All Forum Posts by: Derrick R.

Thanks for the replies! Here in NM, it is a 30-day notice, but it has to be given on or before the first of the month for the tenant to be out at the end of the next month to month rental period. So since today is the 5th, the tenant will have until January 31st. 

I will definitely be serving a 7-day for violation of lease. Learning a lot through the process as well! 

Thanks again for the replies. 

Hi BP, hoping I can get some good ideas on my current little predicament.

I just closed on a triplex on the 30th of November and each unit was already rented. The previous owner filled me in about one of the tenants that wasn't the greatest tenant in the world and the landlord let the tenant slip on a few things. The lease is a month to month.

-The previous owner allowed one dog, which is listed on the rental agreement as a staffordshire terrier ( but could be a pit bull?). The tenant now has 3 total dogs in the unit. I do not want any dogs at all in the unit.

-Each unit has a courtyard and there is some piled up junk within the courtyard

-Tenant's son, who is not on the lease, is living at the unit. A few days ago, one of the other tenants (who is an ideal tenant) called to complain because of an uproar between the problem tenant and the son.

-Rent payments consistently go to the grace period on the 5th of the month or slightly late. I called the tenant about 3 times and sent text messages, with no response until about a day later when I was about to post a notice of late rent and explain that if the tenant didn't pay on the 5th, they would get a 3 day notice. Tenant finally got ahold of me and settled up.

I want this tenant gone. With the previous landlord's lease still in affect (which is month-to-month), I can serve a 30 day notice, but this wouldn't have the tenant out until the 31st of January. Or I could just serve a 7 day notice now to have the tenant potentially fix the problems. Still, if the tenant did fix the problems, I would want them out of there by the end of January.

I also have not had my new lease signed by the tenants yet. Do I go ahead and have the tenant sign the new lease and tell them right now that they will have to be gone by the end of January? I'm trying to figure out the best way to go about this without it turning into a huge mess. Thanks in advance for any replies.

I read some posts on BP a while back about this, so just my 2 cents. This is ran by a larger marketing company that uses celebrities to pull people in. The couple will not be there and the upscale is a very costly one that provides little value. Do some googling and searches on BP and you'll run across some people who have wasted a ton of money chasing info that can be found here for free on BP.

I will be buying directly from the seller. Yes, there are ways to reward an agent that I will getting help from. For instance, listing flips with this agent, referring sellers/buyers to the agent, and providing leads for sellers that I have found through marketing efforts that I will not be able to work with. 

Mainly, I was posting here to get info/ideas from realtors that have other specific arrangements with investors (wholesalers, flippers, etc) that are doing off-market deals. 

I am planning to run some marketing campaigns for off-market deals, which will not be bought through a realtor. What's the best way to find a realtor to run comps for a situation like this? Obviously having access to MLS data will be crucial to my search for a good deal, but I'm not sure there will be a realtor out there that will want to do 5+ comps a week for someone who will not be purchasing a property through them. So, what's the best way to set up a win-win relationship with a realtor in order to get accurate comps?

So I met with the guy a few times. The first time I walked through the house and it is not too bad. The carpet would need replaced, some wall paneling replaced with sheetrock, and one of the bathrooms needs redone...it is actually already stripped down and was in the process of being fixed by the owner. The backyard needs quite a bit of landscaping as well. 

The motivation was that the owner is looking to move across town into a better area and apparently was in discussion with a realtor who needed a decision fast. The only way they could buy the new home was to sell the current one.

The second time I checked out the house, I had an investor friend take a look with me. he thought it was a nice place with a fair market value of around $50,000. I think that the house could potentially sell for around $80-85k once fixed up with around $25k in rehab costs.

I told the owner that I couldn't offer enough to make it work for what I'm looking for but the owner is insisting I let him know what I could offer. I'm thinking about just telling him that I would be able to offer $35K, but I'm guessing his motivation is not enough to accept close to that! I'll update if I decide to throw this "lowball" offer out. 

@Samuel DeMass as you know of the area here in Clovis, I'm personally not looking to hold here but it has crossed my mind as a possibility. The rents would be right around $750 to $800. Again, doesn't seem like there is enough juice that's worth the squeeze at the current numbers but we'll see what I find out on Here in a few days. 

@Tarl Yarber  thanks for the detailed response! I'll be sure to update the thread on what came out of the meeting.  

The owner called my marketing number three times yesterday before I was able to get back with him and he insisted that I come take a look at the property as soon as posssible. So, he seems pretty motivated but again, I do not yet know why. 

Alright BPers, what would you do with this lead?

I started a Facebook campaign just last night and got a phone call about a property in an area where we are looking at doing rehabs. The owner is living there currently and is ready to move as soon as possible, for whatever reason. The owner told me that the house needed a bit of work including one of the bathrooms that he started to repair but stopped because he did not want to take on the task to repair the house anymore.

He owes "Somewhere over $60,000" and from looking at local listings and recently sold homes on zillow, I'd say the top price on a nice rehab is $90-95k, if that. Assuming rehab costs around $20k, I'm pretty confident that it's not gonna work for a flip. 

I'm going to shoot it to my realtor to get some solid comps but in the meantime, looking to get some opinions. I scheduled a walkthrough with the owner a few days from now but I don't want to waste his time. If my numbers are right, do I cancel the walkthrough and just tell him it won't work or do I go take a look and decide to push the lead to someone else? It seems like the only person to send him to would be my realtor to list the house or go the short sell route if he is in financial trouble. Thoughts?

Looking for a realtor in Lubbock, TX to help search for buy & holds and potential flips. Any suggestions?