All Forum Posts by: Diego Alvarado

I had a similar issue at one of my houses and even though we detected on time it took 2 days to fix it. It is insane that the contractor is telling you 1 / 2 months. 

I had done big work and it only took that long when we need to wait for dry cement which won't be more than 2 to 3 weeks.

I believe the delay could be because of a claim to the insurance, right?

Regarding the insurance you will need to review your documents and talk to them, but most of those won't cover residents to go to a hotel when they are tenants.

Your buyer list will always move a lot as there are many investors that do one flip and move out, but you have that a good start joining to Facebook groups, though be careful of the scams around it too. The main thing is to find meetups for investors in the area.

Biggerpockets could be a good place to start as well.

I am in your area and I wasn't able to find a good meetup, my deals come from the Facebook groups. In general, when you paste a good deal make sure to provide as much of the information as possible or people will start treating you as a scammer.

This is at the end, your decision, but there are things to consider in this situation, did you choose the wrong tenant?, did you do a good due diligence when accepting them? is this the type of tenants in that area?

Then, you have to evaluate the situation with the tenants, are they taking care of the property? Are they responsive when they don't pay?

I had a similar situation thought I didn't go to court, they got late up to 2 months, but communication was fluent, I knew the issues that they weren't through and I did evaluate every time if I evict them or not, the late fees accumulated were a lot and they were paying as soon as the monthly payment was done. At the end, the wife found another job and they are paying on time every month, not only that they maintain the house really good which is a big plus.

You learn from each tenant that you have but make sure to do a proper due diligence every time that you scan a new one.

In most states, there is a 2 years timeframe for someone to dispute a claim for a refund or any other related money issue. You need to check with the local jurisdiction (your property manager should know),

In this particular case, due to the length if you have a receipt you can show that to them and that should be good in most courts if this goes to majors. If you don't it will difficult to prove and it will be better to pay back.

Make sure to ask your property manager more questions and what will it be the process in each case.

In general, you will use the LLC as you are buying under. It is always recommended to use the LLC but in cases where you don't often check your mail then I would use my home address.

The question would need to be answered by an attorney, but one important point to consider, is that creating an LLC should take more than a week or two in most states, so why you want to assume the liabilities yourself. Remember that if you put your name and doing the flip something happens, you are directly liable to whatever happen.

Make sure to protect yourself and your partner in such situations.

Listen to @Jon Smith he has provided with good insides and he is also in your market, but in summary things that you have to look at:

- You have to do a rental CMA to know how is the rental around your property with similar features and size. If you just started this will be provided with a good realtor or property management company.

- Set your standard and don't give up, in general, in the markets that I am active, you have some interest, but people that qualify is minimum, in most cases, I would say that what Jon said about 70%-80% is accurate in my markets too.

One important thing that I found is that meeting them before you do the final decision is very important, I had the opportunity to have a competing tenants one and when meeting them it makes life much easier seeing if they will care or not for your house.

Best self-manage software is Stessa which is free, if you need to go the extra mile, they also have a paid subscription that I am seeing is quite expensive so I will look at Buildium and Appfolio.

I have Mercury for my company, they are now offering interest earnings, but very low. As you said you can open a saving account, but they have a lot of requirements to get a high yield account. Their tech is awesome, but after a while I haven't seen a good us of that. The line of credit and loan opportunities are not that good in my opinion.

I have CapitalOne for my personal account and I am thinking to move there as their tech has evolve and it is at a good level with very low cost, though I haven't evaluated what are the benefits for LLCs, they have all the offerings as a bank because they are one (Mercury is not a bank, it is a tech enabling company).