All Forum Posts by: Carlos Enriquez

My duplex has separate meters and the tenants pay all utilities.

I would want to protect and maintain the integrity of my investment.  The only way I know how is with boots on the ground, up close and personal.  Renters who expect an owner to inspect the premises even once a year are more likely to keep it in good shape.  Otherwise, entropy, occurs.

Repairing may not be feasible if it's that old due to hard to find parts. That happened with my microwave in my SFR and the home warranty company. Couldn't find a latch, so they got me a new microwave. If there is no warranty, I would just replace with new like kind or better.

Nat, I corroborate your statement about realtors and tenants.  I have a thread that states, and I reiterate here:

Realtor incompetent, seller fraudulent, tenant loser, new owner screwed!

I got berated for it, but I don't care.  I stand by my statement and I agree with yours.  So now I ignore any non constructive opinions and choose to drive on and take the high road.

About your two tenants, my opinion would be to do it by the book, and serve both.  You might explain it to the boss if you're on that good terms with him, and tell him it's a formality.  I would ask him to pay the full rents due to you and have the tenant pay HIM back over the next few months, all the while keeping current with you.  They didn't care about getting behind, so why should you care how they feel about you?  They're probably hoping you turn out like that loser PM.  The trick is, do you start eviction if you don't get the full amount quickly?  You'll have to decide that by your discermenment.

You're not a bank!

This article may help you. There are state fees associated with using LLC's and from what I read, many investors won't do that due to prohibitive costs.

http://www.biggerpockets.com/renewsblog/2009/03/25/series-llcs-real-estate-investing-primer-leap/

It's interesting to read all the different opinions and suggestions given not only in this thread, but in all of them on this site.  I encourage lurkers, current investors who have had problems but are shy about coming forth, and future investors, to post about their experiences even at the risk of dealing with the different personalities involved, even if (male or female) they have "insert Donald Trump's blood quote here".

I will update here after I get back on Monday.  That will be the day that the eviction process continues.  I'm traveling this weekend to look at another property, and will not be online.

Thanks for all in the input from all of you!

It seems that the PM probably meant to say that the vendor (seller) had to consent before we could do an estoppel, not that they were responsible for it.  I'm not sure if I heard it wrong, if he worded it incorrectly, or if he really didn't know.

But perhaps he isn't aware of the correct or legal steps to take in certain circumstances.  I like to give people chances...everyone makes mistakes at times.

But then again, my tenant in this case was late on the 5th.  PM couldn't locate him on the 6th, but located tenant's adult daughter, who also lives there, on the 7th (Friday) and handed her the 3 day notice, which he also mailed.  3 business days later (the following Wed.), PM talks to his attorney to begin eviction on Thursday and attorney tells him that since the daughter is not on the lease, he has to start the 3 day process over again.  I didn't know what to say when he told me, except that I appreciated his honesty and that he could redeem himself if he gets those tenants out before the end of the month.  But now, counting 2 weekends and both 3 day time frames, I've lost 10 in this process.

I'll consider a post-close estoppel at least for the experience, if anything,

Do it by the numbers and start the eviction process.

I actually mentioned an estoppel to a potential PM after researching such things on my own, even before escrow closed.  They said the estoppel would have to be done by the selling party prior to closing.  I had read it should be done by the buyer, but I wasn't well versed yet about the accuracy of that information.  Now I know that it should've be done by the buyer.  Could I still do one now, even if escrow closed already?

I never heard of escrow being a good place to make deals, and I'd like to learn at a later date how to go about it for future deals.  I'm planning on buying again (using a different agent!)

Also, being a good point, I admit the tenant hasn't actually shown proof of the lower rent amount he allegedly paid, and that's something to consider before believing his story completely.  He's not very forthcoming with information and is avoiding us.  Also, during my negotiations,  I did try calling the seller and listing agent.  The listing agent told me that the seller was a very difficult person to reason with, even for him, and that the seller's wife had  just been diagnosed with stage 4 cancer.  Perhaps that's why I softened up a little too.  My agent was upset at me for going over his head and told me it is inappropriate to talk to the selling parties.

I think that had we used the correct purchase contract in the beginning though, with the clause that requires the seller to produce the records in question, all this drama would have been avoided.  I hope this thread helps at least one person in the future avoid surprises after the fact if they feel their representative is resistant being forthcoming with information. 

The adage goes, trust, but verify.