All Forum Posts by: Jeff McCaskey

Would definitely offer them back to him. Lee is right, that's why I said "offer". And that's really cool that you found something like that. I found old bills and pay stubs in my current flip house.

@Marlene Michael 

Somebody on here has experience to share with you, I don't have those answers for you unfortunately, I haven't been in this situation....

@Ronald Hunt 

I was going to suggest what @Phillip Tillotson mentioned. That would be the easiest and simplest route if seller will agree to it.

@Jeff G. 

Thanks for the mention there kind sir! I actually handle all of that myself at this point. The last time I thought about farming it out to a collections agent but I hung in there a little longer and was able to get to the 50 mark so I called it good and wrote the rest off.

That was actually a small claims situation, all the previous tenants that owed money, I chased them down on my own - was able to do that mostly because I'm in a small town and nobody gets far unless they blown town all together.

How do things work for you back east????

@Stacy Eisenberg 

I would echo what James said and also make plans to file in court for the remainder of the contract/lease on the house. I'm not sure how you would find someone if they had left the city/state, but you should have an emergency contact listed on your lease, or I hope you do anyway. If they won't respond to any of your attempts at calling or texting - Try that first for locating your tenant. If that doesn't work or at the same time, take to social media sites and see what you can find there. Finding friends of the tenant online and potentially contacting them may help you locate the individual.

It's good to make the point with tenants by going to small claims/court so that anyone and everyone who might know them or about you knows that they can't pull that with respect to you and your company.

Put that sign out and work on finding another tenant as soon as possible.

In my experience, even through small claims, an average recovery of funds has been at 50%. If I can get 50% back then I feel like it has gone pretty well actually.

I think the cabinets look far better than the flooring and backsplash. I would change flooring and backsplash. As for the rest of the house, it obviously needs some changes but I wouldn't advise specifics other than using earth tone colors to stay more neutral.

It should come out just fine. You might find a mortgage calculator you like online and cross check numbers for assurance. It is totally possible to eval a property and get negative cash flow and that's a deal breaker right there.....

@Tracy Phillips 

Were you going to form an LLC to operate rentals?

Seems like the cash flow would be there.

What is the condition/age of HVAC equip??

Do you have an application and lease made up yet?

You should run all rental business through a separate checking account as well.

Condition/age of water heaters??

Have you checked those utility figures against the records from the utility companies?? (You can call and get figures from them to double check sellers info)

Just some things that came to mind......

Griffin is right, cash flow amounts are up to you. I set mine at 200$/mo/property as a minimum. I've read a lot and did a years worth of research before I bought number 1 so I might've pulled that figure out of all that at some point in time but I set that for myself.

I thought I could achieve that on SFR hopefully in almost all cases it would be higher for multi.

@Adam E. 

First of all, thanks for your service! Your plan sounds like you've put some thought into it so that's a really good thing to have behind you so to speak. I don't know very much about the section 8 programs or others like it, I've stayed away from the federal government as much as possible in business.

If you need an help or want some suggestions feel free to email me any time. I have property that is a lot the same as what your targeting.

Best of luck to you Adam!