All Forum Posts by: Joshua D.

@Charlie MacPherson Yes. Our Attorney did the closing for us and had a professional title company run the title. No mortgages, no liens, no judgments. We don’t have title insurance, as we closed in 4 days and there was no time.

@Tyler Kaye pretty crazy. Bought it for $80,000 and it’s worth $200-230,000 as it sits. Close to $250,000 if we were to fix up a few small things. The crazy thing is that the seller knew the tax evaluation ($175,000) and was aware it was worth more than what he was selling for but stated that he very much needed to sell. I have wondered if perhaps he has a drug problem or some nasty debt that he needed to pay ASAP. Not sure, but was very motivated.o

@Tyler Kaye seller just said he inherited the house free and clear from his dad, who passed last March. No mortgage on the house. Seller said he needed the money and needed to dump it, basically. Didn’t want his family to know he was selling it. He is admin of his fathers estate, father left everything to him in his will, and he was liquidating it all.

@Jay Hinrichs Clean title, closed on and recorded at court house. One of my really crazy marketing tactics i get some decent deals but nothing even close to this. Who wants to see pictures? Long crazy story with seller and it all. Can i get nominated for a podcast maybe? Haha from scared to death purchasing 16k crap duplex and took evert amount of me an my wifes money to get had to literally do everything to get fixed and rented to 18th property in next month 3 years to spending 80k not thinking much of it. Beyond blessed and praise god for watching over me think some karma is coming back around. Thanks everyone for chiming in and thanks bp

@Wayne Brooks yes, clean title

@Jay Hinrichs yes, closed on it yesterday

So seriously landed a deal that blows everyone of my other deals out. Me and my wife have been ecstatic and my father in law who is a big business man in the area cant believe it. Thanking god every day for my blessings already and needed a little help financially and really has helped me out. So here it is point blank bought a beautiful 3 bed/2.5 bath house in a remarkable development built in 2006. Ready for the numbers? Maybe its me that thinks it’s unbelievable but i even have to tell my realtor i purchased it for 150k and he said absolutely grand slam. Anyways heres the the real numbers. Purchase price =80k out the door needs nothing Market value=250k Sold for 240k back in 2006 I gave the seller exactly what he wanted with his asking price. I almost feel i didnt do the right thing still? Any other deals out there like that?

So me and the father in law just had a discussion about putting a house under a sales contract. Originally i had in my contract that there would be a exchange of money as a holding to be legal. So my attorney here in pa told me that no money needs to be exchanged for a contract to hold up to be legal. My father in law says that is bs and money needs to be exchanged to be legal.

Got a big project to take on full house remodel. Cant find any contractors most are busy and most of them wont get back to me about anything. Very strange and kind of in a pinch trying to get this project done.

We have, currently, 18 units. All are rented and tend to, typically, do pretty well. We do year-long leases with each tenant and currently don't offer an early termination clause in the lease. However, we have a tenant who has lived in one of our units for 16 years. We bought the property in May and had her sign a 1 year lease, and she got ahold of us yesterday and requested a written approval for HUD for a 30 day notice. We initially explained that we couldn't approve the request, because her lease wasn't up until May. She then wrote back a paragraph of "issues" that we were never made aware of, such as mold, flooding, sewage backup (basically a bunch of BS) and said it wasn't safe for her to live there or her kids, blah blah blah. You guys know the deal.

Anyway, we initially dug our heels in and stood our ground, stating that we wouldn't break the lease and that if she did, HUD could potentially terminate her Section 8 voucher. (She is the only tenant that we have who is on Section 8.) She then wrote us an email basically begging to be let out, stating that she already found other housing and put down the security deposit, etc.

At this point, I don't want to keep digging in our heels and possibly have her threaten us with legal action or "withhold rent for repairs," etc. It just feels like it could turn into a headache.

In these types of situations (HUD or no HUD, all of our tenants are on the same lease terms with us,) what do you typically do when tenants want to break their lease?