All Forum Posts by: Dave S.

Thanks @Andrew Postell. To be clear I can purchase the property outright so I don’t have to be time crunched in that aspect but was looking for something that would be applicable after I already own the property

So I finally took the dive into hardmoney but have also come across some private money... my question is the private money can cover the acquisition expense but still need funds for the rehab. About $60k. Are there options other than hard money that can fund the rehab portion of this deal? If so what are the pros and cons? 

BUMP. Really guys, no one has an opinion on this??? Granted it was a holiday weekend but come on :-)

Looking to hear some people's experiences with direct / private lenders and if you are open to it sharing, who was used.  How many times have you used them?

Has anyone approached a bank / financial institution to propose opening an UNSECURED line of credit solely for use to buy, rehab and either hold or flip? If so how did the presentation go, what was covered, what were the stumbling blocks and what was the key points that closed the deal?...Also how much did you go in for (obviously going in with a rock solid presentation and asking for $1M will have a different result if you went in with the same solid presentation and asked for $10K).

Please also share what banks you presented to, which were "kicking you out the door", ones that were on the fence, and the one(s) that accepted your offer

Looking forward to hearing peoples experiences!!!

Looking for some advise on what and how much is realistic to deduct from a renters security deposit for a few items below or am I being nit picky??? 

I do want to preface this... I inherited the tenant and I didnt do an itemized walk through (but maybe able to get ahold of one from property manager) defining the condition of the property. The tenant I believe has been in the property for atleast 3 years

1. Light bulbs missing everywhere
2. Door pump bent and coming out of door hinge but works
3. Disgusting bathroom - see pictures
4. Excessive amount of nail holes, 1/2 filled with toothpaste
5. refrigerator not cleaned out
6. random things left behind and in the yard, quoits , balls, havent looked yet but probably dog droppings.
7. dog scratched at the door and scratched paint off of storm door
8. dog marks on back door (see attached pictures)
9. stains on rug (makeup i think)
10. tenant installed porch light with out permission (see attached picture)

Thoughts?

So I have my opinion on the matter but would like everyone to weigh in... Tenant texts me the following: "I was waiting to be sure of a date before I said anything but my plan is by April to be out. I was going to pay feburary rent and then say to use my last month rent for March." ... I responded back and said to keep us posted with your plans...as I took this as its a plan but plans change... I am new to managing my own properties but I know that the lease states the notice needs to be writing and atleast 30 days in advance.

1) Is it my responsibility to tell the tenant that a written notice is needed and a verbal / text is not acceptable??? (She called it verbal and is saying she didnt know that wasnt acceptable).... side rant... what adult believes they can enter into a legal contract by signing papers and then exit that same contract by sending a text???

2) what would others do in this situation? If there had not been other discussions (that happened today) leading me to knowing she is definitely moving out I would not of known... Its 6 days past the 30 day notice for her to move out on the 1st...thoughts? Should we charge her the 6 days? on the other hand its just 6 days??? and she can cause alot more damage to the property than the cost of 6 days if she is bitter.

Thanks

Dave

Looking for some advice as my wife and I recently took over as property managers to our rental portfolio. One of our tenants reached out to let us know ..."So it is 90% that we will be moving April 1st. We will know for sure tomorrow". This was received on March 4th...already into the 30 day required notice. As of the 6th, we still dont have a definitive answer! Im looking at it from a business, and time is money. Every day counts. Im holding off marketing the property. So i have a couple questions: 

1) Is the text I received notice enough about moving out? Or do they have to sign something? (which would definitely clear up future move outs!)

2) Suggestions on next steps...its more difficult as we befriended the tenants as well. Also as some history...the tenants have been great and lived there for 3 years.

Looking forward to hearing what others think

Thanks

Im a good negotiator, Ill get someone. Just need a bit of direction from someone that has been around the block...What to look for, what to avoid, what should expect to pay, etc.

Last year was the first time that I filed taxes for my rental portfolio. Call me lazy but I ended up using the CPA which was being used from one of the previous owners of a property I had purchased. I didnt look around and figured that they were decent as another "investor" was using them. How do i gauge that the "tax guy" is doing all that they can for me and taking full advantage of the real estate tax law, especially now with all of the new laws? Any recommendations for CPAs in or around the lehigh valley?