All Forum Posts by: Collin Wilson

Patricia, thanks so much for your input.  Part of my problem is the owner feels some sort of guilt for selling and forcing his tenant out before January of 2022 because "it was his word." My first offer was exactly what you said above - vacant at close.  The owner said because he told the tenant he had until January that he believed it would be more headache and the tenant would make a "fuss" if he tried to get him out in the next month pending a sale.  I certainly don't want the tenant problems and would love to find a way to take possession of it vacant...it just doesn't seem like that is going to be an option.  Now I need to figure out how to still get it under contract without having to deal with too many headaches from the tenants.  I was thinking I could put it under contract but have a closing date in 60-90 days to give him ample time to have the tenant relocate.  Or I could try to get the tenant to agree beforehand that he would vacate (cash for keys in a way).  Thanks again for your response and any additional advice would be greatly appreciated!

Hey everyone! I recently purchased a townhouse and in the midst of the rehab I sparked up conversation with the owner/landlord of the neighboring townhouse.  He mentioned his tenant of 10 years was causing him pains and making the property "not worth it."  The tenant is on a month to month lease and the owner told him he was going to sell the property in January 2022.  During my conversation with the owner he mentioned that several investors had made offers but he "needed a little more."  The number he wants is still 40-50k less than my valuation (and all comps) so I feel comfortable in saying I would have a nice cushion and decent equity after closing.  Additionally the rehab would be small (less than 10k)  I mentioned my interest in the property and he was very interested.  His one concern is his tenant and the fact that he (landlord) told him that he would give him until January 2022 to relocate.  Obviously, I want to put this under contract now and would like to get the tenant out asap(who by the way is paying about 1/3 of the appropriate rent for the area).  Suggestions on how to approach this and how to deal with a potentially angry tenant.  Thanks in advance for all of your help!

Hey everyone. My wife and I are in the process of purchasing a SFH investment property with another couple. The other couple plans on obtaining a personal mortgage and then we plan to title the property under a multi-owner LLC (including all four people). Is this feasible? What hurdles will I face? Will a title company put the property under an LLC or is a quit-claim necessary? Any/all info is appreciated.

@Mack Benson

Mack, thanks so much for your response. The house was built in 1946.

Hoping someone can give me some advice!  I am running the numbers on a property and I am hoping someone can give me some guidance on the stone foundation findings below: 

It was found that the foundation is out of level which is not unusual for stone foundations with
no actual foundation only base stones as we saw. These are subject to changes and shifts
especially with improper drainage and erosion as we saw some evidence of. The minimum I
would recommend is upgrading the drainage system to help assist in stabilization of the stone
foundation. The foundation shows no signs of immediate distress since the majority of the house
weight is on the front and back wall based on the floor joist orientation running front to back. I
would keep an eye on the right wall that has some movement that has occurred monitor for
additional distress or movement and repair/ rebuild as needed in the future. The framing could
likely have some leveling done off the existing foundation if desired and re laying mortar or
stones under the floor joist once lifted. This is typically done by temporary shoring and
temporary leveling process. It often results in some cosmetic damages that would need repaired
if occurred. There are also two floor joist cover with a foil wrapping that were notched out pretty
excessively that would benefit from sistering them up but I'm not sure about the asbestos
treatment currently there and would have to be address by a company that deals with this prior to
any sistering work on the joists.

Would that scare you off?  The proposal for the drainage upgrade would be about 3k. Advice/recommendations would be greatly appreciated!

Hi All! 2 weeks ago I received an early morning call that my SFH Rental Property caught fire. The Fire Marshal determined the Fire was caused by the tenants improperly disposing of a cigarette. The tenants confirmed that the fire started because of a lit cigarette. The Lease prohibits smoking in the property.

The Garage has extensive damage. Thankfully the actual fire was contained to the garage but we have soot/smoke damage on the main level.

The tenants are required to have renters insurance and originally provided me with their policy number and information.

I filed an insurance claim with my Landlord Insurance and the restoration company came and provided an assessment. The tenants were unhappy because the company wanted to remove and clean all of their furniture (unsure why) Additionally all of their items in the garage were considered unsalvagable.

Since that time the tenant has had two different restoration companies to the property to provide assessments. The first also advised the furniture needed to be removed and cleaned. The second advised that they weren’t able to determine 100% that the furniture had soot/smoke damage and informed the tenants that they could clean the furniture themselves.

Obviously, I have concerns with the third option as it could potentially effect my property if furniture is left inside with smoke/soot damage. The facts and the tenants behavior has started to make me question their motives. I’m questioning if the tenants simply don’t want to pay their $1,000 deductible or if they have been deceitful regarding their renters insurance. The damage to their property is well over $1,000 (Deductible) so to not file a claim would seem pretty stupid. The original insurance documents provided showed they had a claim ceiling of $50,000 for their property. They won’t come close to that ceiling.

It seems I am in a holding pattern until they figure out their insurance because the restoration company can’t start on my property until the tenants contents are removed.

I am hoping someone can point me in the right direction.

Hi! I am relatively new to this world and I am looking for some advice/recommendations. My grandfather owns a property in Virginia that we are in the process of selling.  My grandfather is in his 90's and we are trying to find creative ways to help him with the Capital Gains Taxes he will be hit with after the sale.  The option that continues to stick out is the 10-31 Exchange or possibly a Tenancy in Common or an Unincorporated Business Trust.  The total amount is not staggering (approximately 150k).  Any advice/recommendations or different options would be greatly appreciated.  Thanks!

@Seth Murray

Hey Seth! Thanks for reaching out. I am very familiar with Warren County and Front Royal. Looking forward to connecting with you! Hoping to find some other folks in the area for a meetup.

@Tj Kirkland

Hey TJ, thanks for the response. Looking forward to connecting with you!

Hey everyone. Hoping to make some contacts with Virginia folks. Currently living in Winchester, VA. I have one investment property (SFH) in Sterling, VA (NoVA). Looking to invest in Winchester or Harrisonburg area. Open to meeting anyone involved in the markets. Thanks!