented options below:

cozy.co - website with no fee rent collection service- no fees for either party. newer entrant but seems trustworthy and user friendly. haven't used this yet.

https://www.biggerpockets.com/forums/92/topics/198046-cozyco-reviews

https://ipn.intuit.com/ - Intuit payment network- 50 cent fee per transaction and can be recurring payment. reputable company and relatively easy to setup. I use this for one of my properties. not as feature rich as others but does online payments easily and securely.

https://www.erentpayment.com/- i used this once and has good customer service and good auto payment features. $3 fee per transaction/month for landlord or you can opt to bill the fee to tenant since they want to do this...

I've used other free services before but they have closed down in the past few years since they weren't able to generate a profit with their other non-free services (go figure!)

Good luck!

Do you have a good lease, accounting software, intention to inspect the unit twice a year or more, online payment system (you'll want this since you travel alot), screening criteria, and ability to implement all of your policies and deal with tenant issues along with showings associated with vacancy? If that 2200 is worth it to you and you plan on maintaining the level of service you expect that your PM is giving your tenants and you, than go for it.. On the flip side, if you pocket the money and let the PM service suffer since you travel alot and can't answer tenant issues such as leaks and other important issues on a timely basis, then it may backfire and cost you more by neglecting your tenants and unit condition... I self manage and don't mind managing but I apply below principles pretty firmly. Good luck with your decision.

http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/

you can get a home assessment from Georgia power below and qualify for rebates from the utility for things to include insulation and home sealing along with the asessment fee:

http://residential.georgiapower.com/products-progr...

There is also a free home energy audit available that might be worth considering if you don't want to shell out for an more detailed  assessment:

http://residential.georgiapower.com/products-progr...

Start with that and see what they recommend. Their service line is 1-877-310-5607.

The Electric utility in almost every state offers a discounted home energy assessment and various rebates to seal or improve insulation in a home. worth checking out on the utility website to research more...

his motivation for dealing with you is low since he was deported and he has little to gain from selling a house he no longer lives in and, now, is no longer in his same country. He has little reason to preserve his credit or other factors. His brother also as possible POA would have to negotiate, provide proof of hardship, and then show up to closing to sign everything. All are pretty low odds for something with low incentive for owner or his brother. I'd suggest moving on. Short sales are tough enough when the owner IS present and motivated to submit paperwork to bank and see the process to the end. I see this as low probability of success outcome and wouldn't waste my time...

There is an entire section on Guru and Course reviews on BP. Use it to evaluate prices and feedback and decide for yourself if the course is appropriate for the niche you want to be getting involved with:

https://www.biggerpockets.com/forums/79-real-estat...

Article on guru courses and why they might or might not be a good plan:

http://www.biggerpockets.com/renewsblog/2012/05/25...

Maybe consider a budget of a few hundred, but don't spend thousands of dollars that could otherwise be spent on purchasing your first investment. I've read about people spending 10k on a mentor when that could have been easily used for their first investment down payment to earn them income, not a pat on the back from some real estate coach. Definitely utilize the library to check-out books on real estate. The books can be better and more organized than some guru courses and will be free to review. they might help you guide what courses or niches you want to get involved in without wasting money on the wrong course topic. below is a good list to start with:

http://www.biggerpockets.com/renewsblog/2013/04/14...

You got BP and your local library as resources for free. Take advantage of these and ask BP questions when you have found your niche and want to do more... I have learned so much from these resources and have started investing based from this and local REI networking...

I think what you are looking to do, the bank will not allow. The bank requires a licensed contractor so that there is no fraud with the repairs, and so that if they were ever to foreclose, they won't have to worry about whether those repairs were done to code or in a workmans-like manner. The bank will escrow the repair funds separate from the house purchase and then distribute them directly to the contractor upon satisfactory completion of the repairs. They want someone competent, licensed and with a demonstrated capacity of successful prior projects to perform the repairs such as gutting a bathroom and kitchen using skills like plumbing/electrical/tiling and basic carpentry. You will also have to rely on a contractor or 203k consultant to estimate the total cost of the project in advance of  getting the loan. Your best bet is to shop around and get bids from 3-5 different contractors to find the best pricing and experience for the job so you get a quality job done and maximize your loan dollars. Use ready to assemble (RTA) cabinets at lower cost if possible and other things and control the types of materials they use for your project so they meet your expectations for quality and price.

http://203khomeloanrehab.com/203k-loans-do-it-yourself-fix-its-not-always-allowed/

try to talk to your bank financing the deal and tell them the fire and flood insurance policies just discovered and are bank required would put an undue financial burden on you and you no longer feel comfortable financing the deal. see if they could work with you to not approve the financing, provide a letter indicating they will not be approving the financing and allow you to submit to listing agent for your EMD back under the financing contingency clause if you had included one with your offer. talk to your buyer agent to see if you can use that clause to your advantage to get your EMD back.. You do have a buyer's agent right? otherwise, you are in a big pickle....

Don't use that much EMD in the future. 1000-4000 is more than enough... also always use a buyers agent if you haven't done so already...

That would work, except I just want to simplify the process overview. Your private lender will have to deliver 20k cash at closing to pay the down payment to the seller. Your title company attorneys will be drawing up a deed of trust and promissory note (1st mortgage) for the 80k seller financing loan and then a 20k ( 2nd mortgage) Promissory note for the 20k with your private lender. The reason is the seller would not be willing to take the 2nd mortgage since they would lose first rights to foreclose if you defaulted on payments. The smaller lender usually takes the 2nd place. Since this is all private/ seller financing, its up to you to negotiate the terms of financing with your counterparts. There is lots of nuances and ways to negotiate the best seller financing terms, so I suggest you post back when you are close to a deal and hit up the BP community with sample terms you are thinking about to see if your seller financing terms are considered good. Can you get the seller to agree to a long term, low interest rate, perhaps 2 month grace repayment period after closing to perform repairs and place paying tenants, and other benefits?